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First ever Criminal charge brought against SMSF Trustee by ASIC under the Superannuation Industry (Supervision) Act 1993 (the SIS Act).
 

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August  2008
 Issue 18 of 2008 
 
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First ever Criminal charge brought against SMSF Trustee by ASIC under the Superannuation Industry (Supervision) Act 1993 (the SIS Act).

Mr Kassongo, 51, is charged with dishonestly failing to ensure a self-managed fund known as the Kassongo Superannuation Fund (KSF) was maintained in accordance with the sole purpose test while trustee of the fund.

This criminal charge follows an investigation conducted with the assistance of the Australian Taxation Office and is the first to be laid against a trustee of a self-managed superannuation fund under the SIS Act.

ASIC alleges that the preserved superannuation benefits of 192 superannuants totalling $4,055,043 were deposited into the bank accounts of the KSF. These funds were rolled over from 56 complying superannuation funds.
 
Mr Kassongo then allegedly used the KSF to obtain early access to these benefits by
withdrawing and distributing the funds to the superannuants and agents engaged by him to assist in the early release scheme. Mr Kassongo retained over $600,000 for himself by way of a commission. 



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http://www.fido.gov.au/fido/fido.nsf/byHeadline/08-181?opendocument.


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