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17-400MR ASIC acts against Superfunded and the Goldenbergs SMSF scheme
ASIC has commenced proceedings in the Federal Court of Australia and obtained interim injunctions against Perth-based Superfunded Pty Ltd (ACN 617 328 588) (Superfunded) and its sole director, Mr Max David Goldenberg, of Currambine and its sole shareholder Mr Mark Travis Goldenberg of Claremont (the Goldenbergs). The proceedings concern their promotion of a business that encourages people to set up self-managed super funds to invest in the Superfunded Loan Investment Trust, which lends money to home buyers for their house deposits.
Neither Superfunded nor the Goldenbergs holds an Australian Financial Services licence and ASIC alleges that Superfunded and the Goldenbergs are therefore unlawfully carrying on a financial services business.
On 9 November 2017, the Federal Court of Australia made the following interim orders:
- restraining Superfunded and the Goldenbergs from providing financial services;
- restraining Superfunded and the Goldenbergs from having access to client or investor assets;
- prohibiting advertising, promoting or marketing financial services or products in relation to the investors and potential investors of the Superfunded Loan Investment Trust;
- for the preservation of assets; and
- for financial disclosure.
The interim orders will remain in force until further order. The matter has otherwise been adjourned to a date to be fixed with liberty to any party to apply to the Court on 24 hours' notice.
Mark Goldenberg is the Trustee of the Superfunded Loan Investment Trust.
Mark Goldenberg was permanently banned from providing financial services in May 2009 (09-090AD).
Mark Goldenberg was sentenced to three years' imprisonment in 2011 following an ASIC prosecution for misusing $1.5 million of investor funds for his own benefit (11-195AD).
On an application by ASIC, SuperFunded was placed into liquidation on 12 March 2018 (18-054MR and 18-068MR). The Federal Court made orders by consent on 3 April 2018, discontinuing ASIC's application against SuperFunded Pty Ltd.
Editor's note 2:
The Federal Court in Perth has listed this matter for a case management hearing on 4 June 2020 at 10.15am, at which time the Court may discharge the freezing orders over the assets of Mark Goldenberg and Max Goldenberg. If you want the freezing orders to remain in place because you believe you may have a claim, then please attend the Case Management Hearing, which will be held via video or telephone conferencing. Please contact the Federal Court Registry on (08) 9268 7100 closer to the date for further details.
Editor's note 3:
On 4 June 2020, the Federal Court in Perth discharged the freezing orders over the assets of Mark Goldenberg and Max Goldenberg. The proceedings against Mark Goldenberg and Max Goldenberg were otherwise dismissed with no order as to costs.