ASIC slams early release super scheme
The Australian Securities and Investments Commission (ASIC) has brought orders against Western Sydney woman Fenumiai Solofuti for operating an unlicensed financial services businesses, which offered individuals early access to their superannuation.
The securities watchdog alleged that Solofuti was involved in the business between 2006 and 2007, when she offered the early release super scheme to fund members who were predominately from Pacific Island communities of Sydney’s south west.
The orders, made in the Supreme Court of New South Wales yesterday, restrain Solofuti from leaving or attempting to leave the country and from providing financial services or dealing with assets held on behalf of the F. Solofuti Superannuation Fund.
The matter will return to court on June 9, 2008.
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