Man accused of dipping into other people's superannuation
A FINANCIAL advisor is accused of stealing more than $400,000 from superannuation funds for his own use.
Officers from Coffs/Clarence Police District began an investigation in August this year after receiving reports superannuation funds were being misappropriated.
A 42-year-old man was arrested after a raid on a house and has since been charged with allegedly defrauding people.
Police will allege in court that the man misappropriated $408,000, that had been deposited in a self-managed superannuation fund account, for his own personal use.
Detectives executed a search warrant at a home in Bonville on Wednesday.
Investigators seized several items, including a computer, mobile phones, and business documents.
Following further inquiries, the man was issued a future court attendance notice for two counts of dishonestly obtain financial advantage by deception.
He is due to appear at Coffs Harbour Local Court on Monday, January 21. Investigations are continuing.