ASIC comes down on unlicensed MIS
The Australian Securities and Investments Commission (ASIC) has obtained Queensland Supreme Court orders appointing Michael McCann and Graham Killer of Grant Thornton as the receivers and managers of specified properties of Mirtna companies and the receivers of property of James Kentwell Lovell. ASIC launched the action to secure the assets for investors.
ASIC alleges that Lovell operated an unregistered managed investment scheme that raised approximately $7.9 million from more than 200 investors through Mirtna companies, including Mirtna Holdings, Mirtna Investments, Mirtna Capital and Life Super.
ASIC also alleges that Lovell helped set up 26 self-managed super funds with the assistance of Life Super, which were among the investors in his scheme.
McCann and Killer must provide a report to the Supreme Court by August 26.
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