ASIC acts on US-based companies
On-going investigations by the Australian Securities and Investments Commission (ASIC) into two Queensland-based self-managed superannuation fund (SMSF) advice companies has resulted in Federal Court orders appointing provisional liquidators to four companies based in the US.
Announcing the successful Federal Court action, ASIC said the SMSF advice companies in question were Royale Capital Pty Ltd and ActiveSuper Pty Ltd, which raised $4.75 million from more than 300 investors.
The regulator said that in July it had obtained orders restraining Royale and Active as well as their directors Justin Gibson and Jason Burrows from carrying on their activities, following concerns they had misled investors about their investments.
It said that on 14 November, Damian Templeton and Darren Lewis of KPMG had been appointed as joint and several provisional liquidators to the US-based companies.
ASIC said its actions had been aimed at protecting the interests of SMSF clients of Active and Royale and followed concerns that Burrows, the last known director of the companies, appeared to have lost control and that, as a consequence, the assets of the companies "might be at risk of dissipation".
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