The Australian Securities and Investments Commission (ASIC) has launched criminal proceedings with respect to another early release superannuation scheme.
The regulator announced this week that it had initiated proceedings in the Sydney Central Criminal Court against Regina Faleono and Lucia Sini for dishonest conduct in operating a financial services business.
Sini has been charged in relation to an illegal early release superannuation scheme. It is alleged she banked 11 cheques made payable to a regulated superannuation fund and worth $432,609 into a bank account she operated and from which she withdrew the money.
Faleono is charged in relation to the same scheme and another scheme involving 48 applications made to a superannuation fund that resulted in withdrawals of more than $270,000.
Faleono failed to appear in court and a warrant has been issued for her arrest.
