A former financial advisor has been sentenced to jail for
dishonestly obtaining financial advantage by deception after
unlawfully giving clients early access to their superannuation
funds.
Ahmed Saad used his position as the sole director of a wealth
management company to charge fees to clients, claiming he provided
financial services to them.
However, Australian Securities and Investments Commission (ASIC)
uncovered that he had in fact not provided any such services.
Jail for Dishonestly Obtaining Financial Advantage by
Deception
Ahmed Saad was sentenced on November 23, 2021, to nine
months' imprisonment for one count of
dishonestly obtain financial advantage by deception and one
month's imprisonment for one count of attempting to obtain
financial advantage by deception.
