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
One advice licensee has been identified as a leader in gains for the new financial year, having gained 16 advisers over the last four weeks, while two others have also seen double-digits.
Ascalon Capital has continued its raid of research houses with three appointments from Zenith, Evidentia and Lonsec, while Drummond Capital Partners has appointed a head of practice growth.
ASIC has banned another two former financial advisers of MWL Financial Services of making inappropriate advice to clients regarding the Shield Master fund, following two bannings earlier this month.
Two surveys from CoreData and Vanguard have shared the level of trust the Australian public has in financial advisers, and how it has changed since the Hayne royal commission.
