The Australian Securities and Investments Commission (ASIC) has obtained injunctions against Perth-based Superfunded, its sole director and its shareholder from the Federal Court, as it commenced proceedings against all three.
The proceedings would concern Superfunded, director Max David Goldenberg and shareholder Mark Travis Goldenberg’s conduct carrying on a financial services business.
The specific conduct involved the promotion of a business that encourages people to set up self-managed superannuation funds to invest in the Superfunded Loan Investment Trust. The Trust then lends money to home buyers for house deposits.
As none of the parties held an Australian financial services licence, ASIC alleged their actions were illegal.
On 9 November 2017 the Federal Court made interim orders for the preservation of assets and financial disclosure.
The Court also granted interim injunctions restraining Superfunded and the Goldenberg from providing financial services or having access to client or investor assets, and prohibiting advertising, promoting or marketing financial services or products in relation to the investors and potential investors of the Trust.
Mark Goldenberg had previously been penalised for misconduct in the provision of financial services, receiving a life ban from providing financial services in 2009. He was also sentenced to three years’ imprisonment in 2011 for misusing $1.5 million of investor funds for his own benefit.
The matter has been adjourned. The interim orders would remain in force until further order.
