POWERED BY MOMENTUM MEDIA
ASIC granted injunctions against Superfunded
The Australian Securities and Investments Commission (ASIC) has obtained injunctions against Perth-based Superfunded, its sole director and its shareholder from the Federal Court, as it commenced proceedings against all three.
The proceedings would concern Superfunded, director Max David Goldenberg and shareholder Mark Travis Goldenberg’s conduct carrying on a financial services business.
The specific conduct involved the promotion of a business that encourages people to set up self-managed superannuation funds to invest in the Superfunded Loan Investment Trust. The Trust then lends money to home buyers for house deposits.
As none of the parties held an Australian financial services licence, ASIC alleged their actions were illegal.
On 9 November 2017 the Federal Court made interim orders for the preservation of assets and financial disclosure.
The Court also granted interim injunctions restraining Superfunded and the Goldenberg from providing financial services or having access to client or investor assets, and prohibiting advertising, promoting or marketing financial services or products in relation to the investors and potential investors of the Trust.
Mark Goldenberg had previously been penalised for misconduct in the provision of financial services, receiving a life ban from providing financial services in 2009. He was also sentenced to three years’ imprisonment in 2011 for misusing $1.5 million of investor funds for his own benefit.
The matter has been adjourned. The interim orders would remain in force until further order.
Recommended for you
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end.
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
