The Australian Securities and Investments Commission (ASIC) is launching legal action against a land banking scheme known as the Realestate Equity Investment Trust (REIT), and its associated company, Timeline Project Management.
ASIC alleged that REIT has operated as a managed investment scheme with no responsible entity after previous and now liquidated manager Lotus Pty Ltd had its Australian financial services licence (AFSL) cancelled in September 2016 for compliance breaches.
Since 2013, at least 82 investors had invested a total of at least $800,000 into the REIT scheme and had been making payments in respect of their investment to Timeline Project Management.
The matter of the Lara-based scheme would be heard on 4 August at the Federal Court in Melbourne and is part of ASIC’s ongoing investigations into land banking.
