The ongoing Australian Securities and Investments Commission (ASIC) crack-down on early release superannuation schemes has had a corollary in a Queensland Magistrates Court with an Ipswich man being committed to stand trial on 12 fraud related charges.
The man, Arkady Sittczenko was committed for trial on charges alleging that he dishonestly induced the trustees of the Health Group Superannuation Fund and South Coast Forestry Group Superannuation Fund to make the early release of superannuation funds to members.
According to the charges, approximately $360,000 of superannuation funds were released.
The criminal charges against Sittczenko follow earlier civil action pursued by ASIC.
In February, last year, Federal Court orders were made restraining Sittczenko from being involved with any businesses that facilitated the early release of preserved superannuation benefits and from assisting, procuring or encouraging members of the public to redeem their superannuation interests.
According to ASIC, these orders arose out of Sittczenko’s involvement with a superannuation rollover scheme conducted through a company, Creditsource Pty Ltd.
Another man, Mark David, of Brisbane, is facing similar charges and has had his trial adjourned until 16 December for further consideration.
