A woman who pleaded guilty to nine charges related to an illegal early release superannuation scheme has been sentenced to 12 months’ imprisonment.
The Australian Securities and Investments Commission (ASIC) said the woman, Susan Marie Palusi, of Kurnell, in NSW, had faced charges relating to illegally facilitating the early release of preserved superannuation benefits while the trustee of the Palusi Superannuation Fund between 7 July and 31 December, 2005.
The regulator said it had been alleged that Palusi received a total of $261,969.69 of preserved superannuation benefits from nine individuals and dishonestly rolled it into the Palusi Superannuation Fund, from which Palusi then withdrew the funds and distributed them to other individuals while retaining $73,269.69 by way of commission.
ASIC said Palusi had been convicted under section 62 and 202 of the Superannuation Industry (Supervision) Act pertaining to the sole purpose test and maintaining a self-managed super fund for any purpose other than to provide retirement benefits to the members.
