Superfunded goes into liquidation

Perth-based company Superfunded has been placed into liquidation after the Federal Court made orders to wind-up the business following an application by the corporate watchdog.

Superfunded is owned by former financial adviser Mark Goldenberg, who was jailed in 2011 after an investigation by the Australian Securities and Investment Commission into the misuse of investor funds.

Last month, Asic alleged that the company may have breached the Corporations Act by promoting self-managed schemes that encouraged the illegal early release of super, and by failing to ensure that investment loans were being serviced.

Asic also claimed the company had inadequate books, records and financial accounts, and may be unable to pay its debts in the near future.

"This case serves as a reminder to consumers approached to set up self -managed super funds, to take care to ensure they are not being drawn into schemes that may involve illegal early access to superannuation,” Asic commissioner John Price said.

The Federal Court has appointed Jason Tracy of Deloitte as liquidator.

The company was run by sole director Max Goldenberg, with Mark Goldenberg the sole shareholder.

Mark Goldenberg was permanently banned from providing financial services in 2009 after an Asic investigation found that had failed to provide appropriate advice to a client and declare a conflict of interest.

In 2011, he was sentenced to three years' imprisonment following an Asic prosecution for misusing $1.5 million of investor funds for his own benefit.