Former Spaceship CEO banned for faking AICD qualification

An ASIC investigation found Paul Bennetts misused Spaceship Capital’s resources for his personal gain.

Former Spaceship Superannuation CEO and founder Paul Bennetts. Picture: Hollie Adams/The Australian

The corporate regulator has banned former Spaceship Capital chief executive Paul Kevin Bennetts from providing financial services for six years, for faking a professional qualification.

The Australian Securities and Investments Commission said the Elanora Heights-based Mr Bennetts was found to have had dishonestly obtained his Australian Institute of Company Directors (AICD) qualification.

Spaceship Capital operates managed investment schemes and is the promoter of the Spaceship Super Fund.

Around October 2018, Bennetts asked a Spaceship Capital compliance officer to complete his assessments for an AICD course on his behalf and without his involvement.

ASIC found that Mr Bennetts’ actions amounted to serious misconduct, as he sought and obtained an AICD qualification by acting dishonestly.

“This conduct occurred while Mr Bennetts held a very senior position in a financial services company, the regulator said in a statement.

“ASIC found that his actions placed a subordinate staff member in a very difficult position and constituted a misuse of Spaceship Capital’s resources for his personal gain.”

The ban prevents Mr Bennetts from providing any financial service, controlling an entity that carries on a financial services business and performing any function involved in carrying on a financial services business.

Mr Bennetts is considered a controversial figure within the industry, and during his tenure Spaceship was forced to remove images of Atlassian co-founder Mike Cannon-Brookes which had been used heavily in social media and website marketing to promote the super fund.