A New South Wales woman has appeared in court on four charges, including allegedly dealing with $100,000 that was the proceeds of crime, in relation to
self-managed superannuation fund (
SMSF) property purchases.
Sarah Jane Busteed yesterday fronted Sydney’s Downing Centre Local Court after she was charged with three counts of dishonestly obtaining a financial advantage by deception along with the dealing with the proceeds of crime charge, following an investigation by ASIC.
After their investigation into Busteed's conduct in dealing with members of
SMSFs which were undertaking property purchases, ASIC alleges that Busteed dishonestly obtained monies from those
SMSFs.
Busteed is also alleged to have dealt with monies obtained from a SMSF which are believed to be proceeds of crime.
Busteed was not required to enter a plea and was granted conditional bail. The matter is listed for return at the Downing Centre Local Court on 12 April 2016.
Under the New South Wales Crime Act, the charges of dishonestly obtaining a financial advantage by deception each carry a maximum penalty of 10 years imprisonment, while under the Commonwealth Criminal Code the charge of dealing in the proceeds of crime carries a maximum penalty of 20 years imprisonment or a $216,000 fine or both.
The investigation into Busteed’s conduct was carried out by ASIC’s SMSF Taskforce, which was established in 2012 in response to the growing popularity of SMSFs.
The Commonwealth Director of Public Prosecutions is prosecuting the charges against Busteed stemming from the ASIC investigation, while separate charges including dishonestly obtaining financial advantage have been bought against Busteed by the NSW Police and NSW Director of Public Prosecutions.
