ASIC takes SMSF accountant to Court for violations as a result of self-interest
ASIC has filed a lawsuit against a Gold Coast-based SMSF accountant, Jenan Oslem Thorne, for alleged violations of an enforceable undertaking and failure to prioritize client interests. The ASIC investigation revealed shortcomings in considering clients’ circumstances and supporting advised SMSF strategies. Stay updated on this case and its implications for the accounting industry.
The Australian Securities and Investments Commission (ASIC) commenced legal proceedings against the Gold Coast-based SMSF accountant for failure to comply with an enforceable undertaking.
The ASIC found Jenan Oslem Thorne, also known as Cenan Thorne or Cenan Dikmen, of Saber Superannuation to have placed her own interests ahead of her clients and is now banned for three years from practice.
Thorne was required by the ASIC to contact each client she provided personal advice to, outlining her violations and notify the ASIC of each client she has contacted in writing.
The ASIC is also seeking orders from the Federal Court, claiming Thorne deliberately tried to prevent her clients from receiving pertinent information that is required by the enforceable undertaking. The ASIC claims Thorne had directed letters to be sent to some client addresses with expired driver’s licenses or to not be sent at all.
Thorne was the representative of former AMP subsidiary SMSF Advice in 2019 and was found to have been advising clients to establish SMSFs without considering each client’s personal circumstances.
The regulator further discerned Thorne failed to adequately stress-test SMSF strategies and recommended SMSFs to a number of clients without adequate evidence to suggest the strategies advised.
The ASIC determined Thorne’s recommendations and her accountancy practices under Saber Accountants were made to her clients in order for her to obtain monetary benefit.
