ASIC obtains first injunction
The Australian Securities and Investments Commission (ASIC) has obtained its first injunctions under civil law to stop respondents providing superannuation services until trial.
The Australian Securities and Investments Commission (ASIC) has obtained its first injunctions under civil law to stop respondents providing superannuation services until trial.
ASIC obtained injunctions against Nightingall & Associates, WIN Group and Ste-ven Terence Nightingall under the Superannuation Industry (Supervision), better known as the SIS Act.
ASIC has alleged the three respondents assisted clients to withdraw preserved amount of super to which they were not entitled.
ASIC believes Nightingall & Associates and WIN Group paid some of the pro-ceeds to clients, but retained up to $30,000.
ASIC’s application has been adjourned to a directions hearing on October 13.
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