Ahmed Saad appeared in court on Wednesday, where he was charged with dishonestly obtaining a financial advantage by deception for another as well as a further charge of attempting to obtain a financial advantage by deception for another.
ASIC alleged that while working as an authorised representative of Apogee Financial Planning, Mr Saad operated an illegal scheme providing early access to super funds for clients.
Between 11 November 2016 and 13 October 2017, Mr Saad obtained $1.5 million from Nulis Nominees, the trustee for the MLC Super Fund, on behalf of 168 clients.
ASIC also alleged that between 11 August 2017 and 11 October 2017, Mr Saad attempted to obtain a further $92,400 on behalf of 10 of his clients.
Mr Saad submitted applications for one-off advice fees to Nulis for providing financial services to his clients. The services were not provided and the fees were instead rebated to his clients facilitating unlawful early release of their superannuation benefits.
Each offence carries a maximum penalty of up to 10 years imprisonment.
Mr Saad’s conduct was reported to ASIC by Apogee.
He and his business, Saad Wealth Management, of which he was the sole director, were authorised representatives of Apogee from 10 April 2012 until 16 October 2017. Their letter of authority was revoked by Apogee in October 2017.
The new charges follow an investigation by ASIC and the permanent banning of Mr Saad from providing financial services in December 2018.
The matter has been adjourned to a committal mention hearing on 21 April 2021 at the Magistrates Court, Victoria.
Strange comments. The difference between Ahmed and butcher, baker, candlestick maker are that Ahmed was able to pull off this scam while MLC wouldn’t have paid advice fees to the candlestick maker. He therefore abused a position of trust.
Ban Financial Advisers from providing advice on superannuation full stop. Get rid of the Authorised Representative and bring in individual licensing. Then we should see the end of ASIC’s attack on Financial Planning. Then ASIC could focus on the real problems, like product manufacturers.
Not sure how many comments here are from people in the industry but it’s quite sad defending his actions as an adviser. This guy was facilitating in an illegal practice. I’m sure he even recommended it. He needs to suffer the consequences of his illegal actions. As a fellow adviser, I’m disgusted.
Its funny, because if he were a dentist and actively advised, and played a role in helping his patients release their super fund money, for the dentists own treatment recommendations, it would be fine. Not to mention the conflict of interest in doing so. The same can be applied to plastic surgeons and some of their cosmetic procedures, IVF too.
Will he be free for St Kilda’s first game?
He must have got “best performing practice” by the dealer group at their annual conference, for seeing (reviewing??) 168 clients in under 12 months. Crikey!
Adviser (fraudulently) helping clients get hold of their own super = potential of 20yrs
Execs overseeing billions of dollars in fee for no service = keep your bonus, but please don’t do it again.
We really defending this guy???
Only realestate agents, mortgage brokers, accountants, car sales people, the guy at the pub are able to recommend taking superannuation out early without any reprecussions from ASIC. Come on Ahmed, you should have known that qualified financial advisers who act in their clients’ best interests are the only ones who have to play by the rules.
That old trick!!