On 13 December 2022, former financial adviser Rahul Goel was sentenced in the Perth District Court for dishonestly obtaining over $35,000 from his clients鈥� superannuation accounts.
Mr Goel was sentenced to three years in prison, to be released after 18 months upon entering a $5000 recognisance to be of good behaviour for two years.
An ob体育 investigation identified that after obtaining First Nations consumers鈥� superannuation details, Mr Goel submitted falsified benefit access applications or hardship applications to the superannuation funds.
These applications were made in the members鈥� names, without their specific consent and contained Mr Goel鈥檚 own or associates鈥� 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鈥� names, to communicate directly with their superannuation funds.
Mr Goel also impersonated his clients over the telephone when communicating with their superannuation funds. After funds were successfully released into the bank accounts, Mr Goel retained up to 100 per cent of the pay out in fees before forwarding the balance to the consumers.
ob体育 Deputy Chair Sarah Court said, 鈥榦b体育 was particularly concerned by Mr Goel鈥檚 conduct, which had many characteristics of a scam and a direct and adverse impact on First Nations consumers. ob体育 will continue to prioritise its enforcement work in this area.鈥�
In sentencing, his Honour Justice Levy said Mr Goel鈥檚 conduct involved 鈥榙eliberate and calculated acts of deceit鈥� and constituted 鈥榓 significant breach of trust.鈥�
Mr Goel had earlier pleaded guilty to two charges of dishonest conduct contrary to section 1041G of the Corporations Act 2001 (Cth). Mr Goel鈥檚 pleas of guilty were taken into account by the Judge when handing down sentence.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ob体育.
ob体育 reminds First Nations consumers to be alert to any person seeking to access their superannuation on their behalf, and to contact ob体育鈥檚 Indigenous Helpline on 1300 365 957 if they are concerned about anyone attempting to do so.
Background
Mr Goel鈥檚 conduct occurred between 19 November 2018 and 11 July 2019.
On 18 September 2020, ob体育 took civil action against Mr Goel, him from leaving the jurisdiction, requiring him to surrender his passports and freezing his assets and those of his company, AR Wealth and Finance Pty Ltd.
On 1 October 2020, Mr Goel was charged with four counts of dishonest conduct, contrary to section 1041G(1) of the Corporations Act 2001 (Cth)聽 (20-231MR). On 23 April 2021, a further 12 counts of dishonesty and 3 counts of falsification of documents, contrary to section 1041G of the Corporations Act 2001 (Cth), were laid against Mr Goel (21-092MR).
Mr Goel has repaid several consumers from funds held in accounts previously frozen by the Federal Court (20-231MR).
ob体育鈥檚 Moneysmart website can help consumers identify the .