Fraud Melbourne financial adviser Ahmed Saad jailed for $1.5 million via MLC superannuation rort

A Coburg money guru’s number is up after he built a huge client base via “word of mouth” for an extra special but illegal service.

A Melbourne financial adviser who gleaned more than $1.5 million in illegally obtained superannuation funds which he funnelled back to his clients has been jailed.

Ahmed Saad, 36, was sentenced in the County Court on Tuesday to nine months’ jail after pleading guilty to dishonestly obtain a financial advantage.

Saad, formerly of Coburg, fleeced $1,531,925 from MLC trustee NULIS via 183 bogus transactions between November 2016 and October 2017.

Saad, while representing Apogee Financial Planning Limited, submitted bogus one-off “advice fees” applications for non-existent services he claimed to have provided to clients.

The cash, drawn from his clients’ super accounts, was repaid to 168 clients which facilitated the illegal withdrawal of super funds, the court was told.

Saad, who also pleaded guilty to attempting to fleece a further $92,400, came unstuck following an ASIC investigation.

Saad immediately admitted his misconduct when questioned by ASIC investigators in October 2017.

The prosecution accepted Saad received a “limited financial benefit” via an increase to his client base.

Judge Richard Maidment, who noted the majority of Saad’s clients were of Lebanese descent, said Saad benefited by being able to build his client base.

“It really can’t be put that this was an entirely selfless exercise, there were benefits for him and he must have realised that …,” Judge Maidment said.

“It’s a very useful marketing tool in word of mouth is going to attract … others to the fold.”

The defence submitted Saad “didn’t have the moral compass” to say no to his clients, many of which were cash-strapped and low-income earners.

“It was to assist those with genuine stories of hardship,” the defence submitted.

“In the background there is a clear benefit to (Saad) that is he’s got another client on-board with whom he can recommend other products.”

The court heard Saad, who grew up in Melbourne’s inner northern suburbs, studied hard before entering the financial advise game in 2012.

However, Saad’s financial advising career is over and he will be seeking new employment after this proceeding is behind him, the court was told.

Judge Maidment said Saad committed a “breach of ethics” in his chosen profession.

“He’s taken advantage of weaknesses in the system …,” Judge Maidment said.

“Fraud is still fraud in the sense that there’s still obtaining a financial advantage or be it for other people.”

Saad, now of Glenroy, was also handed an 18-month community correction order with 100 hours of unpaid work.

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