ASIC has commenced criminal proceedings in the Sydney Central Criminal Court against Regina Faleono and Lucia Sini for dishonest conduct in operating a financial services business.

Ms Sini has been charged in relation to an illegal early release of a superannuation scheme. She allegedly banked 11 cheques, made payable to a regulated superannuation fund and worth $432,609.38, into a bank account she operated and from which she withdrew the money. The matter will return to court on 26 August 2009.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

This announcement is available in full at ASIC.