ASIC has begun its crackdown of trustees pushing early release super schemes, with the regulator taking legal action against a New South Wales (NSW) based provider.
ASIC obtained orders by consent in the Supreme Court of NSW against Phi Long Nguyen following an ex-parte application to the court on 19 July 2007.
The orders follow allegations by ASIC that Nguyen, of Padstow Heights in NSW, was a trustee of an unlicensed financial services business known as the PLN Superannuation Fund, offering people early access to their superannuation.
The orders restrain Nguyen from leaving or attempting to leave Australia.
The orders also prevent Nguyen from dealing with or disposing of any assets held on behalf of the PLN Superannuation Fund, and dealing with or disposing of any assets he may hold personally, except for the payment of ordinary living expenses and legal fees.
ASIC has identified 30 affected people mainly from the Filipino community in Western Sydney, and more than $2.4 million that has passed through various PLN Superannuation Fund bank accounts.
The regulator's investigation is continuing with the assistance of the Australian Transaction Reports and Analysis Centre and the Australian Taxation Office.
The matter returns to court on 3 December 2007.
