Jailed early release promoter forfeits millions
The promoter of an illegal early release superannuation scheme has been ordered to forfeit property valued at over $5 million to the Commonwealth as a result of charges brought by the Australian Securities and Investments Commission.
The man, Andre Michalik, was the subject of orders by the NSW Supreme Court under the Proceeds of Crime Act following an investigation by ASIC into his financial services business between October 2003 and June 2004.
The orders require that Michalik forfeit an investment in $5,720,000 market-linked Euro medium term notes held by Citibank, Hong Kong, and other assets including a Cruisers Inc 1998 fibreglass motor cruiser purchased in March 2004 for $278,000 and approximately $1 million held in Citibank accounts in Hong Kong.
The forfeiture is in addition to a two-year prison sentence for Michalik.
ASIC’s investigation into the activities of Michalik resulted from a number of newspaper advertisements featuring the catch phrase “superannuation cashback” offering consumers early access to their superannuation savings for a commission.
ASIC’s deputy director of enforcement Allen Turton said the Supreme Court forfeiture orders should send a clear and unequivocal message to anyone who might be thinking about defrauding the superannuation system.
AUTHOR
Mike Taylor
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