The Supreme Court of NSW made interim orders by consent against Sydney-based Courtenay House Capital Trading Group and “a number of other parties” that will freeze assets and restrain them from carrying on a financial services business.
In a statement, ASIC said it had obtained the orders in connection with its ongoing investigation into Courtenay House Capital Trading Group and Courtenay House to “protect the interests of parties who have invested through those companies”.
Courtenay House Trading Group and Courtenay House offer returns to investors from trading in foreign exchange and futures commodities, according to the corporate regulator.
The parties subject to the orders are Courtenay House Trading Group, Courtenay House, Proactive Property Services Pty Ltd, Sipina Enterprises Pty Ltd, TheNowGroup.com.au Pty Ltd, Tony Iervasi, David Sipina, and Athan Papoulias.
ASIC also secured an interim travel restraint order against Mr Iervasi, who is the director of the Courtenay House companies and Proactive Property Services.
The amount restrained as part of the court orders could be “as much as $25 million”, according to ASIC.
As part of the court order, the Supreme Court determined there was sufficient evidence that:
- Courtenay House Trading Group has been carrying on an unregistered managed investment scheme and other parties have been involved in that conduct;
- Courtenay House Trading Group and Courtenay House have been providing unlicensed financial services; and
- Courtenay House Trading Group and Courtenay House have dealt with investor funds in a manner inconsistent with the conduct of a managed investment scheme.
The interim orders freezing the assets of the companies and restraining Mr Iervasi are in place until 4 September 2017, when the matter is next in court.
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