ASIC has obtained court orders against a company operating an unregistered managed investment scheme (MIS) which involved 26 members of self-managed superannuation funds (SMSFs).
Under interim orders in the Supreme Court of Queensland, Grant Thornton have been appointed receivers over a property of James Lovell and receivers and managers of another property of Mirtna Holdings, Mirtna Investments, Mirtna Capital and Life Super.
The corporate regulator alleges Lovell managed an unregistered MIS which raised $7.9 million from over 200 investors through the four companies.
The investors included 26 members of SMSFs, which ASIC alleges were established by Lovell and Life Super.
Court proceedings will allow the receivers and managers to identify, collect and secure the assets of the alleged scheme for the benefit of investors and creditors.
Grant Thornton will provide a report to the court by 26 August 2009. The ASIC investigation continues.
