The Gold Coast-based promoter of a superannuation rollover scheme has been ordered to stand trial for allegedly duping clients into believing their superannuation savings could be released early.
Rocco Ferrantino was committed in the Southport Magistrates Court to stand trial on 25 charges laid by the Australian Securities and Investment Commission (ASIC).
ASIC claims that Ferrantino provided misleading statements encouraging members, administrators and trustees of various super funds to roll over their preserved benefits into his 1st State Superannuation fund – a fund connected to 1st State Home Loans (but no relation to NSW public sector scheme First State Super).
Under Commonwealth legislation a person’s superannuation cannot be accessed until they are 55, except in extreme circumstances prescribed in the legislation.
The corporate regulator was alerted to Ferrantino’s operation in February 2003 when it successfully applied to the courts for orders appointing liquidators to 1st State Home Loans.
Back then the Supreme Court of Queensland heard evidence from a receiver’s report that 95 investors had approximately $1.4 million of their funds released to 1st State Home Loans.
ASIC alleges Ferrantino committed these early super release breaches between February 1998 and May 2001. He has been remanded on conditional bail to appear before the Brisbane District Court at a later date.
