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The corporate regulator has banned a director from providing financial services or engaging in credit activities for eight years, after finding he operated an illegal scheme to facilitate home buying.
ASIC announced this week that the director of Superfunded, Max David Goldenberg, was found to be operating an illegal early access to superannuation scheme in.
The scheme enabled people to use their superannuation savings to buy a home, ASIC said.
Further, Superfunded did not have the appropriate licenses to provide financial services or engage in credit activities.
“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,” ASIC said in a statement.
“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.”