ASIC sinks Atlantic 3 directors
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.
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