LAWFUEL – The Australian Securities and Investments Commission (ASIC…

LAWFUEL – The Australian Securities and Investments Commission (ASIC) obtained consent orders in the Supreme Court of New South Wales yesterday against Mr Atan Ona Kassongo.

ASIC alleges that Mr Kassongo of Stanhope Gardens, New South Wales, was involved in the operation of an unlicensed financial services business in Sydney offering people early access to their superannuation funds.
The court ordered that it retain and hold all passports issued to Mr Kassongo and restrained him from leaving Australia or coming within 100 metres of a point of departure.

The orders also prevent Mr Kassongo from providing financial services, dealing with or disposing of any assets held on behalf of the Kassongo Superannuation Fund, and dealing with or disposing of any money he may hold, except for the payment of ordinary living expenses and legal fees.
ASIC’s Executive Director of Enforcement, Ms Jan Redfern, said the law clearly states when a person can properly access their superannuation funds.

‘Anyone who tries to access their superannuation early may face adverse taxation and other financial consequences. If in doubt, individuals should seek advice from somebody who is licensed to provide financial advice’, Ms Redfern said. ASIC’s investigation is continuing with the assistance of the Australian Taxation Office (ATO).

The matter returns to court for directions on Monday 29 January, 2007.
For further information contact:
Jan Redfern
Executive Director, Enforcement
Telephone: 02 9911 2338
Mobile: 0411 549 236
Emma Forehan
ASIC Media Unit
Telephone: 03 9280 3354
Mobile: 0409 702 310

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