26/02/2018 - 15:18

ASIC seeking Superfunded liquidation

26/02/2018 - 15:18

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The Australian Securities and Investment Commission has applied to the Federal Court to appoint a liquidator to local company Superfunded, owned by former financial adviser Mark Goldenberg.

The Australian Securities and Investment Commission has applied to the Federal Court to appoint a liquidator to local company Superfunded, owned by former financial adviser Mark Goldenberg.

Mr Goldenberg was jailed in 2011 following an investigation by the corporate watchdog for misusing investor funds.

Asic alleges that the company may have breached the Corporations Act by promoting schemes that encourage the illegal early release of super, and by failing to ensure that investment loans are being serviced.

The corporate watchdog also claims the company has inadequate books, records and financial accounts and may be unable to pay its debts in the near future.

The company is no longer operational and is not managing the SuperFunded Trust, according to Asic.

Asic is seeking the appointment of Jason Tracy of Deloitte to be appointed as liquidator.

The company is run by sole director Max Goldenberg, with Mark Goldenberg the sole shareholder.

Mark Goldenberg was permanently banned from providing financial services in 2009 after an Asic investigation found that had failed to provide appropriate advice to a client and declare a conflict of interest.

In 2011, he was sentenced to three years' imprisonment following an Asic prosecution for misusing $1.5 million of investor funds for his own benefit.

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