Two Aussies charged in alleged $3.5 million fraud

The New South Wales (NSW) Police Department has charged a man and a woman with 84 offences, after the pair allegedly defrauded several clients in a self-managed super fund scheme.

In February 2020, Strike Force Gulgin was established by the NSW State Crime Command’s Financial Crimes Squad, to investigate alleged fraudulent practices by two accountants, who administered self managed super funds for numerous clients.

“These organised crime syndicates use their skills and business practices to generate further wealth for themselves and other criminal associates. They don’t consider the consequences for those on the ther side – the innocent victims investing their life savings,” said Financial Crimes Squad Commander, Detective Superintendent, Gordonn Arbinja.

Following more than three years of enquiries, a 44 year-old man was arrested at approximately 8am yesterday, in his home on Henley Marine Drive, Rodd Point.

The man was taken to Burwood Police Station where a shirt time later, a 38 year-old woman was also arrested.

The Sydney-based accountants were charged with 43 and 41 charges, relating to dishonestly obtaining financial advantage, possessing false documents to obtain financial advantage and obtaining money by deception.

NSW Police will allege in court that the pair defrauded more than 20 people of approximately $3.5 million between 2007 and 2020, after establishing self-managed super funds on their behalf.

Funds were transferred between more than 60 accounts opened by the pair, NSW police will also allege.

NSW police are urgng the public to excersize caution when establishing self-managed super funds.

“Your retirement fund is one of the biggest investments a person will make to secure their future. Having a self-managed super fund requires a huge amount of time and skill to ensure compliance and protect their investment from fraud,” said Mr. Arbinja.

“We understand the appeal of having control of your supperannuation, however people need to understand the risks and costs involved. Do your proper research and seek financial guidance from a licensed financial advisor with specialist knowledge in the field.”

The man and woman were denied bail and are set to appear in Burwood Local Court today (Thursday March 23, 2023).