POWERED BY MOMENTUM MEDIA
(April-2005): Trial for super schemer
A Gold Coast man has been committed to stand trial on 25 charges relating to the promotion of a superannuation rollover scheme.
The man, Rocco Ferrantino, was committed to stand trial after appearing in the Southport Magistrates Court last month on charges laid by the Australian Securities and Investments Commission (ASIC).
ASIC is alleging that between February 1998 and May 2001, Ferrantino made false or misleading statements to induce superannuants and the administrators and trustees of various superannuation funds to rollover preserved benefits into 1st State Superannuation — a superannuation fund connected to 1st State Home Loans.
The charges represent a sequel to earlier action by ASIC when it successfully applied to the Supreme Court of Queensland for orders appointing liquidators to 1st State Home Loans and the property of related companies.
At that time, Ferrantino gave undertakings to the court that he would not carry on or hold himself out as a licensed provider of financial services in contravention of the Corporations Act, or manage a corporation for a period of three years.
AUTHOR
Mike Taylor
Recommended for you
Australian super funds have delivered mixed results in the latest global rankings, with industry funds climbing, while government schemes fell sharply.
The Future Fund posted a $27.4 billion increase in value to $252.3 billion, driven by strong equity markets, resilient private market investments, and strategic portfolio shifts to anticipate changing global trading conditions.
The fund has introduced new portal features for advisers, streamlining administration and enabling quicker, more convenient client authorisations online.
APRA-regulated funds have reportedly raised concerns with the government over Division 296, as news of potential policy tweaks makes headlines.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
