Two directors of an accounting practice who were managing an unregistered managed investment scheme will face the Supreme Court of Queensland after theAustralian Securities and Investments Commission(ASIC) applied to the Court to have receivers appointed to the scheme.
Piet Cornelius Walters and Mark Samuel Evans, who operate an accounting practice that has offices in Malanda, Atherton and Cairns in Queensland, allegedly provided financial advice and dealt in securities while not holding a license to do so, the watchdog says.
Walters was a securities representative for ABN Amro Morgans from August 30, 1999 and was terminated as a proper authority holder from ABN Amro on June 28 of this year.
The two directors’ managed investment scheme, operating as Drury Management, will be placed in the hands of newly appointed receiver, Ian David Jessup of Jessup & Partners in Cairns.
ASIC alleges that since August 1999, Walters and Evans obtained loans to Drury from approximately 118 clients to invest on their clients’ behalf. Investors were guaranteed returns in the range of 12 to 13.5 per cent, and collectively poured almost $8 million into the scheme.
The directors were ordered by the Court to restrain from further operating the scheme, while prohibiting them from disposing of any assets. They were also required to surrender their passports to the Court until a further hearing.
