ASIC has permanently banned former Perth financial adviser Rahul Goel from having any involvement in financial services and credit activities.

In December 2022, Mr Goel was sentenced to three years’ imprisonment for fraud offences to be released after serving 18 months, upon entering a $5000 recognisance to be of good behaviour for two years. He had previously pleaded guilty to dishonestly obtaining over $35,000 from his clients’ superannuation accounts.

An ASIC investigation identified that after obtaining First Nations consumers’ superannuation details, Mr Goel submitted falsified benefit access applications or hardship applications to the superannuation funds. After funds were successfully released, Mr Goel retained up to 100 per cent of the pay out in fees before forwarding the balance to the consumers (22-355-MR).

Following his convictions, ASIC pursued banning orders to remove Mr Goel permanently from the financial advice and credit industries.

Mr Goel has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.