ASIC winds up two more companies from SMSF scam
The Australian Securities and Investments Commission (ASIC) has acted to wind up two companies, SA Services & PW Pty Ltd (SA Services) and Orphans Asia Pty Ltd, which are related to a fraudulent self-managed superannuation (SMSF) advisory business.
ASIC successfully applied last August for an urgent interim injunction against SMSF Advisory Services, PW Kitt Co, and its sole director Larry Dawson.
The corporate regulator was concerned the defendants obtained almost $7 million in investor funds by cold-calling consumers.
ASIC’s application on SA Services and Orphans Asia alleged those companies obtained approximately $2.4 million in Australian investor funds also through cold-calling, as well as through the operation of the now defunct smsfadvisory.com website.
Neither company were licenced or authorised to deal in financial products or provide financial services.
ASIC obtained orders that current liquidators of PW Kitt Co, Michael Hill and Anthony Connelly of McGrathNicol, be appointed as joint liquidators of SA Services and Orphans Asia.
Recommended for you
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
