Victorian-based Ahmed Saad has pleaded guilty after previously being charged with dishonestly obtaining financial advantage by deception for his role in an illegal retail superannuation scheme.
ASIC alleges that Saad, while working as an authorised representative of Apogee Financial Planning, illegally obtained funds from client super accounts.
As such, Saad pleaded guilty to one count of obtaining financial advantage by deception and one count of attempting to obtain financial advantage by deception.
It is alleged Saad illegally obtained funds between $1000 and $28,000 from 168 client superannuation accounts for a total of $1.4 million from Nulis Nominees Australia, the trustee of the MLC Super Fund between November 2016 and October 2017.
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ASIC also alleges between August 2017 and October 2017, Saad attempted to obtain a further $92,400 on behalf of 10 of his clients.
Saad submitted applications for one-off advice fees to Nulis for providing financial services to his clients.
ASIC said the services were not provided and the fees were instead rebated to his clients facilitating unlawful early release of their superannuation benefits.
The latest development follows ASIC permanently banning Saad from providing financial services in December 2018 after the conduct was reported by Apogee.
Saad was the sole director of Saad Wealth and was an authorised representative of Apogee from 10 April 2012 until 16 October 2017.
Apogee revoked the letter of authority in October 2017.
The matter has been adjourned until 25 October 2021 for a plea hearing before the County Court.