Melbourne AFSL receives interim orders from Federal Court
ASIC has obtained interim orders from the Federal Court to freeze the assets of an advice licensee.
The interim orders freeze the assets of financial advice licensee United Global Capital Pty Ltd (UGC) and related property investment company Global Capital Property Fund Limited (GCPF), an authorised representative of UGC since 2020.
Melbourne-based UGC describes itself as offering private wealth advice, securities, real estate opportunities, asset management and self-managed superannuation funds.
ASIC sought the orders to protect investor funds while an investigation is continuing.
On 20 June, Justice O’Callaghan ordered that UGC and GCPF be restrained from:
- removing property from Australia,
- selling, charging, mortgaging, dealing with or disposing of property,
- incurring new liabilities, or
- withdrawing, transferring, disposing of, or dealing with money held in bank accounts or with a financial institution (subject to limited exceptions).
At a subsequent hearing on 25 June, the Federal Court extended the time for compliance with some of the disclosure orders that had been made and adjourned the matter for further hearing at 10:15am on 11 July 2024.
AUTHOR
Laura Dew
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
There should be a release of additional information regarding the reasons ASIC has taken action against UGC. As a past client of UGC I think this information should be made available. The fact that neither ASIC nor the administrator appointed by ASIC will respond to requests for this information suggests not all is above board. For ASIC to create a situation where hundreds of clients are left without administration of their SMSF without any warning demonstrates ASIC does not consider the interests of the public.