Australian Securities & Investments Commission investigation leads to Brisbane adviser and SMSF auditor Sunny Prakash being charged over alleged AUD 4.91m misappropriation

The Australian Securities & Investments Commission (ASIC) reported that Brisbane financial advisor, certified practising accountant, registered tax practitioner and self-managed superannuation fund (SMSF) auditor Sunny Mahendra Prakash appeared in the Brisbane Magistrates Court on 6 March 2026 charged with multiple dishonesty offences following an ASIC investigation. ASIC alleges that between January 2016 and June 2024 Mr Prakash provided unlicensed financial services related to securities, executed unauthorised share trades on client accounts, falsified a fixed-term deposit certificate, and misappropriated funds from clients’ personal and SMSF bank accounts for his benefit or the benefit of third parties. ASIC alleges misappropriated funds of AUD 4,912,435.80 and trading losses of approximately AUD 1,277,776.94. Mr Prakash is a director of Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund, and was authorised by Principal Financial Services Pty Ltd at the relevant time to provide financial product advice including on retirement savings account products and superannuation. The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) and has been adjourned for further mention on 15 May 2026. ASIC notes Mr Prakash faces charges including two counts of dealing in securities without a licence, two charges under sections 1041G and 1311 of the Corporations Act, and seven counts of aggravated fraud, and that Federal Court orders made on 28 March 2024 preserved assets of Mr Prakash and his related companies and restrained him from leaving Australia.