Early super release promoter jailed
Andre Michalik, the former promoter of a scheme for the early release of superannuation entitlements, has been jailed for two years by the Supreme Court of New South Wales, after pleading guilty to six charges of engaging in dishonest conduct while operating a financial services business.
A further 20 charges were taken into account by the court in sentencing Michalik, all of which were brought after an Australian Securities and Investments Commission (ASIC) investigation into his affairs.
Michalik’s sentence includes a non-parole period of seven months, which began on November 27, 2005. He was also placed on a two year good behaviour bond without surety in the amount of $500, which commenced on May 23, 2006.
The offences for which Michalik has been jailed relate to fraudulent withdrawals he made between October 2003 and June 2004 on behalf of clients in order to obtain early access to their superannuation benefits.
Under the scheme, he obtained early release of funds by falsely claiming his customers were rolling the monies over into other superannuation funds.
He was able to secure just under $850,000 in super entitlements, and retained $220,090 of this for his own use.
The jailing of Michalik is the latest chapter in a series of episodes he has had with the legal system. Apart from the charges to which he pleaded guilty, he was also imprisoned for 18 months and fined $200,000 in November 2004, following his arrest at Perth International Airport while boarding a flight to Singapore, which placed him in breach of court orders preventing him from leaving the country.
Meanwhile, the Federal Court has granted orders sought by ASIC to liquidate an unrelated company, Fasciale Futures, on the grounds of insolvency.
The company, which was run by Spartaco Fasciale, traded in securities and derivatives, and promised investors a 3 per cent return per annum on their capital.
Investors raised concerns about Fasciale Futures in May 2006 when the returns due on their investments were not paid.
In addition to the liquidation orders, the court has frozen the assets of the sole director of Fasciale Futures, Spartaco Fasciale, and restrained him from leaving Australia.
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