‘10 per cent per month’ scheme wound up
The Australian Securities and Investments Commission (ASIC) has moved to wind up a high yield investment scheme which offered investors 10 per cent monthly returns, as part of continuing investigations into Brisbane man Shane William Hoy.
The Supreme Court of Queensland has prevented Hoy from spruiking a private placement program, where investors were promised massive returns on investments between $10,000 and $100,000, which Hoy claimed would be used to top up term deposit accounts with the US Federal Reserve Board.
ASIC alleges that Hoy in fact used investors’ money for his own purposes.
AUTHOR
Michael Bailey
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