Injunctions issued on unlicensed schemes
The Australian Securities and Investments Commission (ASIC) has succeeded in having interim injunctions granted against two unlicensed Queensland investment schemes.
The regulator announced this week that the Queensland Supreme Court had granted interim injunctions in relation to an investment scheme associated with the Varsity Lodge property and the Wahroonga Manors property and the Kallangur Mews Scheme.
ASIC is alleging that the schemes are unregistered managed investment schemes conducted by Varsity Lodge Pty Limited, Varsity Lodge Ipswich Pty Limited, Lifecare Services Australia Pty, Robert Thomas Adcock, Colin Graham Francis, David Joseph Stoyakovich and Siltra Pty Limited.
The regulator has alleged that the respondents carried on a financial services business without holding an Australian Financial Services Licence.
AUTHOR
Mike Taylor
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