ASIC has stepped up its chase of trustees pushing early release super schemes, with the regulator making its second trip to court in the space of a month.
ASIC announced yesterday it had obtained orders by consent in the Supreme Court against Jennifer Villanueva, of South Granville in New South Wales (NSW).
Villanueva becomes the second super scheme operator to be taken to court by ASIC in the last month. In late July the regulator sort orders against NSW-based operator Phi Long Nguyen.
The orders follow allegations made by ASIC that Villanueva was the trustee of an unlicensed financial services business known as the JV Superannuation Fund that offered people early access to their superannuation.
To date, ASIC has identified 39 affected people, mainly from the Filipino community in Western Sydney, and has identified $1.04 million having passed through various JV Superannuation Fund bank accounts.
The orders restrain Villanueva from leaving or attempting to leave Australia, as well as dealing with or disposing of any assets held on behalf of the JV Superannuation Fund.
Villaneva is also restrained from dealing with or disposing of any assets she may hold personally, except for the payment of ordinary living expenses and legal fees.
ASIC's investigation is continuing with the assistance of the Australian Transaction Reports and Analysis Centre and the Australian Taxation Office (ATO).
The matter returns to court on 19 November 2007.
ASIC begun its crackdown of trustees in late July with industry watch dog taking legal action Phi Long Nguyen.
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.
