ASIC has banned Mr Max David Goldenberg from providing financial services and engaging in credit activities for a period of eight years.
Mr Goldenberg was the sole director of Superfunded Pty Ltd (Superfunded) which operated an illegal early access to superannuation scheme in Perth, enabling people to use their superannuation savings to buy a home. Superfunded provided financial services and engaged in credit activities but did not hold an Australian financial services licence, or an Australian credit licence, and was not acting as an authorised representative of another licensee.
ASIC found Mr Goldenberg had been involved in a contravention of financial services legislation and is not adequately trained, or competent, to provide financial services as he demonstrated a lack of professionalism, integrity, judgement, knowledge and diligence. As a result, ASIC has found Mr Goldenberg is likely to contravene financial services law again.
ASIC also determined that Mr Goldenberg had been involved in a contravention of credit legislation and is not a fit and proper person to engage in credit activities, as his conduct does not match the attributes demanded of a person engaging in credit activities. ASIC determined that as a result of his conduct, Mr Goldenberg is likely to contravene credit legislation.
The banning orders for Mr Goldenberg have been recorded on ASIC’s publicly available Banned and Disqualified Persons Register.
Mr Goldenberg has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Background
The banning of Mr Goldenberg follows an ASIC investigation into Superfunded.
Further ASIC action includes an application to the Federal Court, resulting in the winding up and appointment of a Liquidator to Superfunded on 12 March 2018 (18-054MR) (18-068MR).
ASIC had previously obtained a range of interim injunctions in the Perth Federal Court on 9 November 2017 (17-400MR) against Superfunded, Mr Goldenberg and Mr Mark Travis Goldenberg, the sole shareholder of Superfunded.