Three Melbourne-based companies allegedly involved in early release superannuation schemes have been the subjects of winding up orders in the Federal Court.
The Australian Securities and Investments Commission (ASIC) said the companies — EKP Properties Pty Ltd, Sandgrove Specialised Securities Ltd and Cardinia Specialised Securities Ltd had been the subject of action in the court.
The regulator said it had also sought orders against two men — Heinz Hermann Veljkovic and Barry John Patrick — asking that they be banned from managing corporations and be found guilty of contempt of court for breaching orders made by the Federal Court in October, 2001.
ASIC said it was seeking injunctions against Veljkovic and Patrick restraining them from carrying on a financial services business; from receiving, soliciting or otherwise procuring funds from any person for the purpose of issuing, selling or offering a financial product; from offering a financial product; from parting with any funds that have come into their possession by them issuing, selling or offering a financial product; and from managing corporations.
The court was told ASIC is alleging that, among other things, the two men advised investors to roll over their superannuation into a self-managed fund and then invest those funds in companies either operated by or associated with them, including EKB, Sandgrove and Cardinia.
The regulator alleged that between May 2003 and January 2006, amounts totalling at least $2.5 million were received from investors by entities directly associated with Veljkovic and Patrick, and that investors had not been repaid.
