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Jail for early release promoter
An early access superannuation scheme has resulted in a Sydney man being imprisoned for two years with a minimum non-parole period of eight months.
The Australian Securities and Investments Commission (ASIC) said the man, Atan Ona Kassongo, of Sydney suburb Castle Hills, had been convicted under sections 62 and 202 of the Superannuation Industry (Supervision) Act after an ASIC investigation found he had failed to ensure his self-managed superannuation fund, the Kassongo Superannuation Fund, was maintained in accordance with the sole purpose test.
The NSW District Court had been told that the preserved superannuation benefits of 192 superannuants totalling $4,055,043 had been rolled out of 56 complying superannuation funds into the bank accounts of the Kassongo Superannuation Fund.
It was told Kassongo then used the funds to obtain early access to the benefits by withdrawing and distributing the funds to the superannuants and agents who helped him.
ASIC said Kassongo had retained over $605,000 for himself by way of a commission being deposited by Kassongo into bank accounts of the fund.
The court was told that at the time Kassongo’s fund received the superannuation benefits from the complying super funds he was aware that he had an obligation to preserve the benefits until the superannuants had satisfied a condition of release but had no intention of doing so.
Kassongo’s release following his imprisonment is conditional upon entering into a $1,000 three-year good behaviour bond.
AUTHOR
Mike Taylor
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