A trustee of a self-managed superannuation fund (SMSF) has pleaded guilty to retaining more than half a million dollars in commissions.
Atan Ona Kassongo of NSW was a trustee of Kassongo Superannuation Fund (KSF).
In the Downing Centre Local Court yesterday, Kassongo pleaded guilty to charges of dishonestly failing to ensure the self-managed KSF fund was maintained in accordance with the sole purpose test.
According to ASIC, over $4 million from 192 people was rolled from 56 complying superannuation funds into the bank accounts of KSF.
Kassongo allegedly used KSF to allow people early access to their superannuation benefits and in the process, Kassongo kept over $600,000 as a commission.
ASIC alleges that Kassongo had no intention to preserve these benefits until people had satisfied a condition of release, even though he knew of his obligation to do so.
The Australian Taxation Office assisted the corporate watchdog with the criminal charges, the first to be laid against an SMSF trustee under the Superannuation Industry (Supervision) (SIS) Act.
The matter will be heard in the Sydney District Court on Friday September 12, 2008.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
