A financial adviser who advised SMSFs to buy property has been permanently banned from the financial services industry by ASIC.
Federal Court issues financial services bans over ActiveSuper
The Federal Court of Australia has issued lifetime bans from providing financial services for two people involved in ActiveSuper.
“The Federal Court today delivered its judgement relating to declarations and bannings against Gold Coast businessman Craig Gore and other individuals for misusing more than $4 million raised from self-managed superannuation fund (SMSF) investors,” said ASIC in response to the ruling.
ASIC seeks lifetime financial services bans for ActiveSuper
ASIC has sought lifetime bans from providing financial services for some of the people associated with the company ActiveSuper, “following their involvement in the misuse of more than $4 million raised from self-managed superannuation fund (SMSF) investors.”
ASIC has sought, in a submission to the Federal Court, declarations of contraventions and banning orders ranging from 7.5 years to permanent bans for some participants.
ActiveSuper found to have misled SMSF investors
![Australian Securities and Investments Commission v ActiveSuper Pty Ltd (in liq) [2015] FCA 342 (14 April 2015)](https://d1c6ia8dizpr57.cloudfront.net/wp-content/uploads/2014/06/SMSF-Superannuation-Rulings-and-Determinations.jpg)
A group of companies involved in SMSF establishment and administration has been found to misled SMSF investors with promises of ‘fantastic returns’ of 20% or more by investing in distressed property in the United States. Instead much of the money was lent to other companies and went in expenses, commissions, salaries and related-party loans.