Thursday 19 October 2006 LAWFUEL – Law News Daily – The Australian Securities and Investments Commission (ASIC) has placed a final stop order on a prospectus issued by Greenwood Property Development Fund Limited (Greenwood). Lodged with ASIC on 11 November 2005, Greenwood’s prospectus sought to raise up to $10 million to fund property development in coastal and waterfront projects throughout Australia and was primarily promoted through offshore investment seminars by Chief Executive Officer, Mr Jeffrey D’Arcy, and directors of Greenwood.
The final order follows two interim stop orders and prevents any offers, issues, sales or transfers of securities being made. Greenwood consented to the order after failing to address ASIC’s concerns that its prospectus may have contained misleading or deceptive statements on, among other matters, forecasts of future returns and the identification of property development opportunities.
‘ASIC continues to focus on the promotion of high-risk, high-return, investment products financing property development. Where directors offering these products include prospective financial information such as forecasts and projections, they have an obligation to ensure they have a reasonable basis for making the projections,’ ASIC’s Executive Director Compliance, Ms Jennifer O’Donnell, said. For further information contact: Jennifer O’Donnell Executive Director, Compliance Telephone: 02 9911 2123 Mobile: 0411 549 257 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310 Page 1 of 1
