Rollover scheme operators in court
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Tuesday, 24 August, 2004 - 22:00
THE Australian Securities and Investments Commission has commenced Federal Court proceedings against Manito Pty Ltd, SJR Nominees Pty Ltd, Steven Preston and James Payne in Perth.
The proceedings relate to a business called Superannuation Retrieval Services and follow ASIC’s investigation into a superannuation rollover scheme operated by Manito and SJR.
ASIC alleges Manito and SJR:
- Carried on a financial services business without an Australian Financial Services Licence; and
- Coordinated the production of television advertisements recommending people roll benefits out of existing superannuation funds into a self-managed superannuation fund.
- ASIC further alleges that Mr Preston and Mr Payne arranged to broadcast the advertisements.
ASIC is seeking orders from the Federal Court preventing Manito, SJR, Mr Preston and Mr Payne from operating or being involved in the operation of an unlicenced financial services business.
Companies: