The Australian Securities and Investments Commission (ASIC) has continued its crack-down on early release superannuation schemes obtaining order in the Federal Court against a third person involved in a scheme targeting consumers in New Zealand.
The regulator announced yesterday that a Brisbane man, Raymond Stuart Heard, had consented to permanent injunctions relating to his involvement in the schemes which facilitated the illegal early release of more than $3.5 million in Australian superannuation benefits.
It said the funds were held largely by New Zealand residents who had accumulated the superannuation benefits while working in Australia.
ASIC said Heard also consented to declarations that he had carried on a financial services business without holding an Australian Financial Service Licence.
It said the declarations and permanent injunctions followed an earlier application by ASIC in which the Federal Court issued interlocutory inunctions against Heard, Nigel Alfred McRae (also known as Ross McKenzie) and Stephen Phillip Evans. Final orders were obtained against McRae and Evans late last year.
The permanent inunctions ordered in the Federal Court restrain Heard from activities including advertising, promoting, maintaining or marketing any business that facilitates the early release of superannuation interests, receiving of dealing with the redemption of a superannuation interest, charging a fee or commission for facilitating or depositing any money which relates to superannuation interests and holding out that he is able to provide any financial services in relation to superannuation interests.
