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Business Finances

Self-Managed Super Scams

Posted by: Glenn Sharp on

Recent news highlights the prosecution of self-managed super fund promoters by ASIC, marking a crucial step in safeguarding unsophisticated investors from fraudulent schemes. These promoters targeted individuals unaware of their deceptive practices, promising lucrative returns while misappropriating funds for personal gain. In one case, investors lost a staggering $25 million to a cryptocurrency investment scam, where funds meant for investment were diverted for the scammers’ benefit. Another scheme involved inflated property prices, leaving investors with diminished returns due to inflated prices and lacking independent advice. These sophisticated scams prey on trust and naivety, underscoring the importance of due diligence in safeguarding one’s investments. Vigilance is paramount in the realm of super funds, where the adage ‘if it sounds too good to be true, it probably is’ rings especially true. Seeking expert advice and exercising caution can mitigate the risk of falling victim to such fraudulent schemes, ensuring the security of one’s financial future.

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