ASIC freezes questionable investment scheme
The Australian Securities and Investments Commission (ASIC) has uncovered what it suspects is an illegal investment scheme that is allegedly misleading more than 40 investors out of millions of dollars.
ASIC alleges that the money investors have placed with the Secured Bond Master Fund is not being invested in legitimate investments and is instead being used to make interest return payments to existing investors, or ending up in the fund operators’ pockets.
The regulator has obtained interim orders from the Supreme Court of New South Wales to freeze the offshore securities trading accounts that contain the investors’ funds.
The matter returns to court on October 7, 2008
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