ASIC comes down on unlicensed MIS
The Australian Securities and Investments Commission (ASIC) has obtained Queensland Supreme Court orders appointing Michael McCann and Graham Killer of Grant Thornton as the receivers and managers of specified properties of Mirtna companies and the receivers of property of James Kentwell Lovell. ASIC launched the action to secure the assets for investors.
ASIC alleges that Lovell operated an unregistered managed investment scheme that raised approximately $7.9 million from more than 200 investors through Mirtna companies, including Mirtna Holdings, Mirtna Investments, Mirtna Capital and Life Super.
ASIC also alleges that Lovell helped set up 26 self-managed super funds with the assistance of Life Super, which were among the investors in his scheme.
McCann and Killer must provide a report to the Supreme Court by August 26.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
