ASIC shuts down investment scheme
An unregistered managed investment scheme targeting Melbourne’s Greek community has been shut down following investigations by the Australian Securities and Investments Commission (ASIC).
The scheme, which raised more than $2.5 million from at least 85 investors, was operated by a company called Integrated Lending.
Many of the investors complained to ASIC that since investing in the scheme, they received no interest payments or return of capital in accordance with the terms of their investment agreements.
Furthermore, investors alleged they were provided with little or no information as to the whereabouts of their funds.
Liquidators have been appointed to wind up both the company and scheme, while the individuals behind it, Mark Hughes, George Angelopoulos and Helen Gougas, were banned from ever engaging in similar conduct again.
Recommended for you
ASIC has cancelled the AFSL of global advisory group Brite Advisors after compensation was paid to an individual by the Compensation Scheme of Last Resort.
Having taken some “quite tough medicine” during its 18-month transformation program, Iress is now doubling down on organic growth in the delivery of its wealth technologies.
The RIAA Conference Australia 2025 will take place later this month, featuring a range of sessions designed for financial advisers.
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.
