Former financial adviser sent to jail for facilitating early super access

The County Court of Victoria has convicted former financial adviser Ahmed Saad of one count of obtaining financial advantage by deception and one count of attempting to obtain financial advantage by deception.

Mr Saad is now due to serve two concurrent sentences totalling 10 months for facilitating unlawful early access to superannuation. 

He was also sentenced to an 18-month community correction order, including 100 hours of unpaid community work.

As the sole director of Saad Wealth Management, Mr Saad was found to have operated a scheme under which he obtained $1,531,925 on behalf of 168 clients between 11 November 2016 and 13 October 2017.

Mr Saad would access the funds by submitting applications for one-off advice fees to NULIS, as trustee for the MLC Super Fund, in which he represented he had provided financial services to his clients when he had not. He would then pay these funds back to clients, facilitating unlawful early release of superannuation.

Between 11 August 2017 and 11 October 2017, Mr Saad attempted to obtain a further $92,400 on behalf of 10 clients.

“Facilitating the unlawful early release of superannuation can lead to the erosion of people’s super balances, which has the potential to lead to long-term hardship,” said ASIC deputy chair Sarah Court.

“ASIC will continue to take action to protect the superannuation assets of consumers.”

According to the corporate regulator, Mr Saad indirectly benefited from the scheme by growing his client base.