ASIC has brought criminal charges against a Victorian man over
SMSF spruiking and engaging in credit activities without a license.
Grant Thorsby Ross (also known as David Thorsby Ross), who is the former sole director of both Motabank (SA) and Multimedia Marketing, has been charged with three counts of engaging in a credit activity without a licence.
He has also been charged with one count of operating a financial services business without a licence by recommending to clients they dispose of their superannuation funds, which were then used to access loan funds.
According to ASIC, Ross placed newspaper advertisements in Victoria and South Australia offering the availability of loans dependent upon future superannuation entitlements. When contacted by potential clients, he allegedly promoted and operated a scheme facilitating the illegal early release of superannuation through the creation of
SMSFs.
ASIC has also alleged that a ‘round robin’ scheme was operated by Ross, whereby his clients would transfer their superannuation funds into newly created SMSFs. The SMSF’s would loan funds to Ross’ company and then an amount, less a fee, was loaned by either Ross’ company or personally by Ross back to the trustees of the SMSF in their personal capacity.
Ross does not hold and has never been granted an Australian Financial Services Licence or an Australian Credit Licence.
According to ASIC, each charge in relation to carrying on a financial services business without a licence carries a maximum penalty of two years imprisonment or a fine of 200 penalty units.
Each charge in relation to engaging in a credit activity without a licence carries a maximum penalty of two years imprisonment or a fine of 200 penalty units.
This matter, to be prosecuted by The Commonwealth Director of Public Prosecutions, has been adjourned to the Adelaide Magistrates Court on 29 January 2016 at 10.00am.
