The Australian Securities and Investments Commission 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.
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, David Dayan Sevelle, of Wyong Creek, NSW, operated an unregistered managed investment scheme between February 2004 and August 2006.
The corporate regulator also alleged that these companies and 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.
Yesterday, the undertakings restrain the scheme’s operators from further promoting or operating the scheme and to solicit or receive further funds from investors.
In addition, the promoters will refrain from 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.
By Kathryn O’Meara
