What happened
On 29 July 2026, the Federal Court imposed a permanent disqualification order against Larry Dawson of NSW, banning him from ever managing a company again.
Background
Dawson was the sole director of PW Kitt Co Pty Ltd, a company that has since been deregistered. The court found he breached his directors' duties by helping overseas fraudsters steal approximately $7 million in superannuation funds from Australian investors between 2019 and 2020.
How the scheme operated
The scheme involved:
- Cold-calling Australians to solicit superannuation fund transfers
- Operating fake websites - smsfadvisory.com and pwkittco.com - designed to appear as legitimate licensed businesses
- Dawson setting up company bank accounts used in the scheme
- Facilitating transfers of stolen funds into cryptocurrency accounts
- Dawson having no oversight of the company's activities
- Dawson personally benefiting from the scheme
Criminal sentencing
NSW Police separately prosecuted Dawson. He was sentenced on 16 August 2024 for knowingly dealing with proceeds of crime.
Why the court imposed a permanent ban
Justice McElwaine found the permanent disqualification order was necessary to protect the public and deter others from participating in similar schemes.
Key actions
- Anyone cold-called by smsfadvisory.com or pwkittco.com who transferred superannuation funds can contact ASIC on 1300 300 630 to report their situation.
- ASIC maintains a banned and disqualified register where the disqualification status of directors can be checked before entering business arrangements - available at asic.gov.au/online-services/search-asics-registers/banned-and-disqualified.
- Any adviser's licence can be verified on ASIC's MoneySmart financial adviser register at moneysmart.gov.au/financial-advice/financial-advisers-register before transferring funds.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.