Suspended sentence on early release super
A Sydney man has received a suspended sentence after being convicted on charges relating to the illegal early release of superannuation.
The Australian Securities and Investments Commission (ASIC) announced that the man, Sonatane Haitoni Hafoka, had been sentenced to six months imprisonment, which had been suspected upon Hafoka entering into a four-year good behaviour bond and paying an amount of $1,000.
ASIC said that Hafoka had pleased guilty in March to aiding and abetting Atan Ona Kassongo, of Castle Hill, NSW, to unlawfully allow the early access of superannuation benefits.
The New South Wales District Court had been told that between February and December 2006, Hafoka acted as an agent for Kassongo and assisted at least 80 superannuants to roll over their superannuation into the Kassongo Superannuation Fund and to obtain unlawful early access to superannuation benefits.
It was alleged that, in return, Hafoka received commissions in excess of $300,000.
ASIC said the conviction followed an investigation conducted with the assistance of the Australian Taxation Office.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.