2 charged over alleged $3.5m SMSF con

One, a 44-year-old man, was charged with 43 offences while a 38-year-old woman was charged with 41 offences including obtaining money by deception and possessing false documents to obtain financial advantage.

Police will allege in court that the pair, who were accountants based in Sydney, established self-managed super funds on behalf of more than 20 people before allegedly misappropriating about $3.5 million between 2007 and 2020.

It will be further alleged the funds were transferred between more than 60 bank accounts opened by the man and woman.

Financial Crimes Squad Commander Detective Superintendent Gordon Arbinja said people using SMSF services should understand the risks.

“These organised syndicates use their skills and business practices to generate further wealth for themselves and other criminal associates,” he said. 

“They don’t consider the consequences for those on the other side — the innocent victims investing their life savings.

“Having a self-managed super fund requires a huge amount of time and skill to ensure compliance and protect their investment from fraud.

“We understand the appeal of having control of your superannuation, however people need to understand the risks and costs involved.”

The Financial Crimes Squad established Strike Force Gulgin three years ago to investigate accountants who established SMSFs.

ATO Assistant Commissioner Jade Hawkins said the agency takes any superannuation fraud very seriously.

“Fraud against SMSFs can result in a person’s retirement savings being stolen and lost forever,” she said.

“Where the ATO detects these activities, we work with other government agencies to identify and take action against offenders. This activity is criminal, and we will hold offenders to account.”

[Related: ASIC bans broker, cancels company licence over false documents]