Sequoia confirms ASIC Interprac Shield Funds | Australian Markets

Publicly-listed financial providers group, Sequoia Financial Group has gone public telling the Australian Securities Exchange (ASX) that its wholly-owned subsidiary, Interprac Financial Planning is the subject of an ASIC investigation associated to the Shield Master Trust.

Sequoia notified the ASX late on Monday that a company already subject to ASIC motion, Venture Egg and its principal, Ferras Merhi are authorised representatives of Interprac.

It famous that ASIC is investigating Merhi and numerous entities related to him, in connection its investigations regarding the Shield Master Fund and the First Guardian Master Fund and had commenced proceedings within the Federal Court in opposition to Merhi and has obtained interim freezing orders.

The assertion famous that ASIC has commenced an investigation into suspected contraventions of the Corporations Act and the ASIC by Interprac and/or its representatives.

The assertion mentioned Interprac is:

1. Assisting ASIC in order that the interim freezing orders haven’t been, and are usually not, breached by Mr Merhi and/or different of his related entities;
2. Reviewing:

• The obligations of the ranking authorities with respect of the Funds
• Its obligations as to the advice offered in comparison with the efficiency of, and conduct engaged by, the funds;

1. Considering the obligations of trustees, auditors and custodians of the Funds
2. Considering the obligations of platform suppliers via which the investments into the Funds had been made
3. Reviewing the operations and systems to make sure effectivity, compliance, and adaptableness to altering setting; and
4. Cooperating absolutely with ASIC