ASIC freezes questionable investment scheme
The Australian Securities and Investments Commission (ASIC) has uncovered what it suspects is an illegal investment scheme that is allegedly misleading more than 40 investors out of millions of dollars.
ASIC alleges that the money investors have placed with the Secured Bond Master Fund is not being invested in legitimate investments and is instead being used to make interest return payments to existing investors, or ending up in the fund operators’ pockets.
The regulator has obtained interim orders from the Supreme Court of New South Wales to freeze the offshore securities trading accounts that contain the investors’ funds.
The matter returns to court on October 7, 2008
Recommended for you
ASIC believes advice licensees are the “first line of defence” when it comes to future product failures and is urging them to monitor their approved product lists.
A former financial adviser has been charged over dishonest conduct, having allegedly encouraged individuals to acquire shares in his firm’s robotic trading technology, resulting in losses of at least $850,000.
FNZ has signed a five-year partnership with Microsoft to “transform wealth management” through technology and artificial intelligence, and create an improved adviser experience.
Fitzpatricks Financial Group chief executive Andrew Fairweather has taken over responsibility for the group’s private wealth subsidiary as its general manager of advice transitions to a new internal initiative.