Former financial adviser, Gabriel Nakhl, was convicted in the District Court of New South Wales on 8 June 2018 on 8 charges brought by ASIC of engaging in dishonest conduct with investor funds.
Mr Nakhl, of Illawong, NSW pleaded guilty to being knowingly engaged in dishonest conduct in relation to twelve investors. The conduct occurred between March 2009 and March 2011 while Mr Nakhl was an authorised representative of Australian Financial Services Limited (in liquidation) and from about March 2011 to about September 2013 while he was the sole director of SydFA Pty Ltd (in liquidation).
Mr Nakhl pleaded guilty to 8 counts under section 1041G of the Corporations Act 2001 (Cth).
The matter has been listed for a 3 day sentence hearing commencing on 11 March 2019.
The charges were brought against Mr Nakhl following an ASIC investigation.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Background
In February 2013, ASIC obtained court orders against Mr Nakhl preventing him from disposing of, dealing with or otherwise diminishing certain assets. See 13-023MR for more details.
In September 2013, Mr Nakhl became a bankrupt and placed SydFA Pty Ltd into liquidation.
In November 2013, ASIC accepted an enforceable undertaking from Mr Nakhl that permanently restricts him from providing financial services and restricts him from managing a corporation for 15 years. See 13-313MR for more details.
Editor’s note:
On 14 August 2020, the Court of Criminal Appeal unanimously dismissed Mr Nakhl’s appeal against a ten-year sentence with a six-year non-parole period.