A former self-managed superannuation fund (SMSF) adviser has pleaded guilty to three charges, including two counts of obtaining a financial advantage by deception and one count of making a false or misleading statement.
Craig Gerard Dangar appeared in the Downing Centre Local Court in Sydney last week on three charges following an investigation by the corporate watchdog.
The charges related to Dangar's conduct between January 2004 and September 2007 while he was employed to provide superannuation advice to trustees of SMSFs as well as compliance advice to accounting firms, ASIC said in a statement.
Dangar pleaded guilty to obtaining a total financial advantage of $250,000 when recommending that two clients purchase a portion of his shares in Morris Finance.
He deceived the two clients by misrepresenting the true owner of the shares and also by telling one of the clients the recommended shares would likely experience capital growth, ASIC said.
Dangar also pleaded guilty to falsely claiming, in a document lodged with ASIC, that he was a director of SMSF Consulting with authority to take out a charge against the assets of the company.
This allowed Dangar to obtain the loan required to originally purchase shares in Morris Finance.
He has been committed to the Downing Centre District Court for sentencing on 20 July.
