The Federal Court has ordered Perth-based property scheme Superfunded be wound up after an Australian Securities and Investments Commission (ASIC) investigation found it encouraged or promoted the illegal early release of super via the establishment of an SMSF.
ASIC made the winding up application for the appointment of a liquidator to Superfunded to the Federal Court on 15 February.
The corporate regulator had previously obtained a range of interim injunctions in the Perth Federal Court on 9 November against Superfunded and its sole director, Max David Goldenberg, of Currambine, Perth, and its sole shareholder, Mark Travis Goldenberg, of Claremont, Perth.
The interim injunctions included restraining Superfunded and the Goldenbergs from providing financial services, from having access to client or investor assets, and prohibiting advertising, promoting or marketing financial services or products in relation to the investors and potential investors of the Superfunded Loan Investment Trust.
“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,” ASIC commissioner John Price said.
According to ASIC, 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.
Jason Tracy of Deloitte was appointed as the scheme’s liquidator.