A Sydney man has received a suspended sentence after being convicted on charges relating to the illegal early release of superannuation.
The Australian Securities and Investments Commission (ASIC) announced that the man, Sonatane Haitoni Hafoka, had been sentenced to six months imprisonment, which had been suspected upon Hafoka entering into a four-year good behaviour bond and paying an amount of $1,000.
ASIC said that Hafoka had pleased guilty in March to aiding and abetting Atan Ona Kassongo, of Castle Hill, NSW, to unlawfully allow the early access of superannuation benefits.
The New South Wales District Court had been told that between February and December 2006, Hafoka acted as an agent for Kassongo and assisted at least 80 superannuants to roll over their superannuation into the Kassongo Superannuation Fund and to obtain unlawful early access to superannuation benefits.
It was alleged that, in return, Hafoka received commissions in excess of $300,000.
ASIC said the conviction followed an investigation conducted with the assistance of the Australian Taxation Office.
