Unregistered managed investment scheme wound up
The Australian Securities and Investments Commission (ASIC) has announced that the Federal Court has ordered the winding up of un unregistered managed investment scheme (MIS) operated by Chris Marco and AMS Holdings.
According to the Court, Marco would be permanently restrained from carrying on a financial services business without an Australian Financial Services (AFS) licence or operating an unregistered MIS as Marco and AMS and AMS as trustee of the AMS Holdings Trust contravened, the Corporations Act by:
- Operating an unregistered managed investment scheme when the scheme was required to be registered; and
- Carrying on a financial services business without holding an AFS licence.
In November 2018, ASIC obtained asset preservation orders over the assets held by the defendants.
Following this, in December 2019, ASIC filed an application seeking the appointment of interim receivers and ASIC’s application was heard on 16 March, 2020.
The court also ordered that the scheme and AMS be wound up, and had appointed Robert Kirman and Robert Brauer of McGrathNicol as liquidators, who would replace Cameron Shaw, Richard Albarran and Marcus Watters of Hall Chadwick as current liquidators of AMS.
The Court also appointed Kirman and Brauer as receivers and managers over all the property of the defendants.
ASIC commissioner, Cathie Armour, said: “Today’s decision is an important milestone in our action against Mr Marco and AMS. Promoters of managed investment schemes must comply with the law, including the requirement to register the scheme with ASIC and hold an AFS licence. Where this doesn’t occur, ASIC will take action”.
AUTHOR
Oksana Patron
Recommended for you
The CEO of L1 Group, formerly known as Platinum Asset Management, has stepped down with immediate effect, and the asset manager has announced his replacement.
Private equity manager Scarcity Partners has backed a specialist investment manager focused on metals and mining, seeking to meet investor demand for real assets.
UK fund manager Aberdeen Investments has launched an emerging market equity strategy for Australian investors, broadening the reach of an existing strategy.
Passive ETFs are seeing stronger flows than their active counterparts despite the proliferation of active launches this year, according to Morningstar.
