Opinion
Five tips to avoid your super fund being scammed
In light of the Optus debacle, this is how to protect yourself from fraud in your self-managed super fund.
Tim MackayContributorToday Ghislaine Maxwell is infamous for the Jeffrey Epstein sex-trafficking scheme but 30 years ago it was her father, the disgraced billionaire Robert Maxwell, who dominated global headlines. Yet, in a perverse way, the Australian superannuation system owes him a debt of gratitude.
In 1991 Maxwell owned a UK newspaper company (Mirror Group Newspapers) that was, unbeknown to anyone, crumbling. Maxwell’s solution was breathtakingly simple: he plundered his firm’s pension fund to pay his debts. The fraud that affected 30,000 super fund members wasn’t even illegal at that time.
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