A Melbourne accountant is facing 37 criminal charges following an Australian Securities and Investments Commission (ASIC) investigation into unregistered managed investment schemes (MISs).
The regulator announced yesterday that the accountant Mark Ronald Letten, of South Yarra, who is also a director of LGH Holdings Ltd, had appeared in the Melbourne Magistrates’ court after being arrested on the 37 charges.
It said 21 of those charges related to operating unregistered MISs, while one count related to carrying on a financial services business without an Australian Financial Services Licence, with the remaining 15 charges relating to obtaining a financial advantage by deception involving amounts of approximately $1.4 million.
ASIC said Letten had been granted bail on the condition that he surrender his passport, not attend any international point of departure from Australia, reside at his residential address and not contact any prosecution witnesses.
Giving background to the charges, ASIC said they related to the purchase and development of property located throughout Australia and New Zealand.
It said that during 2010, following a number of applications by ASIC, orders had been made in the Federal Court of Victoria winding up 15 operating unregistered MIS.
It said that following further ASIC applications during 2011, the scheme-related companies had subsequently been placed in liquidation, with the liquidators estimating that in excess of $100 million had been collected from approximately 1,000 investors between 1998 and 2010.
