The Australian Securities and Investments Commission (ASIC) has commenced civil action against WA adviser Rahul Goel, alleging he acted dishonestly while running his financial services company AR Wealth and Finance last year.

He was charged last week in the Perth Magistrates Court with four counts of dishonest conduct. Each offence carries a maximum penalty of up to 15 years’ jail.

ASIC proceeded with the legal action after it investigated his handling of hardship and other applications to superannuation funds on behalf of potentially vulnerable clients.

He is alleged to have filled out application forms with incorrect contact details and in some cases gave bank account numbers that belonged to him or his associates.

ASIC says the alleged actions occurred between April and July last year through AR Wealth and Finance, which has a diverse product portfolio including investment life and life risk insurance products.

The matter has been listed for further mention on December 4, ASIC says.

Mr Goel, who is an Indian citizen and a permanent resident in Australia, has been placed on bail with conditions that he not leave the country and surrenders his passport.