News : fraud

Financial Advice, fraud, SMSF, Superannuation

Practitioners obligated to recognise abuse

Practitioners will be called upon to help identify financial abuse related to the use of an SMSF, with new rules expected soon.

Practitioners will be called upon to help identify financial abuse related to the use of an SMSF, with new rules expected soon.

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fraud

Fraud, cybercrime key trustee risks

The largest risks for SMSF trustees are third parties looking to defraud them, but these threats are often overlooked.

The largest risks for SMSF trustees are third parties looking to defraud them, but these threats are often overlooked.

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ASIC, Compliance, fraud

ASIC bans Adelaide accountant

The Australian Securities and Investments Commission has banned an Adelaide-based accountant after he was convicted of aggravated theft.

The Australian Securities and Investments Commission has banned an Adelaide-based accountant after he was convicted of aggravated theft.

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ASIC, Financial Advice, fraud, Investments

Scheme investors mull class action

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Slater and Gordon, class action, First Guardian Master Fund, Shield Master Fund, Andy Wei, superannuation, ASIC, financial advice, lead generators

A legal firm is looking into a class action for superannuation investors in the First Guardian Master Fund and Shield Master Fund.

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ASIC, Compliance, fraud, Investments, Legislation

Mayfair investors slam ASIC

A group of individuals invested in the financial products of the Mayfair 101 Group has strongly criticised ASIC’s actions against the fund manager.

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ASIC, fraud, Investments

ASIC cautions licensees on share fraud

ASIC, guidance, Australian financial services licensees, Information Sheet 237, INFO 237, share sale fraud, Simone Constant, due diligence

The corporate regulator is asking licensees to be vigilant, given share sale fraud has jumped sevenfold in recent years.

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ATO, fraud, Superannuation

ATO flags adviser role in illegal access

The ATO’s estimate of funds being illegally accessed from SMSFs has fallen, but it has identified advice telling people how to hide this behaviour using loans to members.

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Education, fraud

Educate clients about scams

SMSF Association Peter Burgess Scams superannuation

The SMSF Association has asked members to inform clients about the dangers of scams targeting their super and help them report schemes they come across.

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ATO, fraud, SMSF

Pursue illegally accessed monies

SMSF Self-managed superannuation Bobbin Lawyers Peter Bobbin Illegal drawdown

Trustees should try to recover any illegally accessed money from an SMSF to lessen the severity of compliance breach penalties they may face.

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ASIC, Compliance, fraud

Ex-adviser banned for SMSF fraud

ASIC SMSF Brett Andrew Gordon Fraud

A former adviser convicted of fraud for using funds from his clients’ SMSF accounts has been permanently banned a year after he received a jail sentence for the crime.

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