The court ordered Secured Collateral, Diversified Collateral and Intra Management be wound up and the respondent companies and individuals pay ASIC's costs, according to the announcement.
ASIC investigated Secured Private Wealth, alleging the entity used cold calling and a website to induce investors to deposit funds into the accounts of Secured Collateral, Diversified Collateral and Intra Management.
"While there are still funds not accounted for, today's orders increase the likelihood that investors will see some of their investment funds returned to them. Unfortunately, with many schemes of this nature there are no returns", ASIC commissioner Greg Tanzer said.
ASIC alleged Secured Collateral, Diversified Collateral, Intra Management and their sole directors operated an unlicensed and fraudulent financial services business, defrauding investors of approximately $1 million, the statement read.
ASIC also alleged that the sole directors withdrew the money from the company bank accounts. The court noted that each director must have been aware that they were involved in some form of "unlawful exercise".
ASIC stated inquiries to date have not been able to substantiate that shares were purchased on behalf of investors.
The court has appointed William Fletcher and Tracy Knight of Bentleys Corporate Recovery as the liquidators of the companies, according to ASIC.
