A woman who helped clients invest their self-managed superannuation funds into property has been sentenced to two years in prison.
Sydney woman Sarah Jane Busteed was sentenced in the District Court of NSW after an Australian Securities and Investments Commission (ASIC) investigation into her dealings with money belonging to clients.
She pleaded guilty to three charges and admitted her guilt in relation to a fourth offence. She must serve a non-parole period of 15 months.
The charges relate to Busteed’s conduct in 2012 when she dishonestly appropriated money belonging to clients, including a self-managed superannuation fund, and in subsequently dealing with client money.
Busteed admitted to dishonestly obtaining $57,000 from a law firm and $36,000 from a client's SMSF account contrary to section 192E of the Crimes Act (NSW), and to dealing with $163,968 that she knew to be the proceeds of crime, contrary to 400.4(1) of the Criminal Code (Cth).
The funds were used by Busteed for a variety of purposes, including for payment of personal expenses.
Busteed was employed by Murphy Dawson & Partners Pty Ltd, which is now deregistered and provided services to individuals and SMSFs in relation to property investments.
She was arrested and charged in relation to these offences in February 2016 and pleaded guilty in October 2017.
