ASIC takes court action on schemes
A Hobart doctor has been committed to stand trial on 33 counts of fraudulently inducing a person to deal in securities as a result of an investigation by theAustralian Securities and Investments Commission (ASIC).
The doctor, Jasbir Narulla, will also face a further two counts, one relating to the operation of a managed investment scheme that was not registered, and the other relating to the operation of a securities business without holding a dealers licence, all of which are in contravention of the Corporations Law.
ASIC alleges that between December 1999 and September 2000 Narulla dishonestly induced people to acquire an interest in a managed investment scheme that he operated for the purpose of acquiring shares in GoConnect Ltd, a company listed on theAustralian Stock Exchange.
Narulla entered pleas of not guilty to all charges during his appearance in court this week, with the case to come before the Supreme Court of Tasmania in June.
ASIC has also been granted interlocutory undertakings and orders by the Supreme Court of Queensland in relation to Atlantic 3 Financial and its current directors, Fredrick Acker and Gerilyn Polanski.
The rulings relate to a number of allegedly unregistered managed investment schemes in the form of mortgages that Atlantic 3 and its directors have operated on behalf of investors since July 1998, allegedly without a licence.
The Court ordered that investigative accountants be appointed over the allegedly unregistered managed investment schemes, and that they prepare a report for the court and the parties within 28 days.
Atlantic 3 and its directors provided undertakings to the court that they would not solicit or accept any funds from investors with respect to the mortgages operated by them, only operate under the permission of the investigative accountants and provide affidavits regarding the issues under investigation.
ASIC is expected to review its position on the matter once the report of the investigative accountants has been prepared and filed with the Court.
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