News
On the 12the April 2011 the Federal Government awarded a $55 million pay out to investors who lost money in Albury fund manager Trio Capital. This is Australia’s largest compensation payout for superannuation fraud.
All investors in government regulated superannuation funds will be paid out 100% of their investment as these are victims through no fault of their own, Assistant Treasurer Bill Shorten said.
However 690 investors who had invested directly into the super funds, either through self-managed super funds or otherwise will not be compensated.
Do If Yourself Super Fund trustees have always been warned that in managing their own fund, they must accept the extra risks; this is a major reminder of this.
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