QLD adviser, SMSF auditor charged over $6.2m fraud

Yasmine Raso

Senior Journalist, Financial Newswire

10 March 2026

A Brisbane-based financial adviser, certified practising accountant, registered tax practitioner and self-managed superannuation fund (SMSF) auditor has found himself in local court facing 11 fraud and dishonesty charges related to the misappropriation of approximately $4.9 million of client funds and trading losses just under $1.3 million.

A director of Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund, Sunny Mahendra Prakash has been charged with two counts of dealing in securities without a licence, two braches of the Corporations Act and seven counts of dishonesty or aggravated fraud.

An Australian Securities and Investments Commission (ASIC) investigation revealed Prakash had – between January 2016 and June 2024 – provided unlicensed financial services related to securities, executed unauthorised share trades on client accounts, falsified a fixed-term deposit certificate and misappropriated funds from both personal and client-belonging SMSF bank accounts for his benefit or the benefit of third-parties.

During the time in question, Prakash was licensed by Principal Financial Services Pty Ltd to provide financial product advice regarding, amongst other products, retirement savings account products and superannuation only. The total amount of funds misappropriated as a result of his misconduct came in at $4,912,435.80 and trading losses totalling $1,277,776.94.

Prakash’s court matter will be heard next on 15 May, with the charges against him carrying a total maximum penalty of 180 years imprisonment.