The Australian Securities and Investments Commission (ASIC) has obtained declarations against further investments schemes related to the Primelife Corporate Limited.
The regulator announced late last week that it had been successful in obtaining further declarations that certain investments schemes, involving current or proposed retirement facilities, were unregistered and orders that these schemes would be wound up.
The declarations and orders were made in the Federal Court and follow similar declarations and orders made by the Court in June.
ASIC in September last year filed 37 proceedings in the Federal Court seeking, among other things, orders that an investigating accountant be appointed over each of the schemes to report to the Fedeal Court to ascertain the position of each of the schemes.
The regulator also applied for the schemes to be wound up.
ASIC is alleging that the schemes are not registered as required under the Act and brought Federal Court proceedings against Primelife and a number of other defendants including parties who, ASIC alleges, have been involved in promoting and managing the schemes to a large number of investors since 1997.
