Insolvency consultant Vince Taskovski has been fined $4000 after pleading guilty to two charges laid by ASIC of fraudulently inducing the redemption of superannuation benefits. Melbourne County Court was told Mr Taskovski and Steven Nightingall operated an insolvency consulting company and assisted their clients to withdraw their preserved super benefits when the clients were not entitled to do so.

Under the Superannuation Industry (Supervision) Act, the preserved component of a person’s superannuation benefits cannot be paid out in cash before the person turns 55 and has permanently retired from the workforce.