ASIC acts on early release super operator
Another alleged early release superannuation promoter has been the subject of action initiated by the Australian Securities and Investments Commission (ASIC).
The regulator announced this week that it obtained consent orders in the NSW Supreme Court against Gerard Karl Little in respect of allegations he was involved in the operation of an unlicensed financial services business known as the Little Super Fund, which offered people early access to their superannuation.
The orders restrain Little from leaving or attempting to leave Australia as well as providing financial services, dealing with or disposing of any assets held on behalf of the Little Super Fund, and dealing with or disposing of any assets he may hold personally, except for the payment of ordinary living expenses and legal fees.
ASIC said its investigations were continuing with the assistance of the Australian Transaction Reports and Analysis Centre and the Australian Taxation Office.
AUTHOR
Mike Taylor
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