Melbourne director of self-managed super companies fined

ASIC has announced that Mr Damian Tolson has appeared before the Melbourne Magistrates Court charged with operating a financial services business without a licence. ASIC said Mr Tolson pleaded guilty to the charge and was convicted and fined $2,500. ASIC alleged that Mr Tolson, a director of several Personalised Finance Solutions (PFS) group companies, encouraged people to invest their superannuation monies in property development projects being undertaken by PFS. In most cases, ASIC said the superannuation funds involved were self-managed, and had been set up for the investors by another PFS company.