The Federal Court has approved ASIC’s request for banning orders against the former directors of ActiveSuper, who stand accused of misusing more than $4 million raised from SMSF investors.
Declarations of orders banning former ActiveSuper boss Craig Gore – the former boss of now-defunct Gold Coast dealer group WPS – and a number of others from providing financial services have been made, following a recent request from the corporate regulator.
Mr Gore and Jeffrey George have been handed permanent bans by the Federal Court, while Marina Gore, Justin Gibson, Mark Adamson and Jason Burrows have received bans exceeding seven and a half years.
ASIC Commissioner Greg Tanzer said the investigation that led to the banning orders comes as part of a crackdown on the SMSF sector.
“With more than 539,000 SMSFs, over a million members, and assets totalling more than $550 billion, ASIC has ramped up its attention on a sector which is of growing importance to more Australian investors,” Mr Tanzer said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 14 Dec 2018ASIC clarifies RG 146 requirements for advisersBy Adrian Flores
- 14 Dec 2018Sargon Capital acquires listed robo adviserBy James Mitchell
- 14 Dec 2018Industry body flags CPD burden under FASEA proposalBy Adrian Flores
- 14 Dec 2018Adviser exodus creating ‘enormous opportunity’ for accountantsBy Jotham Lian
- 14 Dec 2018Advisers embracing ESG investing, says surveyBy Adrian Flores
- 13 Dec 2018AFA picks apart CPD policy from FASEABy Adrian Flores
- view all