The Australian Securities and Investments Commission (ASIC) has commenced proceedings against Perth-based Superfunded and its sole director and shareholder, obtaining interim injunctions against all three from the Federal Court.
The proceedings would concern Superfunded, director Max David Goldenberg and shareholder Mark Travis Goldenberg’s conduct carrying on a financial services business. As none of the parties held an Australian financial services licence, ASIC alleged their actions were illegal.
The specific conduct involved the promotion of a business that encourages people to set up self-managed superannuation funds to invest in the Superfunded Loan Investment Trust. The Trust then lends money to home buyers for house deposits.
On 9 November 2017 the Federal Court made interim orders for the preservation of assets and financial disclosure.
The Court also granted interim injunctions restraining Superfunded and the Goldenberg from providing financial services or having access to client or investor assets, and prohibiting advertising, promoting or marketing financial services or products in relation to the investors and potential investors of the Trust.
Mark Goldenberg had previously been penalised for misconduct in the provision of financial services. He received a life ban from providing financial services in 2009 and was sentenced to three years’ imprisonment in 2011 for misusing $1.5 million of investor funds for his own benefit.
The interim orders would remain in force until further order. The matter has otherwise been adjourned.