ASIC acts on securities scheme

financial services licence australian securities and investments commission federal court australian financial services director

21 September 2009
| By Mike Taylor |

The Australian Securities and Investments Commission (ASIC) has taken action in the Federal Court to restrain Pacific Blue Securities and its sole director, Sean Fogarty, from disposing of assets and prohibiting Fogarty from leaving Australia without the consent of the court.

ASIC told the court that as a result of an investigation into Pacific Blue Securities, it suspected that the company was advising on and dealing in interests in financial products without holding an Australian Financial Services Licence.

The regulator told the court that it was also concerned about a number of claims made on the Pacific Blue Securities website and in literature distributed to the public.

ASIC said it had commenced proceedings following a number of complaints alleging that returns on investments were not being honoured.

It said at this stage, it believed that in excess of $400,000 had been invested with Pacific Blue Securities by around 40 investors.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

6 days 4 hours ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

3 weeks 5 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

5 days 3 hours ago