Early release super adviser stopped short
The operators of a Perth based early release super scheme that used television advertising to promote its services has been nabbed by the Australian Securities and Investments Commission (ASIC) for running an illegal operation.
Following an ASIC investigation, the Federal Court of Western Australia issued a permanent injunction, by consent, against Manito Pty Ltd and Steven Preston, preventing them from providing unlicensed superannuation advice.
Some 108 people rolled over more than $1 million of their retirement monies into self-managed superannuation funds on the recommendation of Manito and Preston, even though they were not licensed to provide such advice.
Preston, a discharged bankrupt was also formerly known as Gordon Charles Fowler.
ASIC deputy executive director of enforcement Allen Turton said the injunction was part of the regulators nationwide campaign against illegal early release super schemes.
“People need to check that they are getting advice about their hard-earned retirement savings from someone who is licensed to provide superannuation advice,” Turton said.
ASIC was awarded costs and its investigation is continuing.
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