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ASIC takes collapsed firm to court for remuneration breaches
ASIC takes collapsed firm to court for remuneration breaches
The corporate regulator has commenced civil proceedings against a collapsed financial services group for allegedly paying illegal bonuses to advisers around the purchase of property through SMSFs.
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In a statement, ASIC said it had initiated the legal action against liquidated group DOD Bookkeeping, formerly known as Equiti Financial Services (Equiti FS).
Equiti FS was part of the Equiti Group of companies that offered SMSF establishment and administration services, real estate and mortgage broking services.
“ASIC alleges that, between 26 October 2015 to 27 August 2018, Equiti FS paid three advisers bonuses totalling $164,750 upon settlement of property purchases those advisers recommended their clients make through either an existing SMSF or an SMSF to be established,” the regulator said.
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