An unregistered managed investment scheme targeting Melbourne’s Greek community has been shut down following investigations by the Australian Securities and Investments Commission (ASIC).
The scheme, which raised more than $2.5 million from at least 85 investors, was operated by a company called Integrated Lending.
Many of the investors complained to ASIC that since investing in the scheme, they received no interest payments or return of capital in accordance with the terms of their investment agreements.
Furthermore, investors alleged they were provided with little or no information as to the whereabouts of their funds.
Liquidators have been appointed to wind up both the company and scheme, while the individuals behind it, Mark Hughes, George Angelopoulos and Helen Gougas, were banned from ever engaging in similar conduct again.
