Sydney Investment House in provisional liquidation

corporations-act/director/australian-securities-and-investments-commission/

23 November 2006
| By Liam Egan |

The last of eight companies within the Sydney Investment House Group, alleged to have operated an unregistered managed investment scheme, have been placed in provisional liquidation.

The New South Wales Supreme Court yesterday appointed Quentin Olde of Taylor Woodings as provisional liquidator to Sydney Investment House (Newcastle) Pty Ltd , following an application by the Australian Securities and Investments Commission (ASIC).

The company is responsible for the development of the Soque Apartments, located at 13 Roslyn Street, Islington, Newcastle

Olde was also appointed by the court as receiver and manager to assets in a number of trusts associated with the company’s director, Edwin Goulding.

Yesterday’s action follows the appointment of Olde to the Sydney Investment House Group’s seven other companies on October 27.

This followed allegations by ASIC that the companies and two directors had contravened the Corporations Act and the ASIC Act.

Specifically, ASIC alleges the companies and two of its directors, Goulding and Steven Geagea, were involved in the operation of an unregistered managed investment scheme.

It is also alleged the two men made false and misleading statements to investors to encourage them to invest with related company, Sydney Investment House Capital Limited (SIH Capital).

ASIC has also expressed concern that some of the funds raised by SIH Capital through the issue of a prospectus were then lent to related companies and trusts by the defendants in a manner contrary to statements made in the prospectus.

ASIC is seeking orders and declarations in relation to these and other allegations. The court has not set a hearing date in relation to these matters.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND