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ASIC Action Against Melbourne Financial Adviser

ASIC Takes Action Against Melbourne Financial Adviser And Associated Companies

www.LawFuel.co.nz - The Law Jobs and Legal NewsWire: The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court of Australia seeking the winding up of a number of companies associated with financial adviser, Mr Ian Bristow.

ASIC is also seeking the appointment of a provisional liquidator to Salarypackaging.com.au Pty Ltd (Salarypackaging), Earning Pty Ltd and Retirement Services Pty Ltd, in addition to the winding up of what ASIC alleges to be various unregistered managed investment schemes that were required to be registered.

ASIC alleges, amongst other things, that from September 2003 Salarypackaging offered clients of Money Matters Financial Solutions Pty Ltd (in liquidation) (Money Matters) the opportunity to invest in an unregistered managed investment scheme so minimum investment thresholds for a number of financial products in Westpoint mezzanine companies and other investments could be met.

ASIC is also seeking declarations that Mr Ian Bristow, Mr Mathew Bristow and Ms Robyn Bristow operated unregistered managed investment schemes in breach of the Corporations Act and orders that they be disqualified from managing a corporation.
ASIC’s application is scheduled for first hearing by the Federal Court on 5 February 2008.

Background

Money Matters formerly held an Australian financial services (AFS) licence and Ian Bristow was the authorised representative under the licence.

ENDS

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