Sonray Trader and SMSF
The following statement made by the administrates of Sonray in the First Circular to Creditors is incorrect:
“Under the Terms, all money and property received by Sonray on behalf of a client are supposed to be held in a segregated account where it is mingled with money and property received by Sonray from other clients. Sonray was authorised to use the money in the segregated account for a number of purposes, including Sonray dealing with its counterparties with respect to clients’ positions.”
Sonray has the clear understanding that funds from SMSF can not be mingled with money and property received from other clients. Sonray was not authorised to use the money of SMSF in the segregated account for any purposes other than the trading activities of SMSF. The term does not apply to the clients of SMSF.
Before opening the SonrayTrader accounts for SMSF, Sonray asked for additional information from SMSF. At some stage, Sonray conducted investigations to ascertain if SMSF could keep having SonrayTrader accounts.
I wish all Self Managed Super Fund clients to participate in the discussion and have their voice heard by the administrators.