In a statement, ASIC said it had obtained orders to appoint receivers and managers to Kitt Co Pty Ltd, as well as to stop company director Larry Dawson from removing assets from the company and to restrain him from leaving the country.
The company had obtained almost $7 million in funds by cold calling consumers and operating the websites smsfadvisory.com and pwkittco.com, the regulator said.
The two websites and business names were “substantially similar” to those of Sydney stockbroking group SMSF Advisory Services and accounting firm PW Kitt & Co, and ASIC said the group had also used the financial services licence number of another company.
“ASIC remains concerned that the defendants appear to have no connection with those businesses and hold no licence or authority to deal in financial products or provide financial services”, the regulator said.
McGrath Nichol had been appointed receivers of the group and were to report back to the court concerning the affairs of the defendants by 18 September.
The case arose from ASIC’s broader investigation into investment scams circulating as a result of the COVID-19 pandemic.
