Shiver Me Timbers

Hi Scott, 

I have a friend who offered to manage my superannuation for me. So I transferred all $173,000 from Australian Super to his SMSF. Long story short, he started trading with an overseas firm (Swipe Capital) and it was a scam. It’s all gone, plus around $50,000 of my savings I put in too. I’m really angry with my ‘friend’ who I thought knew what he was doing but traded with an unregulated company overseas. All my Google searches about this company say the same thing: ‘red flag’ or ‘scam alert’. Where do I stand in regard to the $223,000 I’ve lost – can the government do anything, or is it gone forever?

Lincoln

Lincoln,

Your super was with the equivalent of a Sydney ferry, large, boring, and packed with the public – and your mate stowed you both on board a pirate ship, with Captain Feathersword at the wheel. Shiver me timbers!  

Your mate walked you off the plank, but you do need to take some responsibility here, mate. You handed control of your super to a friend, and that’s where you got peg-legged. Aghh!

You could speak to a lawyer about whether your friend breached his duties as a trustee. But if he’s been looted too, then chasing him may cost more than you’ll ever recover. So by all means report it to ASIC and SCAMwatch, but do it knowing there’s a very good chance the money is gone.

They’ve stolen your money. Don’t let them take everything else with it. People who get scammed lose more than money. They lose their confidence, their peace of mind, and sometimes their will to keep going. Call IDCARE on 1800 595 160. Talk to someone who gets it.

Guard your mental health like treasure.