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
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
