11/01/2005 - 21:00

Super adviser’s court loss

11/01/2005 - 21:00

Bookmark

Upgrade your subscription to use this feature.
Super adviser’s court loss
STEVEN Preston and Manito Pty Ltd have been stopped from providing unlicensed superannuation advice by the Australian Securities and Investments Commission.

ASIC obtained orders in the Federal Court in Western Australia as part of its national campaign against illegal early access to superannuation.

About $1.24 million in superannuation funds was rolled over into self-managed superannuation funds by 108 people on the advice of Mr Preston and Manito.

Manito and Mr Preston consented to:

• Declarations that they had carried on a financial services business without holding an Australian financial services licence;

• Permanent injunctions to stop them making recommendations, statements or reports in advertising intended to influence persons to dispose of existing superannuation interest without holding an appropriate AFSL; and

• Permanent injunctions against being in any way concerned in or a party to any other person making recommendations, statements or reports in advertising intended to influence persons to dispose of existing superannuation interest without holding an appropriate AFSL.

Manito came to ASIC’s attention when it ran television advertisements in Perth offering its services to members of existing superannuation funds who were unhappy with the performance of those funds and wished to take control of those funds by setting up a self-managed superannuation fund.

At the time Manito placed the advertisements, it did not hold an AFSL.

According to ASIC, Mr Preston was previously known as Gordon Charles Fowler and is a discharged bankrupt.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options