The Supreme Court of New South Wales has issued orders for ASIC to wind up an unregistered managed investment scheme (MIS) operated by Secured Bond Ltd.
Around $3.6 million was invested in the Master Fund scheme by 40 investors, who predominantly live in and around Sydney.
During the proceedings on 28 May 2012, the Supreme Court also made final orders to appoint HLB Mann Judd representative Barry Taylor as liquidator of the scheme.
Taylor will determine the return of money to the investors in the scheme and has been ordered to hold an investor meeting by 23 July.
In addition, ASIC is taking civil penalty action against the operators of Master Fund. The hearing will commence on 4 July.
ASIC believes the Master Fund operated from October 2004 until December 2008.
The corporate regulator obtained orders to restrain its operations for contravening the Corporations Act for carrying on a financial services business without the required Australian financial services licence, as well as misleading investors about performance.
In 2007 and 2008, ASIC secured the return of more than $20 million located in overseas trading accounts, which the regulator says belonged to investors in Master Fund and 13 other unregistered schemes. It included about US$1 million for investors in Master Fund.
