ASIC acts on securities scheme
The Australian Securities and Investments Commission (ASIC) has taken action in the Federal Court to restrain Pacific Blue Securities and its sole director, Sean Fogarty, from disposing of assets and prohibiting Fogarty from leaving Australia without the consent of the court.
ASIC told the court that as a result of an investigation into Pacific Blue Securities, it suspected that the company was advising on and dealing in interests in financial products without holding an Australian Financial Services Licence.
The regulator told the court that it was also concerned about a number of claims made on the Pacific Blue Securities website and in literature distributed to the public.
ASIC said it had commenced proceedings following a number of complaints alleging that returns on investments were not being honoured.
It said at this stage, it believed that in excess of $400,000 had been invested with Pacific Blue Securities by around 40 investors.
AUTHOR
Mike Taylor
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