A former self-managed superannuation adviser has been sentenced in the New South Wales District Court Downing Centre to concurrent suspended sentences of 18 months imprisonment.
Craig Gerard Dangar pleaded guilty to two charges brought by the Australian Securities and Investments Commission (ASIC) of obtaining financial advantage by deception.
The regulator charged Dangar following an investigation into his conduct between January 2004 and September 2007 while he was employed to provide superannuation advice to trustees of self-managed superannuation funds (SMSFs) and compliance advice to accounting firms.
Dangar pleaded guilty to obtaining a total financial advantage of $250,000 by recommending that two clients purchase a portion of his shares in Morris Finance Ltd and misrepresenting the true owner of the shares.
He also indicated to one of the clients that the shares were likely to increase in value.
ASIC commissioner Peter Kell said ASIC is focused on promoting the integrity of the self-managed super industry so that, ultimately, consumers feel confident when dealing in this area.
“This case is a reminder to industry participants in the self-managed super space that dishonest conduct will not be tolerated and can lead to criminal conviction,” he said.
Dangar will be sentenced separately on a related charge before the Downing Centre Local Court on April 11.
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