ASIC announced that it has commenced court proceedings against a company and its director, alleging that it encourages people to set up SMSFs and then invest in a related trust.
ASIC has commenced proceedings against Perth-based Superfunded Pty Ltd and its sole director, Max David Goldenberg, in the Federal Court of Australia and obtained interim injunctions. ASIC says the business encourages people to set up SMSFs and then invest in the Superfunded Loan Investment Trust, which lends to home buyers for their deposits. According to ASIC Mark Goldenberg is the trustee of the Superfunded Loan Investment Trust.
“Neither Superfunded nor the Goldenbergs holds an Australian Financial Services licence and ASIC alleges that Superfunded and the Goldenbergs are therefore unlawfully carrying on a financial services business,” said ASIC.
Earlier in November the Federal Court of Australia made interim orders, including restraining Superfunded and the Goldenbergs from providing financial services, having access to client or investor assets, or advertising the Superfunded Loan Investment Trust.
ASIC notes that Mr Goldenberg was sentenced to three years and one month jail in 2011 in relation to misusing, for his own benefit, $1.5 million of investor funds and was permanently banned from providing financial services in 2009.
The matter has been adjourned to date to be determined later.