ASIC continues early super release crusade
By Ross Kelly
The Southport Magistrates court in Queensland has pressed charges against a Brisbane businessman relating to his involvement in a scheme promoting early access to superannuation.
Mark Walter David was charged with 16 counts of fraud after an investigation by the Australian Securitiesand Investments Commission (ASIC) alleged he dishonestly induced the trustees of the Health Group Superannuation Fund to release member funds early.
In a separate case of early super release, Anatolij Sittczenko faced similar charges to David over his roll in inducing trustees of the South Coast Forestry Group Superannuation Fund to prematurely release funds to members.
It is alleged together the pair were responsible for the unlawful release of more than $500,000 of super.
David was granted conditional bail and was forced to surrender his passport, while the case against Sittczenko was adjourned until July 14, 2004.
In February this year the Federal Court ordered permanent injunctions against David and Sittczenko preventing them from maintaining any business that facilitated the rollover, redemption or transfer of superannuation interests.
“ASIC is closely examining businesses which offer to facilitate the early redemption of superannuation benefits, and will take action to ensure that businesses who offer early redemption in contravention of the law, are brought before the Courts,” ASIC director enforcement Allen Turton says.
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