03-361 Former AMP agent jailed
Thursday 13 November 2003
Mr David Knott, Chairman of the Australian Securities and Investments Commission (ASIC), noted today’s sentencing of Mr Harold Frederick Moses, a former AMP Superannuation agent, in the Sydney District Court to two years and 10 months imprisonment, with a non-parole period of 15 months, in relation to charges brought by the Australian Securities and Investments Commission (ASIC).
Mr Moses, 37 years old of Vaucluse, Sydney, had previously pleaded guilty to two charges of cheating and defrauding two of his former clients. The charges were laid under the NSW Crimes Act.
Mr Moses operated a superannuation intermediary business through his company Baxters Holdings Pty Ltd. An administrator was appointed to Baxters Holdings in January 1998.
An ASIC investigation found that between 1993 and 1997, Mr Moses accepted compulsory employer superannuation contributions from two of his former clients but failed to remit $339,526 to the relevant superannuation funds, including AMP, Mercantile Mutual and Host-Plus. Mr Moses resigned as an AMP agent in June 1994 but continued to receive the superannuation contributions.
Mr Moses also told his clients he had opened superannuation funds for them with Host-Plus but failed to do so.
Instead, Mr Moses used the funds largely in the form of payments to others for his personal benefit.
AMP and Mercantile Mutual have subsequently compensated Mr Moses’ clients for the losses suffered.
In sentencing today, Mr Justice Stewart said Mr Moses abused his position of trust by using his clients money as his own.
‘The public places great trust in superannuation agents who deal with their retirement income, and should be able to rely on them to act honestly. ASIC will take action to ensure dishonest agents, who fail in their duties to clients, are appropriately dealt with through the Courts. In this case, the employing entities acted responsibly in making good, losses caused by Mr Moses’ dishonesty’, Mr Knott said.
Mr Moses will be eligible for parole on 12 February 2005.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC Website: Printed 01/07/2009
