In yet another chapter evolving out of the Australian Securities and Investments Commission’s (ASIC) super switching surveillance campaign, the regulator has this week succeeded in having a provisional liquidator appointed to two companies related to a business facing prosecution for allegedly rolling over around $800,000 into self-managed superannuation funds.
Provisional liquidators were appointed to PFS Wholesale Mortgage Corporation Pty Ltd and Shaun White Pty Ltd after ASIC had earlier succeeded in having provisional liquidators appointed to PFS Business Development Group Pty Ltd and eight other companies.
ASIC also succeeded in having Shaun Oliver White, Nicole White and Damian Tolson restrained from carrying on business related to superannuation.
ASIC has alleged, among other things, that the PFS Group misled investors and acted unconscionably, leading investors to roll over approximately $800,000 of existing superannuation funds into self-managed superannuation funds that the PFS Group established for them, while also leading investors to invest a further $700,000 into joint venture investments with the PFS Group.
ASIC said it was continuing to investigate how the funds invested with the PFS Group had been used.
