ASIC confirmed on Wednesday that former financial adviser Rahul Goel was sentenced on 13 December in the Perth District Court to three years in prison for dishonestly obtaining over $35,000 from his clients’ superannuation accounts.
Mr Goel is due to be released after 18 months upon entering a $5,000 recognisance to be of good behaviour for two years.
According to the regulator, an ASIC investigation identified that after obtaining First Nations consumers’ superannuation details, Mr Goel submitted falsified benefit access applications or hardship applications to the superannuation funds.
These applications were made in the members’ names, without their specific consent and contained Mr Goel’s own or associates’ bank account details as the payment destination. Mr Goel also provided false contact details on the forms, including his own phone number and address, and created false email accounts in the members’ names, to communicate directly with their superannuation funds.
The regulator added that Mr Goel also impersonated his clients over the telephone when communicating with their superannuation funds, and after funds were successfully released into the bank accounts, Mr Goel retained up to 100 per cent of the payout in fees before forwarding the balance to the consumers.
“ASIC was particularly concerned by Mr Goel’s conduct, which had many characteristics of a scam and a direct and adverse impact on First Nations consumers. ASIC will continue to prioritise its enforcement work in this area,” ASIC deputy chair Sarah Court said.
In sentencing, His Honour Justice Levy said Mr Goel’s conduct involved “deliberate and calculated acts of deceit” and constituted “a significant breach of trust”.
Mr Goel had earlier pleaded guilty to two charges of dishonest conduct contrary to Section 1041G of the Corporations Act 2001 (Cth). Mr Goel’s pleas of guilty were taken into account by the judge when handing down the sentence.
