ASIC puts freeze on $10.7 million scheme
The securities watchdog has obtained orders to wind up a $10.7 million unregistered managed investment scheme, run by Lyrebird Managed Services and Hereford Management Services.
The Australian Securities and Investments Commission (ASIC) alleged that the director of Lyrebird, Ian Hodgson, of Sydney, ran the unregistered scheme between 2000 and 2007, raising almost $10.7 million from 50 investors.
According to ASIC, most of the investors were Hodgson’s clients who had invested money from their self-managed superannuation fund. They were promised returns of up to 10 per cent per annum from property investments or loans to property investors.
ASIC appointed liquidators are currently in the process of selling off properties purchased under the scheme and overseeing the equal distribution of recouped funds.
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