ASIC cracks illegal accountant scheme
The Australian Securities and Investments Commission (ASIC) has shut down another illegal managed investment scheme after taking claims to the Supreme Court of Queensland.
The court declared that Elizabeth Heather Parry, former principle of Cairns-based accountancy firm Parry & More Accountants had operated an unregistered investment scheme after considering ASIC’s findings that Parry and associated companies had obtained loans from private investors between 1997 and October 2003, guaranteeing returns in the range of 9 per cent to 15 per cent per annum.
At the time an interim receiver was appointed in October 2003, a number of investors had invested some $6 million through the companies.
The court ordered the appointment of Ian David Jessup of Jessup & Partners as liquidator of the scheme, as well for the other respondent companies, Cairns Management Accountants, CMA Investments Queensland and D.G.M.G.E Pty Ltd.
The court also ordered that Jessup continue his appointment as receiver of Parry’s personal assets pending further directions.
Parry is bailed to appear before the Cairns Magistrates Court for committal proceedings on July 26, to face charges of misappropriation and forgery uncovered by ASIC in conjunction with the Queensland Police Service.
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