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Jail time for SMSF dishonesty offences


A Sydney woman has been sentenced to two years’ imprisonment for “dishonestly obtaining” money from a number of sources including a client’s SMSF.

Sarah Jane Busteed was employed by Murphy Dawson & Partners at the time, and in this role provided property investment services to individuals and SMSFs, the Australian Securities and Investments Commission (ASIC) said on Thursday.

Following an ASIC investigation, Busteed was found in 2012 to have dishonestly obtained $57,000 from a law firm and $36,000 from a client’s SMSF, while also dealing with $163,968 obtained from the same SMSF account that she knew to be the proceeds of crime.

After pleading guilty in October 2017, Busteed was sentenced to two years’ imprisonment with a non-parole period of 15 months, by the District Court of New South Wales.


She received two charges of dishonestly obtaining a financial advantage by deception and with dealing in the proceeds of crime.

The charges of dishonestly gaining a financial advantage carry a maximum penalty of 10 years’ imprisonment, while the charge of dealing in the proceeds of crime carries a maximum penalty of 20 years in jail.

Jail time for SMSF dishonesty offences
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