Former adviser charged with deception

Ahmed Saad appeared in court on Wednesday, where he was charged with dishonestly obtaining a financial advantage by deception for another as well as a further charge of attempting to obtain a financial advantage by deception for another.

ASIC alleged that while working as an authorised representative of Apogee Financial Planning, Mr Saad operated an illegal scheme providing early access to super funds for clients.

Between 11 November 2016 and 13 October 2017, Mr Saad obtained $1.5 million from Nulis Nominees, the trustee for the MLC Super Fund, on behalf of 168 clients.

ASIC also alleged that between 11 August 2017 and 11 October 2017, Mr Saad attempted to obtain a further $92,400 on behalf of 10 of his clients.

Mr Saad submitted applications for one-off advice fees to Nulis for providing financial services to his clients. The services were not provided and the fees were instead rebated to his clients facilitating unlawful early release of their superannuation benefits.

Each offence carries a maximum penalty of up to 10 years imprisonment.

Mr Saad’s conduct was reported to ASIC by Apogee.

He and his business, Saad Wealth Management, of which he was the sole director, were authorised representatives of Apogee from 10 April 2012 until 16 October 2017. Their letter of authority was revoked by Apogee in October 2017.

The new charges follow an investigation by ASIC and the permanent banning of Mr Saad from providing financial services in December 2018.

The matter has been adjourned to a committal mention hearing on 21 April 2021 at the Magistrates Court, Victoria.