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‘Round robin’ SMSF scammer charged
The Australian Securities and Investments Commission (ASIC) has brought criminal charges on "round robin" self-managed super fund (SMSF) schemer Grant Thorsby Ross.
Ross, also known as David Throsby Ross, the former sole director of Motabank (SA), and Multimedia Marketing was charged with one count of carrying a financial services business without a license.
He was also charged with three counts of engaging in credit activity without a licence by performing the obligations of a credit provider and being a credit provider under a credit contract..
ASIC alleges that between 1 July 2010 and 13 November 2012, Ross placed newspaper advertisements in Victoria and South Australia offering the availability of loans dependent upon future superannuation entitlements.
When contacted by potential clients, Ross allegedly promoted and operated a scheme facilitating the illegal early release of superannuation through the creation of SMSFs.
ASIC alleges the "round robin" SMSF scheme involved clients transferring their super funds into newly created SMSFs and the SMSF's would loan funds to Ross' company and then an amount, less a fee, was loaned by either Ross's company or personally by Ross back to the trustees of the SMSF in their personal capacity.
Ross does not hold and has never been granted an Australian Financial Services Licence or an Australian Credit Licence.
The Commonwealth Director of Public Prosecutions is prosecuting this matter.
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