ASIC obtains orders against unregistered investment scheme
The Australian Securities and Investments Commission (ASIC) has obtained interim Federal Court orders restraining a Melbourne man and six companies associated with an alleged unregistered managed investment scheme.
The regulator said it had obtained the interim orders restraining Michael Kyriackou and six companies associated with him, preventing them from disposing of any assets. The companies were named as Australvic Property Management, M.K. River Pty Ltd, Australvic Home Loans Pty Ltd, Australvic Construction Services Pty Ltd, Australvic Finance Pty Ltd and Australvic Property Management No 2 Pty Ltd.
ASIC said the freezing orders granted by the court would remain in place until June 12, when the Federal Court would hear an application to have a provisional liquidator appointed to the companies and the winding up of a managed investment scheme operated by the companies.
ASIC told the court that on the basis of material reviewed by it to date, it suspected that Kyriackou may have misused funds raised by the companies as part of a suspected unregistered managed investment scheme.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
