Fraud Alert

Australian Guardians commends the recent efforts of Australia Post to warn that organised criminal groups are targeting the savings of Australians through investment frauds.

However this warning does not go far enough. The biggest threat to retirement savings is Super Fraud were organisations who represent themselves as “Trustees” steal Billions of dollars from the $1 Trillion in compulsory superannuation savings of Australian workers.

The Regulator ASIC is an active “gatekeeper” assisting these frauds since ASIC prevents members of Government Regulated Superannuation Funds from obtaining Fund Documents that will allow members to confirm these frauds.

ASIC targets minor criminals whilst allowing large well funded “Trustees” to steal your hard earned superannuation entitlements. A classic case of “Regulatory Capture“.

ASIC has a Policy of denying Members of Government Regulated Superannuation Funds of access to Fund Documents that will confirm that the Member has been been defrauded out of $100,000 of their retirement savings.

In a letter dated 6 December 2011 {ASIC Ref: MRZ 2011/22327} an Officer of ASIC confirmed that it was ASIC policy to deny Members of Government Regulated Superannuation Funds access to Fund Documents once they have been paid a “peppercorn” benefit by the Trustee of their Fund.

It is a criminal offence to deny Members or Beneficiaries access to prescribed Fund Documents however ASIC in a classic example of  “gatekeeper fraud” protects the Fraudsters instead of the Victims.

There are over 30 Million superannuation accounts the only one able to check that a lawful entitlement has been paid is the Member him or herself but corrupt Public Servants prevent these Members accessing the Fund Documents that will allow them to check their lawful entitlements.

This is what Harry Markopolos stated before the United States Congress’ House Financial Services Committee investigating the Madoff Fraud:

“Government has coddled, accepted, and ignored white-collar crime for too long,” he testified. “It is time the nation woke up and realized that it’s not the armed robbers or drug dealers who cause the most economic harm, it’s the white collar criminals living in the most expensive homes who have the most impressive resumes who harm us the most. They steal our pensions, bankrupt our companies, and destroy thousands of jobs, ruining countless lives.

Australian Guardians – Protecting your wealth when no one else will®

 

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