Former Perth financial adviser jailed for super fraud

Oksana Patron

14 December 2022

Former financial adviser, Rahul Goel, has been sentenced in the Perth District Court for dishonestly obtaining over $35,000 from his clients’ superannuation accounts for three years in prison.

The Australian Securities and Investments Commission (ASIC’s) investigation found after obtaining First Nations consumers’ superannuation details, Goel submitted falsified benefit access applications or hardship applications to the superannuation funds, with the applications being made in the members’ names but without their specific consent and included Goel’s own account details as the payment destinations.

ASIC also found that Goel 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.

Goel had also impersonated his clients over the telephone when communicating with their superannuation funds and after funds were successfully released into the bank accounts, he retained up to 100% of the pay out in fees before forwarding the balance to the consumers.

ASIC Deputy Chair Sarah Court said ASIC was particularly concerned by Goel’s conduct, which had characteristics of a scam and a direct and adverse impact on First Nations consumers.

Justice Levy said Goel’s conduct involved ‘deliberate and calculated acts of deceit’ and constituted ‘a significant breach of trust.’

Goel had earlier pleaded guilty to two charges of dishonest conduct contrary to section 1041G of the Corporations Act 2001 (Cth) and his pleas of guilty were taken into account by the Judge when handing down sentence.

Goel’s conduct took place between 19 November 2018 and 11 July 2019.

In September 2020, ASIC took civil action against Goel, restraining him from leaving the jurisdiction, requiring him to surrender his passports and freezing his assets and those of his company, AR Wealth and Finance Pty Ltd.

In October 2020, Goel was charged with four counts of dishonest conduct, contrary to section 1041G(1) of the Corporations Act 2001 (Cth).

Following this, in April 2021, a further 12 counts of dishonesty and three counts of falsification of documents, contrary to section 1041G of the Corporations Act 2001 (Cth), were laid against Goel.

ASIC said Goel has repaid several consumers from funds held in accounts previously frozen by the Federal Court

The matter was prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.