ACCC watchful of property spruikers
A group of property investment seminar promoters have agreed to consent orders in the Federal Court to correct misrepresentations allegedly made in material promoting a series of seminars taking place this week.
Vision Pursuit Pty Ltd and Giann & Giann Pty Ltd, agreed to the consent orders following allegations by the Australian Competition and Consumer Commission (ACCC) that the pair’s promotion of the Robert Allen Millionaire Matrix Seminar, which runs from today until Saturday in Sydney, is misleading and/or deceptive.
The two groups agreed to correct representations with regard to investment strategies the ACCC applied late on Monday to the Federal Court in Sydney for ex-parte orders to serve the application on the solicitors for Vision Pursuit and Giann & Giann in order that the proceedings be heard before the seminar commenced today.
The ACCC's allegations concerned marketing material that was sent directly to Australian consumers inviting them to attend the Robert Allen Millionaire Matrix seminar, containing allegedly misleading and deceptive statements relating to certain wealth creation strategies to be taught at the seminar.
Vision Pursuit and Giann & Giann agreed to place prominent signage at the entrance to the seminar and make oral statements to attendees at its commencement that a number of the wealth creation strategies mentioned are only applicable in the US.
These include private mortgage notes; brokering mobile home notes; and leveraging tax certificates and/or tax deeds, which all appear in material promoting the seminar however are these are strategies only applicable in the US.
“The ACCC continues to be concerned about misrepresentations made in promotional material for these types of seminars, and will not hesitate to act to ensure that any misrepresentations made by the promoters of such events are publicly corrected prior to the commencement of the seminar,” ACCC chairman Graeme Samuel says.
AUTHOR
Craig Phillips
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