ASIC has brought criminal charges against a Victorian man for allegedly engaging in credit activity and carrying on a financial services business without the appropriate licences.
In a statement, the corporate regulator said Grant Thorsby Ross, also known as David Thorsby Ross, is the former sole director both of the Motabank and Multimedia Marketing businesses.
Mr Moss has been charged with three counts of engaging in credit activity without a licence and being a credit provider with a credit contract. He was also charged with one 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.
Each charge carries a maximum penalty of two years' imprisonment or a fine of "200 penalty units", ASIC said.
According to ASIC, between 1 July 2010 and 13 November 2012, Mr Ross placed newspaper advertisements in Victoria and South Australia offering loans dependent upon future superannuation entitlements.
ASIC also alleges that Mr Ross operated a "round robin" scheme 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' 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 AFSL or an Australian Credit Licence, ASIC said.
ASIC's investigation came from an intelligence report lodged by the Australian Taxation Office, which raised concerns about Mr Ross' conduct.
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