FCA orders winding up of Superfunded

The Federal Court of Australia has made orders by consent to wind up Western Australia-based company Superfunded, following interim injunctions made against its director and shareholder last month.

The order follows a finding last year that Superfunded had engaged in illegal conduct by carrying on a financial services business without an Australian Financial Services Licence (AFSL).

The specific conduct involved promoting 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.

Related News:

The Australian Securities and Investments Commission (ASIC) had previously obtained interim injunctions against Superfunded, its sole director, Max David Goldenberg, and sole shareholder, Mark Travis Goldenberg. These orders prevented a range of activities including the provision of financial services and accessing client or investor assets.

Last month, ASIC applied to the Federal Court for a liquidator to be appointed, predicting Superfunded’s bankruptcy.

ASIC Commissioner, John Price, warned that consumers should be warier when signing up to programs to set up self-managed superannuation funds (SMSFs).

“This case serves as a reminder to consumers approached to set up SMSFs to take care to ensure they are not being drawn into schemes that may involve illegal early access to superannuation,” he said.

Jason Tracy of Deloitte was appointed as liquidator.




Related Content

SMSF sector underperforms in year to April

The self-managed superannuation fund (SMSF) sector has underperformed the average default MySuper product by 1.2 percentage points for the year to the...Read more

Will the industry get value for its regulatory dollar?

The superannuation industry will be paying two sets of levies to the Australian Securities and Investments Commission (ASIC) and it wants to see great...Read more

ASIC and APRA monetary winners from Royal Commission

The financial services regulators appear likely to emerge as one of the few winners from the Royal Commission into Misconduct in the Banking, Superann...Read more

Author

Comments

Add new comment