FCA orders winding up of Superfunded

The Federal Court of Australia has made orders by consent to wind up Western Australia-based company Superfunded, following interim injunctions made against its director and shareholder last month.

The order follows a finding last year that Superfunded had engaged in illegal conduct by carrying on a financial services business without an Australian Financial Services Licence (AFSL).

The specific conduct involved promoting a business that encourages people to set up self-managed superannuation funds to invest in the Superfunded Loan Investment Trust. The Trust then lends money to home buyers for house deposits.

The Australian Securities and Investments Commission (ASIC) had previously obtained interim injunctions against Superfunded, its sole director, Max David Goldenberg, and sole shareholder, Mark Travis Goldenberg. These orders prevented a range of activities including the provision of financial services and accessing client or investor assets.

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Last month, ASIC applied to the Federal Court for a liquidator to be appointed, predicting Superfunded’s bankruptcy.

ASIC Commissioner, John Price, warned that consumers should be warier when signing up to programs to set up self-managed superannuation funds (SMSFs).

“This case serves as a reminder to consumers approached to set up SMSFs to take care to ensure they are not being drawn into schemes that may involve illegal early access to superannuation,” he said.

Jason Tracy of Deloitte was appointed as liquidator.