ASIC continues mortgage fund crusade
A Queensland based man has been committed to stand trial after an investigation by the Australian Securities and Investments Commission (ASIC) alleged he dishonestly induced investors into having exposure to a mortgage fund managed investment scheme.
Since February 2001, when ASIC announced it would conduct a review of solicitor’s mortgages schemes, the peak regulator has acted on more than 20 separate occasions in relation to such ventures.
In this instance, former solicitor and company director Paul Anthony Triscott of Yeronga Queensland, has been committed to trial in relation to six charges arising from an ASIC investigation.
The regulator claimed that in April 1999, Triscott, a former director of Lex Nominees Pty, dishonestly concealed material facts that had been contained in a report by KPMG Chartered Accountants, which resulted in investors being induced to deal in interests in a managed investment scheme.
Triscott was a solicitor and the principal of Triscott and Associates, a property finance Lawyer firm that provided solicitors with mortgage funding.
Back in 2001 ASIC restrained Triscott from leaving Australia and removed Triscott Investments as the responsible entity of the Australian Managed Mortgage Investments Fund.
Triscott has been committed to appear in the Queensland District Court on a date to be fixed.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
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