In a statement, ASIC said it had issued Federal Court proceedings alleging Monica Kaur and MKS Property operated an unregistered managed investment scheme and provided unlicensed financial advice to consumers.
The action follows the regulator obtaining asset freezing orders against Ms Kaur, MKS Property and its director, Sadu Singh, in December last year.
“ASIC alleges that between at least 1 March 2017 and 16 December 2020, Ms Kaur and MKS Property encouraged around 300 investors to establish SMSFs and invest in property investments and developments set up by MKS Property,” ASIC said.
“ASIC is seeking winding up and disqualification orders and the appointment of liquidators and receivers to secure assets of the alleged scheme.”
The regulator said its investigation into the company continues, while the matter has been adjourned in court until 25 August.
Dear ASIC,
Your funding model which to my understanding, bills the licensed advisers sector for action against unlicensed “advisers”, because it is to protect the reputation of the sector, seems unfair and unreasonable.
I would argue, your action against unlicensed advisers is to protect all consumers. Therefore, it is tax payers that should be funding it as all tax payers benefit from their removal.
Only action against licensed advisers, should be funded by licensed advisers.
Please consider.
Thanks
SMSF sector next in line for Industry Super?
Very different markets. They know that they’d be wasting their time attacking the SMSF. Much easier to keep hammering the retail master trust superannuation market and financial planners.
You completely missed the point.
Finally something done in asector that needs far more scrutiny than planning. Only issue is we somehow still have to fund ‘non-adviser’ prosecutions. That is the insane part, their costs should be added to the defendants if ASIC win, and if they lose then it should be from general revenue like all other Gov departments.
Any financial adviser who votes for the liberals needs their head read. Frydenberg and the Liberals are deliberately driving us out of business with new taxes and reams of red-tape.
I am getting tired of this Labor party troll.
You can’t realistically state the liberals have helped financial planners
Anyone who thinks Labour or Liberal would give you a better outcome when it comes to Financial Services needs to visit a doctor. Labour implemented the 2013 changes that have evolved to the current state. BOTH parties are equally to blame.
ASIC makes the “ No Win No Fee” Lawyer leeches look almost ethical!!
ASIC’s “ No Win, Charge Advisers Fee” is immoral unethical and corrupt.
What about the regular advice provided by Real Estate agents on blatant advertising that states
“ Ideal investment property for your super fund”!!!!!
This has been going on for the last 15 years without any controls or consequences whatsoever.
When you see a Real Estate Agent you know you’re going to be sold a hold…when you go to a Financial Advice at AwareSuper for financial planning, and wealth creation advice mysteriously the Advice will be to salary sacrifice into the Balanced Option.
Property Development and dubious activity. Now who would have thought….
300 clients at $30k profit per transaction, which is conservative, equals $9M in four years. Makes more sense than trying to do the right thing by ASIC and clients.
this has been happening for along time. I know a chartered accountant with an AR and has been doing this for 10 years….should consider looking at the AFSL that has ben allowing all the SOA’s….(public listed AFSL)
Great work scoop!
Wow, and to think they only got 300 highly lucrative property deals through before being shut down.
Nothing gets past ASIC!
If any one comes across any one doing anything slightly dodgy or poor for the industry please remain silent as it will only increase the ASIC Adviser levy…..I know this goes against the FASEA code, the corps law and all things good but ASIC must have wanted it this way…..Mustn’t they? ..Remember the old days, you’d ring up and report it to ASIC and they’d do nothing…now they still do nothing but you pay the fine.
It will just keep coming until ASIC is torn apart, they are useless idiots, this crapwith SMSFs been going on for a couple decades
At least ASIC is telling us where our money goes.
Shouldn’t this be an offence that leads to jail? Amazing how long schemes like this can keep going without anybody blowing the whistle.
Oh great, now my ASIC levy goes up to cover the costs for this!
About time!
I suppose licences advisers will have to compensation
too little too late ASIC
Another Non Adviser that Real Advisers have to pay for ASIC to be the corporate cops.
Frydenberg’s Adviser levy stinks !!!!!
Frydenberg Out !!!!
Do I get to pay these Court costs?
If you want to. Ask Ms Kaur for her banking details to transfer the funds she requires. Better still, give your banking logons to Ms Kaur to speed up paying for the court costs.
Only 4 years and 300 clients later…. ASIC will probably charge the costs to the legitimate FA sector for this to.
Finally!
About bloody time. How about the rest of them?
There’s more?
…this litigation is sponsored by licenced and regulated advisers across Australia….call now!
Finally something for the sector to be proud about!
Yeah but one out of how many?
I’d happily accept the increase to the ASIC Adviser Levy if we saw all of these dodgy operators held accountable and saw value in the fees being paid to ASIC!
Maybe we should have a statement of where our funding went, like they now so with taxes?
asic doing what we are paying them for? sh*t hey?!
Fee for service!?
Terrific! I guess this means the financial adviser ASIC Levy will be boosted again next year, because clearly this was our failure…