Former property developer sentenced after dishonest conduct


Former property developer sentenced after dishonest conduct | Australian Dealer Information


Director sentenced to jail for 4 years and 4 months

Former director Mudasir Mohammed Naseeruddin has been sentenced to a complete jail sentence of 4 years and 4 months for dishonest conduct and different fees, in response to ASIC.

He’ll serve a non-parole interval of two years and 9 months.

ASIC stated that Naseeruddin inspired buyers to rollover their superannuation monies into newly created self-managed superannuation funds (SMSF) and to lend these funds to his two firms, Safe Investments Pty Ltd and Aquila Group Pty Ltd. Naseeruddin was a director of each firms.

Between Might 13, 2015, and January 6, 2020, Naseeruddin dishonestly obtained greater than $520,000 from six buyers, together with three First Nations buyers from rural New South Wales.

Naseeruddin advised the victims that the funds can be invested in property developments. Nevertheless, solely a small portion of their funds have been invested this manner.

Between July 14, 2016, and December 23, 2019, Naseeruddin additionally dishonestly used his place as a director of Safe Investments Pty Ltd to withdraw over $550,000 from the corporate to buy shares in a safety firm for his personal profit.

ASIC deputy chair Sarah Courtroom (pictured above) stated buyers have been inspired to arrange SMSFs so they might entry their retirement funds to spend money on these property firms.

“Sadly, these buyers have been taken benefit of and their funds have been used dishonestly,” Courtroom stated.

Courtroom stated ASIC has been devoted to this case for a while, freezing the property of Naseeruddin’s firms in 2019 and acquiring orders to wind up the businesses in 2020.

“At the moment’s prison consequence sends a robust message that dishonest conduct by administrators will likely be investigated and prosecuted.”

In handing down her choice, Decide Todd known as Naseeruddin’s conduct “egregious and unacceptable”.

Todd stated Naseeruddin “exploited relationships of belief” and famous that the impact of his conduct on victims was “nothing wanting ruinous”.

Naseeruddin’s pleas of responsible have been taken into consideration in sentencing, amongst different components corresponding to his youth and naivety on the time of offending, and good prospects of rehabilitation.

This matter was prosecuted by the Commonwealth Director of Public Prosecutions following an investigation and referral by ASIC.

Background

ASIC reminded First Nations shoppers to avoid anybody who says they can assist you get entry to your superannuation, it might be a rip-off.

“Contact ASIC’s Indigenous Helpline on 1300 365 957 in case you are involved about anybody trying to take action. You will get extra info on how one can take care of your superannuation at Moneysmart,” ASIC stated.

In December 2020, Naseeruddin was arrested and charged with dishonest conduct and misuse of his place as a director (20-310MR).

The arrest got here after ASIC took civil motion to acquire interim orders to protect the property of Mr Naseeruddin’s firms, Safe Investments Pty Ltd and Aquila Group Pty Ltd (20-108MR).

In October 2020, ASIC obtained orders to wind up Mr Naseeruddin’s firms and declarations that Mr Naseeruddin had operated a monetary companies enterprise with out the suitable licence (20-257MR).

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