ASIC takes action over unlicensed land banking scheme
Five land banking schemes has left companies associated with Jamie McIntyre and the 21st Century group in hot water as the Australian Securities and Investments Commission (ASIC) commences proceedings in the Federal Court of Australia.
ASIC alleges the schemes are unregistered managed investment schemes and that the 21st Century Group companies and McIntyre that have been unlawfully carrying on an unlicensed financial services business.
ASIC understands the schemes were promoted to over 100 investors through seminars, and entities associated with McIntyre's 21st Century Group.
Companies associated with McIntyre and the 21st Century Group are also the developers of the schemes (development companies).
The schemes were promoted and advertised as:
- Botanica, located at 805 Archer Rd, Kialla, Victoria 3631
- Secret Valley Estate, located at 955, Old Sydney Road, Bylands, Victoria 3762
- Oak Valley Lakes Estate & Resort, located at 124 Booth Road, Brookhill, Townsville, Qld 4816.
- Bendigo Vineyard Estate & Resort, located at 51 Andrews Road, Bendigo, Victoria 3551
- Melbourne Grove Estate, located at 1491 Dohertys Road, Mount Cottrell, Victoria 3024
ASIC is seeking orders to appoint a provisional liquidator or receiver and manager to each of the five schemes and the development companies in order to take control of any assets and protect the investors' interests.
The development companies are:
- Archery Road (ACN 162 921 735)
- Bendigo Vineyard Estate (ACN 600 088 211)
- Secret Valley Estate (ACN 602 817 532)
- Kingsway South Holdings (ACN 159 230 976)
- Melbourne Tarniet Estate (ACN 603 945 393)
ASIC is also taking action against development companies and the following for being involved in an unlicensed financial services business.
- Jamie Neville McIntyre (Surfers Paradise Qld)
- Dennis McIntyre (Surfers Paradise Qld)
- Property Tuition (ACN 129 421 281)
- Education Holdings (ACN 129 551 917)
- Sourcing Property (ACN 602 474 779)
The matter is set down for a first hearing on Friday.
While ASIC does not regulate direct property investment, it considers land banking schemes, depending on the particular scheme, may be a managed scheme and/or a financial product and promoters of the schemes should therefore hold an Australian financial services licence.
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