Thursday 31 August 2006 06 – The Australian Securities and Investments Commission (ASIC) has obtained orders in the Supreme Court of Queensland to wind up Brisbane-based company, Nimshay Pty Ltd, and a declaration that its director, Mr Andrew Carr, carried on a financial services business without holding an Australian Financial Services Licence (AFSL).
The application for the winding up of Nimshay Pty Ltd trading as ‘Superior Wealth Creation’ and ‘Superior’, Bay Investments Pty Ltd, Baynoosa Pty Ltd, Lenlil Pty Ltd, Baylink Investments Pty Ltd and Nimshay Holdings Pty Ltd and the declaration against Mr Carr of Ashgrove, Brisbane, was brought by ASIC following an investigation and was not opposed by Mr Carr or the companies. During its investigation, ASIC found that a number of clients had paid large ‘mentoring fees’ for Mr Carr’s financial and personal development advice, as well as conferences on the Gold Coast, Brisbane, Singapore and Hawaii. A number of these clients subsequently invested in ‘loans’ to the Carr companies. Gregory Michael Moloney and Peter Ivan Felix Geroff of Ferrier Hodgson Chartered Accountants were appointed official liquidators of the companies.
Background ASIC commenced an investigation into Mr Carr and his companies following the receipt of complaints from investors. Proceedings were commenced in the Supreme Court of Queensland on 5 June 2006 and ASIC obtained interim freezing orders over property belonging to Mr Carr and his companies and preventing him from leaving the country. These orders have now been discharged. On 27 July 2006, ASIC applied for winding up orders which were obtained yesterday and the declaration obtained today.
Further background is available in ASIC Media Release 06-182: ASIC obtains injunctions and orders against ‘financial mentor’ and associated companies and 06-268: ASIC takes action against Queensland-based ‘financial mentor’ and associated companies. For further information contact: Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310