09-153AD Four years and two months jail after stealing $428,000 from superannuation funds
Thursday 20 August 2009
Mr Shaun White of Eltham, Victoria was yesterday sentenced to four years and two months jail with a non parole period of two and a half years in the Victorian County Court on 12 charges.
This followed an investigation by ASIC that found Mr White stole $428,000 from self-managed superannuation funds. Mr White had pleaded guilty to nine counts of theft, two counts of aiding and abetting dishonest conduct in relation to a financial product, and one count of aiding and abetting the carrying on of a financial services business without a licence.
Ms Nicole White, his wife, was also sentenced by way of fine of $2,200 on one count of aiding and abetting dishonest conduct in relation to a financial product.
Mr White was a director of PFS Business Development Group Pty Ltd, a company that set up self-managed superannuation funds for its clients. He encouraged clients to roll over their existing superannuation funds into their self-managed superannuation funds as a first step to making investments.
However, a form his clients signed to set up their self-managed superannuation funds had a hidden power of attorney clause that allowed Mr White to illegally transfer money from their superannuation accounts into his own accounts.
Mr White used the $428,000 he stole to support his business and for living expenses that included the renting of a Southbank apartment.
A number of his victims were approaching retirement age and lost almost all of their superannuation.
Neither Mr White nor Ms White, who worked with her husband and claimed to be the Fund Administrator, held an Australian financial services licence.
This matter was prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC Website: Printed 09/03/2010
