ASIC has applied to the Federal Court of Australia for the appointment of a liquidator to Superfunded Pty Ltd, a WA-based company that encouraged customers to set up self-managed super funds. (Superfunded)
In particular, ASIC alleges that Superfunded in encouraging customers to set up self-managed super funds:
- by itself or through its officer and employees may have breached the Corporations Act and provisions of the Superannuation Industry (Supervision) Act that relate to promoters of schemes that encourage or promote the illegal early release of super;
- is no longer operational and cannot be permitted to continue or recommence it operations without the appropriate licensing and/or proper directorship;
- is not managing the SuperFunded Trust;
- is not ensuring that the Investment Loans are being serviced and interest on the Investment Loans is being collected; and/or Investors are receiving their dividends;
- has what appear to be inadequate books, records and financial accounts; and
- may be unable to pay its debts in the near future.
ASIC seeks from the Court the appointment of Mr Jason Tracy of Deloitte as liquidator of Superfunded.
ASIC’s application has been listed for hearing in the Federal Court of Australia at Perth on 10 April 2018 at 10.15am.
ASIC had previously obtained a range of interim injunctions in the Perth Federal Court on 9 November 2017 (refer: 17-400MR) against Superfunded and its sole director, Mr Max David Goldenberg, of Currambine and its sole shareholder Mr Mark Travis Goldenberg of Claremont (the Goldenbergs):
- restraining Superfunded and the Goldenbergs from providing financial services
- restraining Superfunded and the Goldenbergs from having access to client or investor assets
- prohibiting advertising, promoting or marketing financial services or products in relation to the investors and potential investors of the Superfunded Loan Investment Trust
- for the preservation of assets; and
- for financial disclosure.
ASIC’s investigation is ongoing.