ASIC bans Victorian financial planner from providing financial advice
ASIC has permanently banned a Victorian financial planner from providing financial services for dishonestly obtaining money from client retail superannuation fund accounts.
ASIC banned Ahmed Saad after determining that he used the dishonestly sourced funds for the purposes of operating a scheme, providing clients with illegal early access to their superannuation.
The banning follows an ASIC investigation into Mr Saad’s conduct as an authorised representative of Apogee Financial Planning and through his business Saad Wealth Management.
ASIC’s investigation found that, between October 2016 and September 2017, Mr Saad had breached various financial services laws, including that he had:
- Engaged in dishonest conduct on approximately 164 separate occasions illegally obtaining funds between $1,000 and $28,000 from client superannuation accounts for a total of $1.4 million from Nulis Nominees Australia Limited, the trustee of the MLC Super Fund, and rebated those funds to his clients;
- Engaged in misleading and deceptive conduct by falsifying figures and details in client statements of advice and adviser remuneration fee forms provided to Nulis and Apogee; and
- Failed to act in the best interests of his clients and had not provided them with appropriate advice.
On 11 December 2018, ASIC found Mr Saad breached financial services laws and was not of good fame and character.
ASIC’s investigation is ongoing.