He has been sentenced to a total prison sentence of four years and four months, with a non-parole period of two years and nine months.

According to ASIC, Naseeruddin encouraged investors to roll over their superannuation monies into newly created SMSFs and to lend those funds to his two companies, Secure Investments and Aquila Group.

Between 13 May 2015 and 6 January 2020, Naseeruddin dishonestly obtained more than $520,000 from six investors, including three First Nations investors from rural NSW. He told the victims that the funds would be invested in property developments. However, only a small portion of their funds were invested this way.

Between 14 July 2016 and 23 December 2019, Mr Naseeruddin also dishonestly used his position as a director of Secure Investments to withdraw over $550,000 from the company to purchase shares in a security company for his benefit.

ASIC Deputy Chair Sarah Court said: “Investors were encouraged to set up SMSFs so they could access their retirement funds to invest in these property companies. Sadly, these investors were taken advantage of and their funds were used dishonestly.

“ASIC has been dedicated to this case for some time, freezing the assets of Mr Naseeruddin’s companies in 2019 and obtaining orders to wind up the companies in 2020. Today’s criminal outcome sends a strong message that dishonest conduct by directors will be investigated and prosecuted.”

In handing down her decision, Judge Todd called Naseeruddin’s conduct “egregious and unacceptable”, adding that he “exploited relationships of trust”.

The court said that Naseeruddin’s pleas of guilty were taken into account in sentencing, among other factors such as his youth and naivety at the time of offending, and good prospects of rehabilitation.

This matter was prosecuted by the Commonwealth Director of Public Prosecutions following an investigation and referral by ASIC.

In October 2020, ASIC obtained orders to wind up Naseeruddin’s companies and declarations that he had operated a financial services business without the appropriate licence.

In December 2020, Naseeruddin was arrested and charged with dishonest conduct and misuse of his position as a director. The arrest came after ASIC took civil action to obtain interim orders to preserve the assets of Secure Investments and Aquila Group.