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.
Background
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).
Editor's note:
At a mention on 4 December 2020, the matter was further adjourned until 15 January 2021.
Editor's note 2:
On 15 January 2021, the matter was further adjourned until 26 February 2021.
Editor's note 3:
On 26 February 2021, the matter was adjourned and listed for mention on 26 March 2021.
Editor's note 4:
On 26 March 2021, the matter was adjourned for mention to 23 April 2021.
Editor's note 5:
On 23 April 2021, Mr Goel appeared before the Perth Magistrates Court charged with a further 12 counts of dishonest conduct and three counts of false certification of documents that occurred between November 2018 and July 2019 (refer: 21-092MR).