The Australian Securities and Investments Commission (ASIC) has applied to the Federal Court for the appointment of a liquidator to a Perth-based SMSF property scheme business.
ASIC said Superfunded encouraged customers to set up SMSFs to invest in the Superfunded Loan Investment Trust, which then lent money to homebuyers for their house deposits.
The corporate watchdog alleged Superfunded, by itself or through its officer and employees, might have breached the Corporations Act and provisions of the Superannuation Industry (Supervision) Act that related to promoters of schemes that encouraged or promoted the illegal early release of super.
It also alleged the business was no longer operational and could not be allowed to continue or restart operations without appropriate licensing and/or proper directorship, that it was not managing the Superfunded Trust, had what appeared to be inadequate books, records and financial accounts, and might be unable to pay its debts in the near future.
The business was not ensuring the investment loans were being serviced and interest on the investment loans was being collected, and/or investors were receiving their dividends, it alleged.
ASIC is seeking the appointment of Deloitte’s Jason Tracy as liquidator of the business.
The regulator obtained a range of interim injunctions in Perth Federal Court on 9 November 2017 against Superfunded and its sole director, Max David Goldenberg of Currambine, Perth, and its sole shareholder, Mark Travis Goldenberg of Claremont, Perth, including restraining Superfunded and the Goldenbergs from providing financial services.
ASIC’s application has been listed for hearing in the Federal Court in Perth on 10 April. The regulator’s investigation is ongoing.
