ASIC sinks Atlantic 3 directors

australian-securities-and-investments-commission/funds-management/

22 June 2006
| By Carmen Watts |

The directors of a company that operated 15 unregistered managed investment schemes have been banned in the Queensland Supreme Court for 10 years and eight years respectively, following action initiated by the Australian Securities and Investments Commission (ASIC).

The directors of Atlantic 3 Financial (Aust) Pty Ltd, Dr Frederic Michael Acker and Gerilyn Mari Polanski, were directed by the court to remove themselves from the directorship and management of Atlantic 3, Triangle Properties Pty Ltd, Opportune Properties Pty Ltd, Atlantic 3 Funds Management Ltd and Echocast Pty Ltd.

It had been alleged that between late 1999 and May 2003, Atlantic 3 operated 15 unregistered managed investment schemes without holding the necessary licences, and that both Acker and Polanski were aware that these schemes were illegal.

ASIC began action in relation to Atlantic 3 in May 2003, and subsequently obtained orders appointing interim receivers and for the winding up of the schemes.

The losses incurred by the five schemes were assessed by the liquidator at around $8 million.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week 3 days ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies. ...

3 days ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 6 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Powered by MOMENTUM MEDIA
moneymanagement logo