Industry watchdog ASIC has clamped down on the operators of an illegal $8 million New South Wales property investment scheme.
ASIC alleges Mega-Money, Sevelle Corporation, Sevelle Developments, Sevelle Developments Newcastle-Hunter, Sevelle Developments Central Coast, Sevelle Developments South Coast and their director David Dayan Sevelle, of Wyong Creek, New South Wales, operated an unregistered managed investment scheme between February 2004 and August 2006.
It is also alleged that Sevelle and these companies ran a financial services business without an Australian Financial Services Licence.
The scheme raised about $8 million from investors to carry out property development projects in New South Wales coastal and hinterland areas.
ASIC has obtained undertakings to stop the scheme operating, raising money, dealing with funds presently held, dealing with assets associated by the scheme and destroying or removing any records.
The restrictions will remain in place until further orders.
