The Australian Securities and Investments Commission (ASIC) was today successful in obtaining orders from the Supreme Court of Victoria winding up 11 companies in the Melbourne-based PFS group.
The Honourable Justice Philip Mandie of the Supreme Court of Victoria ordered that Mr Gess Rambaldi and Mr Andrew Yeo of Pitcher Partners be appointed jointly and severally as the liquidator of the following companies in the PFS group:
- PFS Wholesale Mortgage Pty Ltd
- PFS Business Development Group Pty Ltd
- PFS Construction Consulting Group Pty Ltd
- PFS Construction Consulting Group (Ashridge Lane A) Pty Ltd
- PFS Construction Consulting Group (Ashridge Lane B) Pty Ltd
- PFS Construction Consulting Group (Ashridge Lane C) Pty Ltd
- Kaluski White & Associates (Black Gully Road) Limited
- Meridian Event Management Pty Ltd
- Nycam Werd Pty Ltd
- Kaluski White & Associates Pty Ltd (In Administration)
- Shaun White Pty Ltd
The Court adjourned ASIC’s application seeking declarations that the self-managed superannuation companies and three directors, being Mr Shaun Oliver White, Mrs Nicole White and Mr Damian Tolson, had engaged in conduct that was false and misleading in relation to the carrying on of a financial services business. The Court also adjourned ASIC’s application that the directors should be banned from the financial services industry and as company officers. Both applications will be heard on 22 February 2006.
This application follows ASIC’s earlier success in obtaining orders appointing a provisional liquidator to PFS Business Development Group Pty Ltd and ten other companies, as well as restraining Mr Shaun Oliver White, Mrs Nicole White and Mr Damian Tolson from carrying on business relating to superannuation. ASIC successfully applied for orders on 5 August 2005, restraining the three directors and the PFS group companies from carrying on a financial services business without holding an Australian Financial Services Licence (AFSL) or from carrying on a business related to superannuation interests (without holding an AFSL).
ASIC alleged, amongst other things, that these parties had misled investors and acted unconscionably, leading investors to roll over approximately $800,000 of existing superannuation funds into self-managed superannuation funds, while also persuading investors to invest a further $700,000 into joint venture investments.
‘ASIC’s allegations in this proceeding emphasise the important issues that face consumers who are considering transferring their superannuation to a self-managed superannuation fund, commonly referred to as a ‘SMSF’ or ‘DIY Fund’. It is essential that consumers deal with reputable and qualified advisers’, Ms Redfern said.
ASIC’s investigation is continuing.
The obligations of financial advisers and trustees of SMSFs are set out in ‘Meeting Your Obligations’, a booklet recently published by the ASIC and the ATO. It also details the approach ASIC and the ATO will take to ensure people comply with their obligations.
Consumers can call the ASIC Infoline on 1300 300 630 for a copy of the booklet, or for further information.