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Fake hardship and benefit claims backed up by false email addresses and phone impersonation netted $35,000.
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Financial adviser jailed for swindling clients’ super accounts
15 December 2022
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9 minute read
A former Perth financial adviser has been jailed for three years for dishonestly obtaining over $35,000 from his clients’ superannuation accounts.
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Mr Rahul Goel was found to have submitted falsified benefit or hardship applications to the superannuation funds of first nations customers without their consent, as well as giving his own or an associate’s bank account details as the payment destination.
Mr Goel provided false contact details on the forms, including his own phone number and address, and created false email accounts in the members’ names to communicate directly with their superannuation funds. He impersonated his clients over the telephone when communicating with their superannuation funds.
After money was 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.
Rahul Goel was sentenced in Perth District Court and will be released after 18 months on payment of a $5,000 two-year good behaviour bond.
Sentencing, Justice Levy said Mr Goel’s conduct involved “deliberate and calculated acts of deceit” and constituted “a significant breach of trust”.
Mr Goel had earlier pleaded guilty to two charges of dishonest conduct contrary to section 1041G of the Corporations Act 2001 (Cth).
The matter was prosecuted by the Commonwealth DPP following a referral from ASIC.
ASIC deputy chair Sarah Court said, “ASIC was particularly concerned by Mr Goel’s conduct, which had many characteristics of a scam and a direct and adverse impact on first nations consumers. ASIC will continue to prioritise its enforcement work in this area.”
ASIC had initially taken civil action against Mr Goel, restraining 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.
Mr Goel has repaid several consumers from funds held in accounts previously frozen by the Federal Court.
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