Sydney woman Sarah Jane Busteed has been sentenced in the District Court of New South Wales to two years’ imprisonment following an ASIC investigation into her dealings with money belonging to clients. Ms Busteed was sentenced on 22 June 2018, after earlier pleading guilty to three charges and admitting her guilt in relation to a fourth offence. She must serve a non-parole period of 15 months.

The charges relate to Ms Busteed’s conduct in 2012 when she dishonestly appropriated money belonging to clients, including a self-managed superannuation fund, and in subsequently dealing with client money.

Ms Busteed admitted to dishonestly obtaining $57,000 from a law firm and $36,000 from a client's SMSF account contrary to section 192E of the Crimes Act (NSW), and to dealing with $163,968 that she knew to be the proceeds of crime, contrary to 400.4(1) of the Criminal Code (Cth). The funds were used by Ms Busteed for a variety of purposes, including for payment of personal expenses.

Background

Ms Busteed was employed by Murphy Dawson & Partners Pty Ltd (now deregistered) and provided services to individuals and SMSFs in relation to property investments.

Ms Busteed was arrested and charged in relation to these offences in February 2016. She pleaded guilty in October 2017 (Refer: 17-367MR).

The two charges of dishonestly obtaining a financial advantage by deception contrary to section 192E of the Crimes Act (NSW) 1900 each carried a maximum penalty of 10 years’ imprisonment.

The charge of dealing in the proceeds of crime contrary to section 400.4(1) of the Criminal Code (Cth) carried a maximum penalty of 20 years’ imprisonment or $132,000 or both.

The charges were brought against Ms Busteed following an ASIC investigation and were prosecuted by the Commonwealth Director of Public Prosecutions.