The Federal Court has ordered the alleged architect of an investment scam be restrained from leaving the country and frozen the bank accounts of his associated companies.
In a statement released on Monday, ASIC said it had successfully obtained orders from the Federal Court to restrain Matthew Beresford from carrying on a financial services business and suspended the websites of his associated businesses, Maxwell Financial Services and Asset Capital Holdings.
The court also made orders to freeze all bank accounts associated with the two businesses and restrained Mr Beresford from travelling outside of Australia.
ASIC's case alleges Mr Beresford established Maxwell Financial Services in late 2019 and offered products and services through a website, Facebook and ads on Melbourne radio station 3AW, including the opportunity to "invest in financial products with high annual returns".
The website had falsely stated that the company's representatives held an AFSL and that the business was associated with ASIC and the APRA, ASIC said.
"ASIC also alleges that a significant amount of money raised from retail investors has been dissipated," the regulator stated.
Mr Beresford had established another business, Asset Capital Holdings, in September 2020, that also did not hold an AFSL, ASIC said.
The matter is listed for further hearing in February 2021 and Mr Beresford has been arrested and charged.
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