A former institutionally aligned adviser has pleaded guilty to obtaining financial advantage by deception, after he operated an early super access scheme for more than 160 clients.
In a statement, ASIC said Ahmed Saad, a former authorised representative of Apogee Financial Planning, pleaded guilty to one count of obtaining financial advantage by deception and one count of attempting to obtain financial advantage by deception on 21 April.
Mr Saad had operated a scheme that involved submitting applications for one-off advice fees to MLC super trustee NULIS Nominees, and paying the funds he received back to clients to facilitate illegal early release of their super entitlements.
The scheme had obtained more than $1.5 million on behalf of 168 clients between November 2016 and October 2017, ASIC said.
Mr Saad had been an authorised representative of Apogee since 2012 and had his authorisation revoked in late 2017. He was permanently banned from providing financial services in 2018.
The offences carry a maximum penalty of 10 years’ imprisonment each.
The matter has been adjourned until 25 October 2021 for a plea hearing before the County Court.
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