ASIC takes action against Marco’s managed investment scheme
The Australian Securities and Investments Commission (ASIC) has taken further steps to wind up Chris Marco’s alleged unregistered managed investment scheme, and a related company, operated by Marco.
The regulator said it filed an application seeking leave to apply for further orders in the Federal Court in Western Australia to wind up the firms. Additionally, ASIC was seeking declarations that Marco failed to hold an Australian Financial Services Licence (AFSL) whilst carrying on a financial services business.
The application was filed against Chris Marco, who traded as Coastline Group, and the related companies were: AMS Holdings and AMS Holdings in its capacity as trustee of AMS Holdings Trust.
According to the corporate regulator, Marco was raising funds from investors since January 2010, in contravention of the Corporations Act, and in total received approximately $240 million from 132 investors.
ASIC would be seeking to appoint a receiver over Marco’s and AMS’ assets and, by way of final relief, orders to wind up the scheme and AMS, it said, as there was a very significant shortfall in the assets available to operate the scheme into the future.
There is also ASIC’s investigation into other aspects of the alleged conduct of Marco and AMS.
The first case management hearing is listed for 17 December 2019.
AUTHOR
Oksana Patron
Recommended for you
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
