Case study superannuation scam
Kim's super is taken by a scammer
Kim was desperate to pay
off her car loan and her huge credit card debt. She knew there was
$30,000 sitting in her super fund. She really wanted to get that
money now, not in years to come. She saw an ad in her local paper
saying she could get hold of her superannuation money now and
phoned the number.
Greg answered her call and said all she needed to do was to sign
some papers to transfer the money into his self-managed super fund. Then Greg could
give Kim 90% of the $30,000 and he would only take 10% commission.
Kim thought this was a great idea so she signed the papers.
A few weeks later Kim had still not received the $27,000 that
Greg said he would give her. She thought this was strange but
decided the money would come soon. Then Kim got a call from the
Australian Taxation Office letting her know she was up for a big
tax bill as she had accessed her super.
She also got a call from an ASIC investigator who had received
complaints from other people in Greg's self-managed super fund who
had not received any of their money. The investigator told Kim it
was illegal to get hold of super funds before you had retired and
she was questioned about her dealings with Greg.
The investigator then sent her the real bank statements from
Greg's fund. Greg had withdrawn all her money and there was
The truth was that Greg had a gambling problem and ran the scam
to fund it. Greg was already bankrupt so there
wasn't much hope that Kim would get her money back.
Last updated: 18 Apr 2017