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
Recommended for you
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
