ASIC obtains orders against three-Brisbane based 'cold callers'
The operators of three unlicensed financial services businesses have had their bank accounts frozen and been prevented from carrying on their activities after the Australian Securities and Investments Commission (ASIC) obtained orders against them.
The orders were obtained following the granting of injunctions - obtained ex parte - on 18 October in the Supreme Court of Queensland against Secured Collateral, Diversified Collateral and Intra Management.
Keiron Michael Weertman, Dylan Robson and Shane Rodney Hasell are the sole directors of Secured Collateral, Diversified Collateral and Intra Management, respectively.
The regulator alleged that both Secured and Diversified Collateral and Intra Management used cold calling and a website to induce investors to deposit funds into a number of bank accounts held in each of the companies' names.
Investors were told the funds would be used to buy shares and generate returns above market rates.
None of the respondents hold an Australian financial services (AFS) licence or are authorised through an AFS licensee, ASIC alleges.
In addition, it is alleged that Weertman, Robson and Hasell withdrew money from company bank accounts in cash.
According to the regulator, all enquiries to date have not been able to substantiate that shares were purchased by the businesses on behalf of investors.
"ASIC is aware at this stage of its investigation that between late May 2012 and mid-October 2012 approximately $1,001,000 had been deposited to the accounts, and approximately $708,000 of those funds has been withdrawn," ASIC stated.
Due to the injunctions, Weertman, Robson and Hasell are not permitted to continue operating the businesses or any other financial services business, including dealing with the approximately $273,000 held in three bank accounts.
In addition, they are to suspend all promotion of the businesses and its services, including internet websites within their power and, in particular, but not limited to, websites conducted with the domain name of www.securedprivatewealth.com.
The injunctions - which remain in place until further notice - prohibit Weertman, Robson and Hasell from leaving Australia without the consent of the court.
There has been a rise in investment fraud activity over last 12 months, and while the operators behind these frauds are predominantly based on the Gold Coast, investors are being targeted nation-wide, ASIC stated.
Usually, victims are initially cold called by the operators of schemes, who often adopt the company names of legitimate businesses which are licensed to provide financial services, the regulator added.
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