The Australian Securities and Investments Commission (ASIC) has brought criminal charges against Grant Ross, including one count of carrying on an unlicensed financial services business and three counts of engaging in unlicensed credit activity.
The unlicensed financial services business related to the promotion and running of an illegal scheme that facilitated the illegal early release of superannuation benefits through SMSFs.
ASIC alleged Ross advertised the availability of loans dependent upon future retirement savings entitlements in Victoria and South Australia between 1 July 2010 and 13 November 2012.
The scheme operated whereby an SMSF would be established and have the new trustees roll their existing superannuation entitlements into the new fund.
The SMSF would then make a loan to Ross’s company that would in turn loan the funds back to the SMSF trustees in their personal capacity after the deduction of a fee.
Despite running the scheme, Ross had never held or been granted an Australian financial services licence.
Each charge in relation to running an unlicensed financial services business carries a maximum penalty of two years’ imprisonment or a fine of 200 penalty units.
The matter has been administratively adjourned to the Adelaide Magistrates Court on 29 January 2016.
The case is being prosecuted by the Commonwealth Director of Public Prosecutions.