Thursday 14 September 2006 – LAWFUEL – Australian Law News – The Sup…

Thursday 14 September 2006 – LAWFUEL – Australian Law News – The Supreme Court of Queensland has granted interim injunctions in relation to an investment scheme associated with the Varsity Lodge property and the Wahroonga Manors property (the Varsity Lodge scheme), and the Kallangur Mews scheme. The Supreme Court granted the injunctions following an application by the Australian Securities and Investments Commission (ASIC).

The application by ASIC alleges that the schemes are unregistered managed investment schemes conducted by Varsity Lodge Pty Limited, Varsity Lodge Ipswich Pty Limited, Lifecare Services Australia Pty Limited, Mr Robert Thomas Adcock, Mr Colin Graham Francis, Mr David Joseph Stoyakovich and Siltra Pty Limited (the respondents). ASIC also allege that the respondents carried on a financial services business without holding an Australian financial services licence, as required under the Corporations Act.

The injunctions, obtained yesterday, restrain the respondents from: • dealing in any way, with any funds, monies or property of the schemes; • further promoting or operating the schemes; • receiving or soliciting any funds in connection with the schemes; • disposing of, destroying or removing any of the books or records associated with the schemes. Background ASIC is concerned that scheme investors may not have been provided with the appropriate information and protections required by the Corporations Act. ASIC is also concerned to ensure that the unregistered schemes are wound-up in a manner that is in the best interests of all investors.

The matter has been adjourned to 11 October 2006. For further information contact: Jan Redfern Executive Director, Enforcement Telephone: 02 9911 2191 Mobile: 0411 119 210 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769

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