ASIC has moved to wind up three companies from operating any business after it was alleged the company directors solicited $2.5 million from regulated super funds to an unregistered self-managed super fund (SMSF).
The three companies are EKB Properties, Sandgrove Specialised Securities and Cardinia Specialised Securities. The companies were operated by Karl Hermann and Barry Patrick, both from Victoria.
The corporate watchdog is seeking to ban Hermann and Patrick from managing companies and from operating any financial services business.
ASIC alleged Hermann and Patrick advised investors to roll over their money from super funds to an SMSF operated by their three companies.
The matter will be heard in February in the Federal Court in Melbourne.
