ASIC obtains orders against Melbourne planner

The long-running legal battle between former Melbourne financial planner Ian Bristow and the Australian Securities and Investments Commission (ASIC) has taken another twist with the regulator announcing on Friday that the Federal Court of Australia had made orders restraining Bristow, his wife and his son from dealing with the assets of a number of alleged unregistered managed investment schemes.

The orders were issued by the court following an application by ASIC.

ASIC is alleging that the Bristows and companies associated with them operated a number of managed investment schemes that were required to be registered under the Corporations Act.

The regulator alleges that the schemes were required to be registered under the act and told the court it was concerned that, amongst other things, the protections that apply to ensure registered schemes are managed appropriately and diligently were not in place.

It said it was also concerned that investors in the schemes had not been provided with full, accurate and independent information and disclosure about the schemes, their operations and their involvement in the schemes.

Last week’s action in the Federal Court followed ASIC in December, last year, filing an application seeking orders winding up the unregistered managed investments schemes and the winding up of companies the regulator alleged were involved in the operating of the schemes.