Superfunded director cops eight-year ban

— 1 minute read

ASIC has outlawed the sole director of Superfunded, Max Goldenberg, from providing financial services or engaging in credit activities for eight years, after the business was found to operate an illegal early access to superannuation scheme.

The Perth company enabled people to withdraw their super savings to buy a home. 

Superfunded provided financial services and engaged in credit activities but did not hold an Australian financial services license (AFSL) or an Australian credit license. 


The banning follows an investigation by ASIC into the company. The regulator had made an application to the Federal Court, resulting in the winding up and appointment of a liquidator to Superfunded on 12 March.

ASIC found Mr Goldenberg had been involved in a contravention of financial services law and was not adequately trained or competent to provide financial services, ruling “he demonstrated a lack of professionalism, integrity, judgement, knowledge and diligence.”

The regulator also determined he broke credit legislation and was not a fit or proper person to engage in credit activities, with his conduct not matching the “attributes demanded of a person engaging” in the area.

ASIC has previously acted against Superfunded, with a concern Mr Goldenberg along with the company’s shareholder Mark Goldenberg were unlawfully operating an SMSF scheme

Mark Goldenberg, who had been previously permanently banned from providing financial services, was the trustee of the Superfunded Loan Investment Trust.

He was sentenced to three years’ imprisonment in 2011 following an ASIC prosecution for misusing $1.5 million of investor funds for his own benefit.

Director Max Goldenberg’s banning has now been recorded on ASIC’s publicly available Banned and Disqualified Persons register. 

He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.


Superfunded director cops eight-year ban
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

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