LAWFUEL – Legal News Daily – Mr Rocco Ferrantino of the Gold Coast in Queensland, has pleaded guilty in the Southport District Court to ten charges brought by the Australian Securities and Investments
Commission (ASIC).
A former employee of 1st State Home Loans Pty Ltd, Mr Ferrantino pleaded guilty to
dishonestly inducing holders of superannuation benefits to rollover their preserved
superannuation benefits into 1st State Superannuation Funds, a superannuation fund connected
to 1st State Home Loans Pty Ltd, and causing detriment to clients who had sought assistance
from him in relation to the purchase of a house.
ASIC alleged that between February 1998 and July 2001 Mr Ferrantino falsely advised clients
who wanted to buy a home that their superannuation could be used to assist them with the
purchase price. Under the relevant superannuation regulations, preserved benefits are to be
retained in superannuation funds until the owner of the policy retires after age 55 and/or when
other limited criteria prescribed by the legislation are met.
Mr Ferrantino will reappear in the Southport District Court for sentencing on a date yet to be
fixed.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Background
The criminal charges against Mr Ferrantino follow successful civil action taken by ASIC in
February 2003 where the Supreme Court of Queensland made orders appointing liquidators to
1st State Home Loans Pty Ltd and the property of related companies, Aynat Gold Nominees
Pty Ltd, Ferndune Pty Ltd, United Project Developments Pty ltd and Favstor Pty Ltd.
In making the orders, the Supreme Court considered evidence from a receivers report that 95
investors had approximately $1.4 million of their funds released to 1st State Home Loans Pty
Ltd.
For further information contact:
Allen Turton
Deputy Executive Director, Enforcement
Telephone: 02 9911 2338
Mobile: 0411 549 236
Emma Forehan
ASIC Media Unit
Telephone: 03 9280 3354
Mobile: 0409 702 310
LAWFUEL – Legal News Daily – Mr Rocco Ferrantino of the Gold Coast i…
