ASIC acts on Wickenby information
The Australian Securities and Investments Commission (ASIC) has acted against a Queensland man after having issues referred to it by the Australian Taxation Office (ATO) as a result of Project Wickenby.
ASIC announced late last week that it had obtained final orders by consent in the Queensland Supreme Court permanently preventing the man, Peter Hugh Mettam, from operating without an Australian Financial Services License.
ASIC had alleged that since January, 2004, Mettam or agents acting on his behalf had raised nearly $8 million from 88 investors who were promised rates of return which were higher than market interest rates.
It said a significant amount of the money deposited with Mettam was for the apparent discharge of fees and other legal costs associated with releasing large parcels of money held overseas.
The court was told that investors had not received any returns on their investments and had not been provided with any documentation relating to their investment.
ASIC alleged that Mettam had no other source of income during the period.
AUTHOR
Mike Taylor
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