Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

ASIC obtains injunctions on unlicensed schemes

australian-securities-and-investments-commission/financial-services-licence/commonwealth-bank/corporations-act/

21 April 2008
| By Mike Taylor |

The Australian Securities and Investments Commission (ASIC) has obtained injunctions against two companies and two men retraining them from raising funds in breach of the Corporations Act.

The NSW Supreme Court injunctions have been taken out against Strategic Alternative Investments Pty Ltd and Colombo Business Services Pty Ltd and Krishnan Rasaratnam and Menaka Rasaratnam.

The injunctions involve allegations that approximately 35 Australian and overseas investors paid significant funds into accounts held with the Commonwealth Bank, ANS and HSBC Bank.

ASIC has applied to the court for the winding up of Strategic Alternatives Investments.

The regulator said it was concerned that the company, its directors and associates did not hold the necessary Australian Financial Services Licence and that investors were provided with information and assurances that were misleading and deceptive.

ASIC investigations are continuing and the matter will return to the Supreme Court on April 28.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 day 20 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

4 weeks ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

4 days 14 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND