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Thursday 12 November 2015

15-332MR Victorian man charged over unlicensed financial services and credit activity

ASIC has brought criminal charges against Mr Grant Thorsby Ross (also known as David Thorsby Ross), former sole director of both Motabank (SA) Pty Ltd and Multimedia Marketing Pty Ltd (deregistered).

Mr Ross was charged with 3 counts of engaging in a credit activity without a licence by performing the obligations of a credit provider and being a credit provider under a credit contract. Mr Ross was also charged with 1 count of carrying on a financial services business without a licence by recommending to clients they dispose of their superannuation funds, which were then used to access loan funds.

The matter was administratively adjourned to the Adelaide Magistrates Court on 29 January 2016 at 10.00am.

The Commonwealth Director of Public Prosecutions is prosecuting this matter.

Background

ASIC alleges that between 1 July 2010 and 13 November 2012, Grant Thorsby Ross placed newspaper advertisements in Victoria and South Australia offering the availability of loans dependent upon future superannuation entitlements.  When contacted by potential clients, Mr Ross allegedly promoted and operated a scheme facilitating the illegal early release of superannuation through the creation of Self-Managed Superannuation Funds (SMSF's).

ASIC further alleges that a 'round robin' scheme was operated by Mr Ross whereby his clients would transfer their superannuation funds into newly created SMSFs. The SMSF's would loan funds to Mr Ross' company and then an amount, less a fee, was loaned by either Mr Ross's company or personally by Mr Ross back to the trustees of the SMSF in their personal capacity.

Mr Ross does not hold and has never been granted an Australian Financial Services Licence or an Australian Credit Licence.

ASIC's investigation arose from an intelligence report lodged by the Australian Taxation Office which raised concerns about Mr Ross' conduct.

Each charge in relation to carrying on a financial services business without a licence carries a maximum penalty of two years imprisonment or a fine of 200 penalty units.

Each charge in relation to engaging in a credit activity without a licence carries a maximum penalty of two years imprisonment or a fine of 200 penalty units.

Editor's note 1:

On 29 January 2016, the matter was adjourned to 11 March 2016.

Editor's note 2:

On 11 March 2016, the matter was adjourned to 22 April 2016.

Editor's note 3:

On 22 April 2016, the matter was adjourned for a pre-trial conference on 17 June 2016.

Editor's note 4:

On 17 June 2016, the matter was adjourned for a pre-trial conference on 29 July 2016.

Editor's note 5:

On 29 July 2016, the matter was adjourned for a pre-trial conference on 9 September 2016. 

Editor's note 6:

Following a hearing on 9 September 2016, the matter was adjourned to the Adelaide Magistrates Court on 16 December 2016.

Editor's note 7:

The matter has been set down for mention on 9 February 2017.

Editor's note 8:

The matter was before the Melbourne Magistrates Court on 9 February2017 and stood over until 28 April 2017.

 

 

 

Last updated: 11/02/2016 12:00