LAWFUEL – The Legal Newswire – The Australian Securities and Investm…

LAWFUEL – The Legal Newswire – The Australian Securities and Investments Commission (ASIC) today obtained orders by consent in the Supreme Court of New South Wales against Ms Jennifer Villanueva, of South Granville in New South Wales.

These orders follow allegations made by ASIC that Ms Villanueva was the trustee of an unlicensed financial services business known as the ‘JV Superannuation Fund’ that offered people early access to their superannuation. To date, ASIC has identified 39 affected people, mainly from the Filipino community in Western Sydney, and has identified $1.04 million having passed through various JV Superannuation Fund bank accounts.

The orders restrain Ms Villanueva from leaving or attempting to leave Australia.

The orders also prevent Ms Villanueva from dealing with or disposing of any assets held on behalf of the JV Superannuation Fund, and dealing with or disposing of any assets she may hold personally, except for the payment of ordinary living expenses and legal fees.

ASIC’s investigation is continuing with the assistance of the Australian Transaction Reports and Analysis Centre and the Australian Taxation Office (ATO).

The matter returns to court on 19 November 2007.

Background
ASIC and the ATO continue to work together in relation to illegal early access superannuation schemes that are occurring predominantly in Western Sydney. For further information see ASIC media release 07-197.

For further information contact:
Jan Redfern
Executive Director, Enforcement
Telephone: 02 9911 2191
Mobile: 0411 119 210
Michael van Maanen
ASIC Media Unit
Telephone: 02 9911 2658
Mobile: 0412 500 351

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