ASIC cites Protect as half of ‘industrial scale | Australian Markets
’The Australian Securities and Investments Fee (ASIC) has exampled the Protect Grasp Belief points as being indicative of “industrial scale models” the regulator is seeing with respect to misconduct round SMSF institution and property investment.
Simply hours after asserting the freezing of property for 2 people concerned within the Protect Grasp Belief investigation, ASIC chair, Joe Longo and deputy chair, Sarah Courtroom informed Senate Estimates that the Protect Grasp Belief problem isn’t the one matter being investigated.
Longo described the Protect Grasp Belief matter as “very serious” involving massive quantities of money and “ordinary Australians being talked into something that really oughtn’t to have occurred.”
“It really is misconduct,” he stated.
Courtroom defined that the Protect Grasp Belief is a registered Managed Funding Scheme (MIS) with Keystone Asset Administration because the accountable entity and that ASIC has “extensive concerns about significant superannuation monies being invested into that scheme” and doable mishandling of that money.
She stated ASIC’s actions have been in depth across the entities and people related to the scheme.
“We have taken multiple court actions to protect investor funds, we’ve frozen assets, imposed travel restraints, we’ve had receivers and managers appointed – we are at the early stage of what is an extensive investigation,” Courtroom stated.
“The kind of figures we are concerned about here are in the order of $480 million of investor funds and 5,800 investors potentially impacted.”
“It’s a major issue and unfortunately it is not the only matter like this we have on our books at the moment,” Courtroom stated.
“We’ve been very keen to get out messages to say to potential investors about their superannuation funds ‘be very cautious about transferring your superannuation funds into an SMSF for the purposes of unrealistic property investment returns’.”
“These are industrial scale models that we are seeing,” Courtroom stated.
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