A funeral fund that cost Aboriginal clients thousands of dollars in premiums when it collapsed has been hit with a $3.5 million fine, but will not have to pay it due to being in liquidation.
The Aboriginal Community Benefit Fund (ACBF), run by Youpla Group Pty Ltd, marketed itself as an Indigenous business and sold funeral premiums to customers across the country for 30 years.
However, when it went into liquidation in 2022, thousands of Aboriginal Australians lost their invested money, with no guarantee it would be returned.
The Australian Securities and Investments Commission (ASIC) took action against ACBF and Youpla, and a Federal Court penalty of $3.5 million was handed to the company on Thursday.
The fine follows on from a $1.2 million…