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SMSF advisor cops 18-month sentence

A self-managed superannuation advisor, Craig Gerard Dangar, received an eighteen month suspended sentence yesterday for taking $250,000 from two clients. 

Dangar pleaded guilty in the New South Wales Downing Centre district court to two charges of deception brought by the Australian Securities and Investments Commission. 

The regulator investigated Dangar over three years while he was advising retirees managing their own superannuation fund and an unnamed accounting firm. 

Dangar recommended two clients purchase some of his shares in Morris Finance Ltd, without revealing he owned the shares, according to ASIC. 

Peter Kell said ASIC is focused on promoting the integrity of the self-managed super industry so that ultimately, consumers feel confident when dealing in this area.

'This case is a reminder to industry participants in the self-managed super space that dishonest conduct will not be tolerated and can lead to criminal conviction,' Mr. Kell said.

Dangar is yet to be sentenced on a related charge on April 11.  

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