Melbourne resident Grant Thorsby Ross is being fined $6,000 for operating a financial services business without a license and previously brought criminal charges for the same offence in late 2015.
After a “round robin” self-managed superannuation fund (SMSF) bungle in 2015 saw Ross operate the illegal early release of super funds, the Australian Securities and Investment Commission (ASIC) confirmed the South-Melbourne resident has been found guilty of the same offence again.
ASIC re-launched its investigation of Ross prior to his 28 April conviction this year, after an intelligence report lodged by the Australian Taxation Office (ATO) raised new concerns.
Ross, the former sole director of Motabank (SA) Pty Ltd and Multimedia Marketing Pty Ltd, was charged last week after he was found to have operated a similar scheme to the 2015 falsification of SMSFs.
ASIC deputy chairman, Peter Kell said consumers had to be aware of potential schemes.
“Ross exploited the trust he instilled in clients by promoting and operating an illegal scheme that exposed his clients to potential legal and financial risk,” he said.
“Consumers are urged to deal only with licensed representatives of the financial services and credit industries.”
ASIC confirmed Ross had never been granted an Australian financial services license (AFSL) or an Australian credit license (ACL).
The matter was heard in the Melbourne Magistrates Court and prosecuted by the Commonwealth Director of Public Prosecutions.
