Former director on early release super
The Brisbane-based promoter of a superannuation rollover scheme is set to face 22 criminal charges for dishonest dealings with superannuants.
Richard Sharland, the former director of Comcash Australasia, appeared in the Brisbane Magistrates Court yesterday on charges laid by the Australian Securities and Investments Commission (ASIC). ASIC alleges that Sharland dishonestly gained an advantage for an unregistered managed investment scheme, Self Managed Capital Australia, at the expense of 21 superannuants between May 2002 and October 2003.
According to ASIC, Comcash promoted the early release of superannuation funds, helping superannuants to roll their superannuation into a self-managed superannuation fund (SMSF) and then invest a portion of the funds with the unregistered scheme.
Sharland is set to appear in the Brisbane District Court later this year.
He has already been disqualified from acting as a director for 20 years and ASIC has obtained orders to wind up schemes operating under the names of Comcash Australasia, SMC Corporation or similar. Comcash was placed into liquidation on July 14, 2004.
AUTHOR
Justin Knight
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