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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the subdued April price growth and how prices are predicted to move for the remainder of the year.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the Biden climate summit and impacts on the Australian sharemarket, as well as the possibility of a carbon border tax and what it means.

And lastly, tax and super guru Timothy Munro gives his thoughts on the overhaul of the superannuation performance test and the upcoming budget.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Retirement

ASIC winds up companies behind SMSF scam

By Reporter

April 15 2021
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Retirement

ASIC winds up companies behind SMSF scam

By Reporter
April 15 2021

The corporate regulator has stepped in to wind up several companies that have scammed millions from SMSF investors.

ASIC winds up companies behind SMSF scam

By Reporter

April 15 2021
Share

The corporate regulator has stepped in to wind up several companies that have scammed millions from SMSF investors.

ASIC has successfully applied to the Federal Court to wind up two NSW-based companies, SA Services and Orphans Asia, after it was found that the businesses obtained nearly $10 million in financing when they held no authority to deal in financial products.

SA Services and Orphans Asia came to ASIC’s attention during the investigation into PW Kitt Co and its sole director Larry Dawson. Mr Dawson is a director of both PW Kitt Co and Orphans Asia.

“ASIC’s application was based on concerns that SA Services and Orphans Asia allegedly obtained approximately $2.4 million in Australian investor funds through cold-calling Australian consumers and operating the now-defunct website smsfadvisory.com,” ASIC said.

“Neither SA Services nor Orphans Asia is licensed or authorised to deal in financial products or provide financial services.”

ASIC said its investigation also identified that PW Kitt Co obtained over $7.4 million in Australian investor funds through allegedly cold-calling and operating the websites smsfadvisory.com and pwkittco.com.

PW Kitt Co held no licence or authority to deal in financial products or provide financial services.

The corporate regulator had submitted to the court that the defendants were using the same or substantially similar company and business names to an unrelated business, SMSF Advisory Services Pty Ltd and P.W. Kitt & Co.

“It is also alleged that the defendants used the Australian Financial Services Licence (AFSL) number of another company,” ASIC 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.”

At the regulator’s request, SA Services and Orphans Asia passed special resolutions resolving that their respective companies be wound up by the court.

ASIC has also obtained orders that Michael Hill and Anthony Connelly of McGrathNicol, the current liquidators of PW Kitt Co, be appointed as joint and several liquidators of SA Services and Orphans Asia.

ASIC has since successfully applied to the court to wind up and appoint liquidators to PW Kitt Co. ASIC’s action against Mr Dawson for breaching his duties as a director of PW Kitt Co has been adjourned pending the hearing and determination of a NSW Police criminal proceeding against Mr Dawson.

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