POWERED BY MOMENTUM MEDIA
FCA orders winding up of Superfunded
The Federal Court of Australia has made orders by consent to wind up Western Australia-based company Superfunded, following interim injunctions made against its director and shareholder last month.
The order follows a finding last year that Superfunded had engaged in illegal conduct by carrying on a financial services business without an Australian Financial Services Licence (AFSL).
The specific conduct involved promoting 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.
The Australian Securities and Investments Commission (ASIC) had previously obtained interim injunctions against Superfunded, its sole director, Max David Goldenberg, and sole shareholder, Mark Travis Goldenberg. These orders prevented a range of activities including the provision of financial services and accessing client or investor assets.
Last month, ASIC applied to the Federal Court for a liquidator to be appointed, predicting Superfunded’s bankruptcy.
ASIC Commissioner, John Price, warned that consumers should be warier when signing up to programs to set up self-managed superannuation funds (SMSFs).
“This case serves as a reminder to consumers approached to set up SMSFs to take care to ensure they are not being drawn into schemes that may involve illegal early access to superannuation,” he said.
Jason Tracy of Deloitte was appointed as liquidator.
Recommended for you
Long-term investors face a critical decision – stay the course or pivot, says leading economist Shane Oliver.
More Australians are turning to exchange-traded funds (ETFs) to grow their retirement savings, as evidenced by a series of recent product launches.
Superannuation trustees are failing grieving Australians, with an ASIC review uncovering excessive delays, poor service, and systemic failures in processing death benefit claims.
Prime Minister Anthony Albanese has called a federal election for 3 May, seeking to capitalise on Labor’s recent budget, just hours after Peter Dutton outlined his economic plan and accused the government of fuelling inflation through excessive spending.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
