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Man sentenced on super charges
A Melbourne company director has been sentenced to two-and-a-half years in prison on charges relating to the misuse of superannuation funds.
The man, Karl Heinz Veljkovic, was sentenced in the County Court of Victoria this week after pleading guilty to charges relating to dishonestly concealing or withholding material facts when inducing people to redeem their superannuation funds and roll them into a self-managed superannuation fund.
Veljkovic admitted to the Court that he did not disclose his interests in Supatrust Finance Limited or other companies that had financial dealings with Supatrust when he provided advice to a client to lend nearly all of their available superannuation to the company.
The court ordered that six months of Veljkovic’s total sentence be served concurrently.
Veljkovic, who is aged 70, was also sentenced to 12 months’ jail for dishonestly using his position as a director of Aarosonic Credits Limited, with Australian Securities and Investments Commission (ASIC) alleging that he transferred a loan of $33,268.63 made to Aarosonic from a client’s self-managed superannuation fund to Supatrust.
He also admitted committing 14 summary offences between July 2000 and October 2001, and asked the Court to take these into account when passing sentence on the two indictable charges.
The summary offences included being knowingly involved in the operating of an unlicensed securities and investment advice business by Teilis Financial Services, failing to disclose his pecuniary and other interests when making securities recommendations to clients of Teilis, failing to keep financial records as a company officer of Teilis, Aarosonic, Supatrust, Texol Petroleum Services and HBL Holdings Limited, and failing to complete and return a questionnaire to the liquidator of Teilis, Aarosonic and HBL as required.
AUTHOR
Mike Taylor
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