The Australian Securities and Investments Commission (ASIC) has launched a contempt of court claim against Stephen Lewis Matthews of West Pymble, Sydney.
ASIC alleged that Mathews posted letters to more than 1,600 self-managed superannuation funds advising that they lend or invest money in shares in a new company established by Matthews in order to acquire shares in a company presently trading on the Australian Securities Exchange.
Matthews was banned by the New South Wales Supreme Court in October 2000 from advising people about, or dealing in, shares, as well as publishing share reports, except as otherwise permitted by the Corporations Law.
The matter has been adjourned until December 1 for further directions.
