Monday 20 November 2006 LAWFUEL – Law News, Law Jobs – The Australian Securities and Investments Commission (ASIC) has obtained undertakings in the Federal Court of Australia from the operators of an unregistered investment scheme in relation to property development projects in New South Wales (NSW). ASIC alleges that Mega-Money Pty Ltd, Sevelle Corporation Pty Ltd, Sevelle Developments Pty Ltd, Sevelle Developments Newcastle-Hunter Pty Ltd, Sevelle Developments Central Coast Pty Ltd, Sevelle Developments South Coast Pty Ltd and their director, Mr David Dayan Sevelle, of Wyong Creek, New South Wales, operated an unregistered managed investment scheme between February 2004 and August 2006. It is also alleged that these companies and Mr Sevelle carried on a financial services business without the necessary Australian Financial Services Licence.
During the period of time the scheme was in operation, approximately $8 million was raised from investors to carry out property development projects in NSW coastal and hinterland areas. The undertakings restrain the scheme’s operators from: • further promoting or operating the scheme, • soliciting or receiving further funds from investors, • dealing with investor funds presently held, • dealing with any assets associated with the scheme, and • destroying, removing, or altering any books and records relating to the scheme. The undertakings will remain in place until further orders. For further information contact: Jan Redfern Executive Director, Enforcement Telephone: 02 9911 2191 Mobile: 0411 119 210 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310
