SMSF investors burned by promise of 80 per cent returns
The Australian Securities and Investments Commission (ASIC) has succeeded in pursuing the winding up of three companies promoted by OnlineSuper Pty Ltd and which allegedly extracted around $9.5 million from approximately 150 self-managed superannuation fund investors.
The regulator said Online Super Pty Ltd had been wound up in the NSW Supreme Court after an application was made by ASIC following aninvestigation of the four companies raised concerns that they had been insolvent, had misapplied funds raised from investors, did not keep proper records and operated unregistered managed investment schemes.
The companies wound up were Mt Whitsunday Pty Ltd, Maxpower Mortgage Services Pty Ltd and Maxwell Phillip Enterprises, while a fourth company, 115 Constitution Road Pty Ltd, had the application for its winding up adjourned for 14 days following the appointment of an administrator in late February.
ASIC has alleged that between December 2002 and September 2005 the four companies raised in the order of $9.5 million from around 150 investors who were offered returns of up to 80 per cent a year.
AUTHOR
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
