ASIC stops unregistered property investment scheme
The financial services regulator has obtained undertakings in the Federal Court of Australia stopping the activities of the operators of an unregistered investment scheme.
After an investigation into several property development projects in NSW, the Australian Securities and Investments Commission (ASIC) alleged director David Dayan and his companies, which included Mega-Money, Sevelle Corporation, Sevelle Developments, Sevelle Developments Newcastle-Hunter, Sevelle Developments Central Coast, and Sevelle Developments South Coast, were all operating unregistered investment schemes.
The corporate watch dog also alleged the aforementioned companies and their director had run financial services businesses without holding an Australian Financial Services Licence.
The investment schemes accepted investors’ monies between February 2004 and August 2006 during which time approximately $8 million in funds was raised.
The undertakings obtained by ASIC prevent the controllers of the schemes from further promotion or running of the schemes, soliciting or receiving any more investors’ funds, managing any of the investors’ monies currently held, managing any of the assets associated with the scheme, and altering, removing or destroying any of the records associated with the scheme.
All of the undertakings given to the regulator will remain in place until further orders are issued.
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