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ASIC, Superannuation

Early-release promoter banned

early release superannuation

A banned adviser has received a further penalty from ASIC for his part in a scheme that promoted the illegal early release of superannuation via SMSFs.

A former financial adviser who was previously banned by ASIC for poor advice has been further restricted from providing financial services after the watchdog also restricted his ability to engage in credit activities due to his part in the promotion of the illegal early release of superannuation.

ASIC stated it had permanently banned Mark Travis Goldenberg from engaging in any credit activities and from performing any function involved in the engaging in of credit activities as a result of his involvement in Superfunded Pty Ltd.

Superfunded operated an scheme in Perth that offered illegal early release to superannuation by encouraging people to set up an SMSF to invest in an investment trust which then lent money to home buyers for housing deposits.

Goldenberg was the chief operating officer, general manager, property analyst and sole shareholder of Superfunded and ASIC stated the company engaged in credit activities but neither Goldenberg, nor Superfunded, held an Australian credit licence or were authorised credit representatives of an Australian credit licensee.

As a result, the regulator found Goldenberg contravened credit legislation and said it had reason to believe he was not a fit and proper person to engage in credit activities as he did not possess the attributes necessary for engaging in credit activities.

The banning continues a series of actions against Superfunded and Goldenberg, who was banned from providing financial advice in May 2009 after ASIC found he failed to provide appropriate advice to a client and declare a conflict of interest.

Superfunded, which was operated in conjunction with its sole director, Max David Goldenberg, was wound up in March 2018 following a range of interim injunctions in the Perth Federal Court against the business and the Goldenbergs in 2017, at which time ASIC reported neither Superfunded nor the Goldenbergs held an Australian financial services licence.

ASIC also banned Max Goldenberg from providing financial services and engaging in credit activities for a period of eight years on 8 August 2019.

The banning order for Mark Goldenberg has been recorded on ASIC’s register of banned and disqualified people and he has the right to appeal to the Administrative Appeals Tribunal for a review of the regulator’s decision.

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