AUSTRALIA - Rocco Ferrantino, the promoter of a superannuation rollover scheme from the Gold Coast in Queensland, has been committed to stand trial on 25 charges laid by the Australian Securities and Investments Commission (ASIC).
ASIC alleges that between February 1998 and May 2001, Ferrantino made false or misleading statements to induce people and the administrators and trustees of various superannuation funds to rollover preserved benefits into 1st State Superannuation, a super fund connected to 1st State Home Loans.
Under Commonwealth legislation, the preserved component of superannuation cannot be accessed by a superannuant until retirement after the age of 55 and/or when certain other limited criteria prescribed by the legislation are met.
The criminal charges against Ferrantino follow earlier civil action taken by ASIC.
Ferrantino appeared in the Southport Magistrates Court where he was remanded, on conditional bail, to appear before the Brisbane District Court on a future date.
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