ASIC moves on Ponzi scheme suspicions
The Australian Securities and Investments Commission (ASIC) has succeeded in gaining Federal Court orders freezing the proceeds of what it claimed might be a Ponzi-style scheme.
The regulator announced today that the court orders had been obtained against three men and a number of companies and involved funds amounting to around $14.6 million.
The men were named as Peter van de Steeg, Jonathan Ezzy, Peter Berlowitz (all of Victoria) and Scott Walker of Western Australia.
It said the orders related to 16 companies, which included Contango Investments Pty Ltd, Meloka Pty Ltd, Teronte Pty Ltd, and Klorea Pty Ltd.
ASIC said it was concerned that the defendants might have been providing, or involved in conducting a financial services business without the necessary Australian Financial Services Licence and without providing the required disclosure to investors.
The regulator said it was also concerned that investors might have been misled about the nature of the arrangements they were entering into and that the defendants might have breached various provisions of the Corporations Act.
AUTHOR
Mike Taylor
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