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Illegal SMSF early access scheme leads to $6,000 fine

Saturday 10 June 2017

ASIC reports that a man from South Melbourne has pleaded guilty in the Melbourne Magistrates Court and been fined $6,000 for operating a financial services business without an Australian financial services (AFS) licence. ASIC’s investigation arose from ATO intelligence that raised concerns about the promoter’s conduct.

The offence related to a scheme the man promoted and operated to facilitate illegal early release of his clients’ superannuation benefits through the creation of self managed superannuation funds (SMSFs).

ASIC said the promoter exploited his clients’ trust through an illegal scheme that exposed them to potential legal and financial risk.  When it comes to these sorts of arrangements our warning is “if it sounds too good to be true, then it probably is…”.

ASIC urges consumers to deal only with licensed representatives of the financial services and credit industries.

Illegal SMSF early access scheme leads to $6,000 fine Back