SMSF proprietor hit with injunctions

ASIC SMSF injunctions

ASIC has obtained interim injunctions against PW Kitt Co Pty Ltd so it can investigate the acquisition of almost $7 million in SMSF funds.

The Australian Securities and Investments Commission (ASIC) has obtained interim injunctions against a New South Wales-based company and its director for acquiring SMSF investor funds by allegedly misleading Australian consumers.

The corporate regulator applied for urgent interim orders against PW Kitt Co Pty Ltd and its sole director, Larry John Dawson, based on concerns they had obtained almost $7 million in Australian investor funds while using a substantially similar company name to SMSF Advisory Services Pty Ltd and P.W. Kitt & Co, an unrelated business.

PW Kitt Co Pty Ltd and Dawson had acquired the investor funds by cold-calling Australian consumers and operating the websites and

“It is also alleged that the defendants used the Australian financial services licence number of another company,” the regulator said.

“ASIC remains concerned that the defendants appear to have no connection with those businesses and hold no licence or authority to deal in financial products or provide financial services.”

ASIC obtained interim orders to appoint receivers and managers to the property and assets of the defendants, PW Kitt Co Pty Ltd and Dawson, and for the receivers to provide a report to the Federal Court and ASIC within 42 days regarding the affairs of the defendants.

It also obtained interim orders to stop the defendants from removing, dealing with or diminishing the value of property or assets, including funds in bank accounts held by the defendants, and to restrain Dawson from leaving Australia.

“ASIC commenced this investigation as part of its response to the increase in financial scam activity arising during the COVID-19 pandemic. This action demonstrates ASIC’s readiness to take urgent action to protect vulnerable consumers in the current environment,” it said.

Last year, ASIC banned the director of Perth-based property scheme Superfunded after it found he was operating an illegal early-release superannuation scheme tied to SMSFs.

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