Self-managed super adviser sentenced to jail time
By WP | 22/02/2013 12:00:01 AM | 3 comments
Mr Craig Gerard Dangar, a former self-managed superannuation advisor from Sydney, was yesterday sentenced in the NSW District Court, Downing Centre to concurrent suspended sentences of 18 months imprisonment. Dangar pleaded guilty to two charges of obtaining financial advantage by deception, brought by ASIC. He is still to be sentenced separately on a related charge before the Downing Centre Local Court on 11 April 2013.
Charges were brought by ASIC following an investigation into Dangar’s conduct between January 2004 and September 2007, while he was employed to provide superannuation advice to trustees of self-managed superannuation funds and compliance advice to accounting firms.
In July last year 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.
Dangar was only able to purchase the shares in the first place thanks to a loan that he obtained through fraudulent means. He falsely claimed in a document lodged with ASIC to being a director of SMSF Consulting Pty Ltd. It was this document, which stated that Dangar had the authority to take out a charge against the assets of SMSF Consulting, that allowed him to obtain the loan he required to originally purchase his shares in Morris.
ASIC commissioner Peter Kell said ASIC is focused on boosting consumer confidence in the integrity of the self-managed super industry – something that has been waning after major super fund collapses such as Banksia and Trio Capital.
“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,” Kell said.
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GHG (CFP) on 22 Feb 2013 12:09 PM
"Adviser"? for who? A CFP?, Member of what professional body?, Qualifications? Who turned him in?....once again, we're all tarred...and this, and by far most of us Advisers had nothing to do with Banksia or Trio. The sooner our professional name is enshrined in law instead of all of us being lumped in with "advisers", the better.
..and thanks very much Peter Kell...you're one of the major name - callers. It might "boost consumer confidence" if people like you were more specific and indeed, took some of the blame yourselves.
Matthew Lock on 25 Feb 2013 03:49 PM
GHG...I fear that while certifications and memberships to professional bodies will help, they won’t eliminate the problem. While these moves essentially provide a platform for disciplinary or punitive action to be taken they won’t stop illegal actions by dishonest people. For these people I believe that they will only change their behaviour when the chance of getting caught is increased. As an example, cast your mind back to the 70s and 80s when the drink driving rules and penalties were tightened up. From memory there was no appreciable change in behaviour until RBTs were introduced and blood alcohol testing kits were placed into every police car on the road. Until ASICs resources for detection and prosecution are significantly increased, dishonest people will continue to break the rules no matter how qualified they are or what professional associations they join.