AUSTRALIA - The promoter of a superannuation rollover scheme has appeared in the Brisbane Magistrates Court.
He was also committed on one count under the Corporations Act of operating an unregistered managed investment scheme.
Sharland is the former director of Comcash Australasia Pty Ltd which was involved in the promotion of early release of superannuation funds. It involved superannuants rolling over their superannuation into a self-managed fund and then investing a portion with Self Managed Capital Australia.
ASIC alleged he gained an advantage for Self Managed Capital Australia at the expense of self-managed superannuation funds that invested with Self Managed Capital Australia.
Sharland was committed to stand trial in the Brisbane District Court on a date to be fixed on 22 charges laid by ASIC.
The criminal charges follow civil action taken by ASIC. In June 2004, ASIC obtained orders from the Supreme Court of Queensland disqualifying Sharland from acting as a director for 20 years.
ASIC also obtained orders winding up any of the schemes operating under the names of Comcash Australasia or SMC Corporation or similar names. On 14 July 2004, Comcash was placed into liquidation.
The case follows another in the Brisbane Supreme Court earlier this month in which superannuation business Instep Super was banned from operating and advertising because of misleading and deceptive conduct.
The proceedings followed an ASIC investigation in early December 2007, following complaints from members of the public and a referral from the Australian Prudential Regulatory Authority (APRA).
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