Retirement
Dodgy super spruiker pleads guilty
A Melbourne man has pleaded guilty to an offence relating to a scheme that facilitated the illegal early release of superannuation funds for Aussie investors.
Dodgy super spruiker pleads guilty
A Melbourne man has pleaded guilty to an offence relating to a scheme that facilitated the illegal early release of superannuation funds for Aussie investors.
Grant Thorsby Ross, also known as David Thorsby Ross, of South Melbourne pleaded guilty in the Melbourne Magistrates’ Court to one count of operating a financial services business without a licence. Ross was convicted and fined $6,000.
The offence related to a scheme promoted and operated by Mr Ross that “facilitated the illegal early release of superannuation funds of his clients through the creation of SMSFs,” the corporate regulatory, ASIC, said in a statement released yesterday.
ASIC said three breaches of the prohibition against engaging in credit activities without a licence relating to loans arranged by Mr Ross for clients in connection with the scheme were also taken into account in sentencing.
Ross, who was sentenced on 28 April, was the former sole director of both Motabank (SA) Pty Ltd and Multimedia Marketing Pty Ltd, ASIC said.
Between 1 July 2010 and 13 November 2012, Mr Ross placed newspaper advertisements in Victoria and South Australia offering the availability of loans dependent upon future superannuation entitlements.
“A ‘round robin’ scheme was operated by Mr Ross whereby his clients transferred their superannuation funds into newly created SMSFs,” ASIC said.
“The SMSFs lent funds to Mr Ross’ company and then an amount, less a fee, was loaned by either Mr Ross’ company or personally by Mr Ross back to the trustees of the SMSF in their personal capacity.”
Mr Ross has never been granted an Australian Financial Services licence or an Australian Credit Licence and has never been an authorised representative of a licensee, according to ASIC.
RELATED ARTICLES
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
