Early super release operator prosecuted
The Australian Securities and Investments Commission (ASIC) has moved against another early release superannuation operator, announcing this week that it had succeeded in obtaining consent orders in the NSW Supreme Court against Luisito Vega of Mount Druitt, NSW.
The court was told that it would be alleged that Vega was operating an unlicensed business known as VT Superannuation Fund, which offered investors early access to their super.
ASIC said 29 people affected by the scheme have been identified so far, many from the Filipino community in Western Sydney. It said over $1.6 million had passed through various VT Superannuation Fund bank accounts.
The court order prevents Vega from dealing with or disposing of any assets held on behalf of the VT Super Fund or held personally, and also prevents him from leaving Australia.
ASIC said its investigation was ongoing, with the matter scheduled to return to court on September 18.
AUTHOR
Mike Taylor
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