Prison sentence for former financial planner

A former Perth financial adviser has been sentenced to three years in prison over allegations that he took out $35,000 from his First Nations clients’ superannuation funds.

The Australian Securities and Investments Commission started a court action against Rahul Goel after an investigation into his conduct more than two years ago.

ASIC alleged Goel falsified information on benefit access or hardship applications of his First Nations clients’ superannuation funds between November 2018 to July 2019.

According to ASIC, the applications were made in the clients’ names without their consent and had Goel’s, or his associates’, bank account details for payment.

Goel was charged with four counts of dishonest conduct in October 2020 and was hit with 12 additional counts of dishonesty and three counts of documents falsification in 2021.

He pleaded guilty to two charges of dishonest conduct earlier this year.

Goel was sentenced to three years in prison in the Perth District Court yesterday, to be released after 18 months after entering a $5,000 bond of good behaviour for two years.

ASIC deputy chair Sarah Court said the commission was particularly concerned over Goel’s conduct, which had characteristics of a scam and had a direct and adverse impact on First Nations consumers.

“ASIC will continue to prioritise its enforcement work in this area,” she said.

According to ASIC, Goel impersonated his clients over the phone when in contact with the superannuation funds.

“Mr Goel also 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,” ASIC said in a statement.

“After funds were 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.

“In sentencing, his Honour Justice Levy said Mr Goel’s conduct involved ‘deliberate and calculated acts of deceit’ and constituted ‘a significant breach of trust’.”