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.
Recommended for you
Shadow financial services minister, Luke Howarth, has stressed the Coalition’s commitment to reforming the CSLR, adding that he ultimately wants to “get rid of it”.
With just over three weeks until the federal election, the FAAA has put a reduction in red tape and further support for new entrants on its priority list for an incoming government.
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
