The Victorian County Court has sentenced a company director responsible for setting up self managed superannuation funds (SMSFs) to four years and two months jail for stealing $428,000 of clients' funds.
Shaun White pleaded guilty to nine counts of theft, two counts of aiding and abetting dishonest conduct in relation to a financial product, and one count of aiding and abetting the running of an unlicensed financial services business.
At the time of the offences White was a director of PFS Business Development Group, a company that set up SMSFs for its clients from the rolling over of existing superannuation balances.
An ASIC investigation found White stole $428,000 from his clients via a hidden power of attorney clause contained in a form his clients signed to have their SMSF established.
This clause gave White the ability to transfer funds out of clients' superannuation funds into his own accounts.
The money he stole was used to fund White's business and living expenses.
White's sentence includes a non parole period of two and a half years.
White's wife Nicole was also found guilty on one count of aiding and abetting dishonest conduct in relation to a financial product and was fined $2200.
The case was prosecuted by the Commonwealth Director of Public Prosecutions.
