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Early release super promoter gets suspended sentence
A Queensland man who pleaded guilty to 10 counts of dishonestly inducing people to deal in financial products has received an 18-month suspended sentence and been placed on a five-year, $3,000 good behaviour bond.
The man, Mark David, of Ipswich, appeared in the Southport District Court on charges brought by the Australian Securities and Investments Commission (ASIC) alleging that he induced the trustees of various superannuation funds to rollover their member’s superannuation benefits to the Health Group Superannuation Fund.
It was alleged these inducements were dishonest because they failed to disclose all of the facts relevant to the rollovers.
ASIC further alleged that preserved superannuation money was then released by the fund to members before those members were eligible to receive them.
It also alleged David was responsible for establishing the fund for the sole purpose of receiving superannuation rollover money and then releasing this money to members at a lower fee.
The court was told that approximately $385,000 had been released.
In December 2005, a co-accused of David, Mr Arkady Sittczenko, was sentenced to 18 months imprisonment.
The criminal charges against David followed earlier civil action taken by ASIC. In February 2004, similar Federal Court orders were obtained in relation to David arising out of his involvement with the Health Group Superannuation Fund.
AUTHOR
Mike Taylor
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