ASIC on Tue 11.11.2014, announced that it has commenced proceedings in the Supreme Court of NSW seeking interim and final orders to prevent property investment promoter, Park Trent Properties Group Pty Ltd (Park Trent), from carrying on an unlicensed financial services business. Park Trent’s business promotes the use of self-managed super funds (SMSFs) to purchase investment property.
ASIC alleges and is seeking declarations that Park Trent is unlawfully carrying on a financial services business without an Australian financial services (AFS) licence. ASIC said it understands that Park Trent has advised at least 500 members of the public to establish and switch funds into an SMSF, which are then used to purchase investment properties that are owned or promoted by Park Trent companies.
ASIC is also seeking orders requiring Park Trent to notify current and former clients about the proceeding and to post a notice regarding ASIC’s proceeding on its website.
The first hearing of the matter is listed for 26 November 2014.
Source: ASIC release 14-299MR, 11 November 2014
[LTN 218, 11/11/14]