ASIC shuts down $10 million investment scheme
The Australian Securities and Investments Commission (ASIC) has gained court orders to prevent the operation of an unregistered investment scheme that has so far collected around $10 million of funds from individuals.
Interim orders have been issued by the Supreme Court of NSW against Ian Hodgson, the operator of the scheme, and associated companies that prevent any of the parties from dealing with or disposing of the proceeds and property held by the scheme.
The companies covered by the order are I R Hodgson and Associates, I R Hodgson and Associates (Financial Services), Lyrebird Management Services, and Hereford Management Services.
ASIC believes investments into the scheme have been made by a total of 34 individuals.
Initial orders that were granted on March 22 have now been extended with the consent of each party involved.
In addition Hodgson has been prevented from leaving NSW or Australia and has been ordered to hand over his passport and travel documents to the court.
Hodgson now must also provide the regulator with affidavits detailing the assets that are owned and controlled by each of the associated entities.
Furthermore, he cannot deal with or dispose of any assets that are in his name or the names of the companies implicated.
ASIC is continuing its investigations into the matter and it has been adjourned by the court until June 27.
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