Regulatory Alerts2026-03-09
Brisbane financial advisor and auditor Sunny Prakash charged with multiple counts of stealing and fraud
ASIC announced that Brisbane financial advisor Sunny Prakash appeared in court charged with multiple dishonesty offences including unlicensed financial services, unauthorized trading, and fraud. The regulator alleges Prakash misappropriated nearly $5 million and caused over $1.2 million in trading losses between 2016 and 2024 while providing advice through his related companies. The matter is being prosecuted by the CDPP and has been adjourned for further mention, with ASIC inviting affected clients to contact them regarding concerns about advice or investments.
Brisbane financial advisor, certified practising accountant, registered tax practitioner and self-managed superannuation fund auditor Sunny Mahendra Prakash appeared in the Brisbane Magistrates Court on 6 March 2026 charged with multiple dishonesty offences.
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 (related companies).
Following an ASIC investigation, it is alleged that between January 2016 and June 2024, Mr Prakash engaged in the provision of unlicensed financial services related to securities, executed unauthorised share trades on client accounts, falsified a fixed-term deposit certificate and misappropriated funds from both personal and self-managed superannuation fund bank accounts belonging to his clients for his benefit or the benefit of third-parties. As a result of his conduct, it is alleged that Mr Prakash misappropriated funds of $4,912,435.80 and caused trading losses of approximately $1,277,776.94.
At the relevant time, he was authorised by Principal Financial Services Pty Ltd to provide financial product advice regarding, amongst other products, retirement savings account products and superannuation.
This matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth)(CDPP) and has been adjourned for further mention on 15 May 2026.
Background
Mr Prakash is charged with two counts of dealing in securities without a license to do so. The maximum penalty is between two and five years’ imprisonment. He is also charged with two breaches of ss 1041G and 1311 of the Corporations Act which each carry a maximum penalty of 15 years' imprisonment.
Mr Prakash is also charged with seven counts of dishonestly applying property of another to himself or another, in circumstances where the value of the property has a value of at least $100,000 (aggravated fraud). The maximum penalty for each offence is 20 years’ imprisonment.
On 28 March 2024, the Federal Court made orders preserving the assets of Mr Prakash and his related companies and restraining Mr Prakash from leaving Australia ( 24-095MR ).
Supporting better retirement outcomes and member services and improving consumer outcomes remain a core strategic priority for ASIC. Combatting investment scams and reducing their impact on Australian consumers continues to be an ongoing priority for ASIC.
ASIC’s Moneysmart has a dedicated webpage to help consumers minimise financial scam risks, which includes important guidance from the National Anti-Scams Centre (NASC).
Any person who is a client of Mr Prakash or the related companies and has concerns about advice they received, their investments and/or trading on their accounts can contact ASIC at Client.Queries.for.Mr.Prakash@asic.gov.au .
Editor's note:
On 15 May 2026, the matter was mentioned in Brisbane Magistrates' Court and was adjourned for further mention on 19 June 2026.