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.  

Background 

Mr Goel’s conduct occurred between 19 November 2018 and 11 July 2019.

On 18 September 2020, ASIC took civil action against Mr Goel, restraining him from leaving the jurisdiction, requiring him to surrender his passports and freezing his assets and those of his company, AR Wealth and Finance Pty Ltd.

On 1 October 2020, Mr Goel was charged with four counts of dishonest conduct, contrary to section 1041G(1) of the Corporations Act (20-231MR). On 23 April 2021, a further 12 counts of dishonesty and three counts of falsification of documents, contrary to section 1041G of the Corporations Act, were laid against Mr Goel (21-092MR).

On 11 March 2022, Mr Goel pleaded guilty to two charges of dishonest conduct. The guilty plea was taken into account by the Judge when handing down sentence.

Mr Goel has repaid several consumers from funds held in accounts previously frozen by the Federal Court (20-231MR).

The banning of Rahul Goel has been recorded on ASIC’s publicly available Financial Advisers Register. ASIC’s Moneysmart website has useful information for consumers about choosing a financial adviser, how to complain about a financial adviser and what to do if their adviser is banned. 

ASIC reminds First Nations consumers to be alert to any person seeking to access their superannuation on their behalf, and to contact ASIC’s Indigenous Helpline on 1300 365 957 if they are concerned about anyone attempting to do so.

ASIC’s Moneysmart website can also help consumers identify the signs of a superannuation scam.

Editor's note:

On 1 March 2023, Mr Goel made an Application for Review of ASIC’s banning decisions to the Administrative Appeals Tribunal.

Editor's note 2:

On 13 July 2023, Mr Goel’s Applications for Review of ASIC’s banning decisions were dismissed by the Administrative Appeals Tribunal after Mr Goel withdrew the applications.