Liquidator appointed for Perth licensee
The Federal Court of Australia has appointed a Perth partner of Ernst and Young as a provisional liquidator of a Perth-based private investment company and its associated business after complaints of fraud.
The Australian Securities and Investments Commission (ASIC) lodged an application against Mulato Nominees and Oceanic Asset Management after complaints were made to ASIC and the West Australian Police Services Major Fraud Squad by several UK-based investors.
Oceanic Asset Management (OAM), which holds and Australian financial services licence and is licensed to give advice to wholesale clients, was running many unregistered managed investment schemes.
The owners, David and Jeanette Jones, took their own lives in June after admitting in a suicide note that had been defrauding investors for years.
Ernst and Young's Vince Smith has been appointed the provisional liquidator of OAM, Oceanic Equities, Australian Global Capital, Mulato Management Services, Mulato Nominess, and Ridgeway House.
ASIC has also obtained asset preservation orders, and appointed HLB Mann Judd as a trustee of Jones' estate, including his residential property.
ASIC's investigation into OAM and its associated entities is continuing.
AUTHOR
Malavika Santhebennur
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
