Untrained and unlicensed director banned by ASIC

The Australian Securities and Investments Commission (ASIC) has banned Max David Goldenberg from providing financial services and engagement in credit activities for eight years.

Goldenberg was the sole director of Superfunded which illegally allowed Perth clients to use their superannuation savings to buy a home.

The firm provided financial services and engaged in credit activities but did not hold an Australian financial services licence (AFSL), or an Australian credit licence, and was not acting as an authorised representative of another licensee.

ASIC said it had found Goldenberg to have been “involved in a contravention of financial services legislation and is not adequately trained, or competent, to provide financial services as he demonstrated a lack of professionalism, integrity, judgement, knowledge and diligence”.

“As a result, ASIC has found Goldenberg is likely to contravene financial services law again,” it said.

ASIC also determined Goldenberg had been involved in a contravention of credit legislation and was not a fit and proper person to engage in credit activities.