ASIC action winds up multi-million dollar schemes
Action launched by the Australian Securities and Investments Commission in the NSW Supreme Court has led to the winding up of two illegal unregistered managed investment schemes and resulted in $22.2 million being held by the court.
The two illegal investment schemes, known as the Super Save Superannuation Fund (Super Save) and Integrity Plus Unit Trust (Integrity Plus), operated between September 2006 and December 2004 respectively and, according to ASIC, involved around 350 investors predominantly located in Sydney and the NSW Southern Highlands.
The money located by ASIC was held in various Australian and overseas bank accounts and a liquidator has been appointed to wind up both schemes and to determine the return of monies to investors in the schemes.
The regulator said that its civil case against various individuals and corporations it alleged were involved in misconduct in relation to the Super Save and Integrity Plus schemes was set down for trial in the NSW Supreme Court from September 19.
Commenting on the action, ASIC executive director, enforcement, Jan Redfern said it had been undertaken to ensure that an independent person could review the affairs of the scheme.
“While there are still funds not accounted for, the court orders confirm that investors should see some of their investment funds returned to them,” she said. “Unfortunately, with many schemes of this nature, there are no returns.”
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
