Self-managed super adviser pleads guilty to ASIC charges

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A Sydney man who was employed to provide superannuation advice to trustees of SMSFs has pleaded guilty to three charges in court, following an ASIC investigation into his less than exemplary conduct.

Craig Dangar faces three charges, including two counts of obtaining a financial advantage by deception and one count of making a false or misleading statement in a document lodged with ASIC.

The charges relate to a period between January 2004 and September 2007 when Dangar was employed to provide superannuation advice to trustees of self-managed superannuation funds, as well as compliance advice to accounting firms.

According to ASIC, Dangar has pleaded guilty to obtaining a financial advantage of $250,000 when recommending that two clients purchase a portion of his shares in Morris Finance Ltd.

It is alleged that he deceived the two clients by misrepresenting the true owner of the shares, and also by stating to one of the clients that the recommended shares would experience likely capital growth.

Dangar was only able to purchase the shares in the first place thanks to a loan that he obtained through fraudulent means.

He has pleaded guilty to falsely claiming in a document lodged with ASIC to being a director of SMSF Consulting Pty Ltd. It was this document, that 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.

Dangar has been committed to the Downing Centre District Court for sentence on 20 July.

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“Unsolicited hawking”: ASIC takes unlicensed SMSF advisories to court

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