Federal Court winds up WA-based firm
The Federal Court of Australia has made orders by consent to wind up a firm that encouraged customers to set up self-managed super funds, following months of investigation from the corporate regulator.
WA-based company, Superfunded Pty Ltd and its sole director, Max David Goldenberg and sole shareholder, Mark Travis Goldenberg, had previously received a range of interim injunctions in the Perth Federal Court from ASIC.
ASIC alleges that Superfunded encouraged customers to set up SMSFs by itself or through its officer and employees may have breached the Corporations Act and provisions of the Superannuation Industry (Supervision) Act that relate to promoters of schemes that encourage or promote the illegal early release of super.
In encouraging SMSF setups to its customers, ASIC alleged that Superfunded is not ensuring that the investment loans are being serviced and interest on the investment loans is being collected; and/or investors are receiving their dividends; has what appear to be inadequate books, records and financial accounts; and may be unable to pay its debts in the near future.
ASIC commissioner John Price said that while investigations are ongoing, the case served as a reminder to the industry.
"This case serves as a reminder to consumers approached to set up self-managed super funds, to take care to ensure they are not being drawn into schemes that may involve illegal early access to superannuation,’ said Mr Price.