ASIC hard talk backed up with action
The former director of a Queensland-based early release superannuation scheme has appeared in the Brisbane Magistrates Court on 21 charges of fraud brought by an Australian Securities and Investments Commission (ASIC) investigation.
The case, which ASIC alleges involves $437,688 of prematurely released superannuation assets, coincides with the peak regulator stepping up its crackdown on schemes that illegally allow members to access their retirement savings.
Yesterday ASIC reconfirmed its campaign against illegal early release super schemes by announcing a nationwide campaign with the Australian Taxation Office (ATO) and the Australian Prudential Regulation Authority (APRA).
Meanwhile, the 21 charges of fraud in this case are directed at former Comcash Australasia director Richard Clayton Sharland, who was also banned along with Comcash agent Michael John Muckan back in June for operating an unregistered investment schemes and also acting without a valid Australian Financial Services Licence.
In this instance, ASIC alleges Sharland gained an advantage for Self Managed Capital Australia [a name he also operated under] at the expense of the-self managed superannuation funds that invested funds with the group.
The matter has been adjourned for mention to October 15.
Earlier this year, ASIC obtained orders winding-up any schemes operated under the names of Comcash Australasia or SMC Corporation, or similar names.
At the time the Queensland Supreme Court ordered that Sharland and Muckan be permanently restrained from promoting or operating any Comcash managed investment schemes, or from providing any financial services in relation to superannuation interests.
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