The Australian Securities and Investments Commission (ASIC) has moved against another superannuation early release operator, with the NSW Supreme Court last week granting orders relating to a Sydney man allegedly involved in operating an unlicensed financial services business.
ASIC announced last week that it had obtained consent orders against Atan Ona Kassongo, who it alleged was involved in the operation of an unlicensed financial services business in Sydney that offered people early access to their superannuation funds.
As a result of the action initiated by ASIC, the Supreme Court ordered the regulator to retain and hold all passports issued to Kassongo and restrained him from leaving Australia or coming within 100 metres of a point of departure.
The orders also prevent Kassongo from providing financial services, dealing with or disposing of any assets held on behalf of the Kassongo Superannuation Fund, and dealing with or disposing of any money he might hold, except for the payment of ordinary living expenses and legal fees.
ASIC said it was continuing its investigations into Kassongo with the assistance of the Australian Taxation Office.
