The Federal Court has made orders to wind up Askk Investment Group Pty Ltd (ASKK) and the illegal unregistered managed investment scheme it operated in respect of land at Lot 2, 615 Hume Highway, Beveridge, Victoria (Land).
The orders followed an investigation and subsequent application brought by ASIC.
The Court found that the scheme was an unregistered managed investment scheme, when it was required to be registered under the Corporations Act. On that basis, the Court ordered that ASKK and the scheme be wound up.
ASIC Deputy Chair Daniel Crennan QC acknowledged the Court's decision to wind up the illegal scheme.
'This conduct put substantial funds at risk for investors who were not afforded the protections of a lawfully registered scheme. This action provides an example of ASIC's enforcement approach when consumers' funds are put at risk by illegal schemes' Crennan said.
