The Australian Securities and Investments Commission (ASIC) has taken legal action against an unlicensed financial services business that has left almost 30 investors $1.6 million out of pocket.
ASIC obtained the orders in the Supreme Court of New South Wales against Luisito Vega, of Mount Druitt in New South Wales, following an ex parte application to the Court on 30 May 2007.
The orders follow allegations by ASIC that Vega was involved in the operation of an unlicensed financial services business known as the VT Superannuation Fund which claimed to offer people early access to their superannuation.
ASIC has identified 29 affected people, many from the Filipino community in Western Sydney, and more than $1.6 million which has passed through various VT Superannuation Fund bank accounts.
The new orders prevent Vega from dealing with or disposing of any assets held on behalf of the VT Super Fund, and from dealing with or disposing of any assets he may hold personally, except or the payment of ordinary living expenses and legal fees.
The orders also restrain Vega from leaving or attempting to leave Australia.
ASIC executive director of enforcement, Jan Redfern said the regulator is working with the Australian Taxation Office and AUSTRAC (Australian Transaction Reports and Analysis Centre) to identify the promoters of illegal early access superannuation schemes.
