SMSF investors burned by promise of 80 per cent returns
The Australian Securities and Investments Commission (ASIC) has succeeded in pursuing the winding up of three companies promoted by Online Super Pty Ltd and which allegedly extracted around $9.5 million from approximately 150 self-managed superannuation fund investors.
The regulator said Online Super Pty Ltd had been wound up in the NSW Supreme Court after an application was made by ASIC following an investigation of the four companies raised concerns that they had been insolvent, had misapplied funds raised from investors, did not keep proper records and operated unregistered managed investment schemes.
The companies wound up were Mt Whitsunday Pty Ltd, Maxpower Mortgage Services Pty Ltd and Maxwell Phillip Enterprises, while a fourth company, 115 Constitution Road Pty Ltd, had the application for its winding up adjourned for 14 days following the appointment of an administrator in late February.
ASIC has alleged that between December 2002 and September 2005 the four companies raised in the order of $9.5 million from around 150 investors who were offered returns of up to 80 per cent a year.
AUTHOR
Mike Taylor
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