ASIC has successfully applied to the court to wind up SA Services and Orphans Asia, following a scam investigation.
The two companies came to the regulator’s attention during its investigation into PW Kitt Co and director Larry Dawson, who is also a director of Orphans Asia.
PW Kitt Co had obtained more than $7.4 million in Australian investor funds through allegedly cold-calling and operating the websites smsfadvisory.com and pwkittco.com, despite not holding a license or authority to deal in financial products or to provide financial services.
Similarly, ASIC found SA Serivces and Orphans Asia had allegedly obtained approximately $2.4 million in Australian investor funds through cold-calling Australian consumers and operating the now defunct website smsfadvisory.com.
Neither SA Services nor Orphans Asia are licensed or authorised to deal in financial products or provide financial services.
At ASIC’s request, the companies passed special resolutions resolving that their respective companies be wound up by the court.
ASIC has since applied to the court to wind up and appoint liquidators to PW Kitt Co.
Michael Hill and Anthony Connelly of McGrathNicol, the current liquidators of PW Kitt Co, have also been appointed as joint and several liquidators of SA Services and Orphans Asia.
The regulator had also launched an action against Larry Dawson for breaching his duties as a director of PW Kitt Co, but the proceedings have been adjourned pending the hearing and determination of a NSW Police criminal action against Mr Dawson.
