The Australian Securities and Investments Commission (ASIC) has banned the director of Perth-based property scheme Superfunded after it found he was operating an illegal early-release superannuation scheme tied to SMSFs.
ASIC banned Max David Goldenberg, the sole director of Superfunded, from providing financial services and engaging in credit activities for eight years for his role in promoting the scheme that recommended clients use their super savings to buy a home via an SMSF structure.
“Superfunded provided financial services and engaged in credit activities, but did not hold an Australian financial services licence, or an Australian credit licence, and was not acting as an authorised representative of another licensee,” the corporate regulator said.
“ASIC found Mr Goldenberg had been involved in a contravention of financial services legislation and is not adequately trained, or competent, to provide financial services as he demonstrated a lack of professionalism, integrity, judgment, knowledge and diligence.
“As a result, ASIC has found Mr Goldenberg is likely to contravene financial services law again.”
In addition to banning Goldenberg from providing financial services for a period of eight years, the regulator banned him from engaging in credit activities for the same length of time.
“ASIC also determined that Mr Goldenberg had been involved in a contravention of credit legislation and is not a fit and proper person to engage in credit activities as his conduct does not match the attributes demanded of a person engaging in credit activities,” it noted.
“ASIC determined that as a result of his conduct, Mr Goldenberg is likely to contravene credit legislation.”
The Federal Court ordered Superfunded be wound up in March 2018, following ASIC’s investigation into the property scheme, which found it had promoted the illegal release of super via the establishment of an SMSF.