Aggregated News From Investment Management Regulators

WA financial adviser charged with dishonest conduct


Please complete the required fields.

On 1 October 2020, Rahul Goel, of Success, Western Australia, appeared before the Perth Magistrates Court charged with four counts of dishonest conduct.

ASIC alleges that between April 2019 and July 2019, Mr Goel contravened sections 1041G(1) and 1311(1) of the Corporations Act 2001 (Cth) by engaging in dishonest conduct while carrying on a financial services business via his company AR Wealth and Finance Pty Ltd.

ASIC further alleges that Mr Goel acted dishonestly in relation to hardship and other applications to superannuation funds on behalf of his customers.

The matter has been listed for mention before the Perth Magistrates Court on 4 December 2020. Mr Goel has been placed on bail with conditions that he not leave Australia and that he surrenders his passports and does not apply for any further passport or international travel document.

If convicted, each offence carries a maximum penalty of 15 years’ imprisonment.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.


The charges follow an ASIC investigation into Mr Goel’s conduct when dealing with potentially vulnerable consumers in relation to their superannuation.

On 18 September 2020, the Federal Court (Perth Registry) made interim orders in relation to Mr Goel and AR Wealth and Finance Pty Ltd, including restraining Mr Goel from leaving the jurisdiction, requiring him to surrender his passports and freezing the assets of Mr Goel and AR Wealth and Finance Pty Ltd. This proceeding is listed for an interlocutory hearing on 6 October 2020 at 10.15am (AWST).
Download the judgment

Source link

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

Feedback Statement on Funding Financial Regulation and Designated Business Oversight

Published on: 14 May 2021 The Isle of Man Financial Services Authority has today published a Read more

Solid Invest

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Vision Introducer Ltd t/a Money Bonds Market (Clone of former Appointed Representative firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

CSA and IIROC issue reminder of the implementation date for mandatory transparency requirements related to debt securities

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) remind banks of mandatory transparency requirements that take effect on...

Get the latest from Regulatory.News in your inbox!