THE Federal Court has banned a Victorian man from carrying a financial services business and managing a corporation for 20 years.
The orders were made against Karl Heinz Hermann Veljkovic, of
On February 06, 2007, the Federal Court issued orders in the same terms against Veljkovic’s former business partner, Barry John Patrick, of
ASIC has alleged that between May 2003 and January 2006, Veljkovic and Patrick had advised investors to roll over their superannuation into self-managed funds and then invest those funds in companies either operated by or associated with Veljkovic and Patrick.
These companies included EKB Properties Pty Ltd, Sandgrove Specialised Securities Ltd and Cardinia Specialised Securities Ltd. None of the investors have been repaid.
ASIC is also seeking orders that Veljkovic and Patrick be found guilty of contempt of court after allegedly breaching previous orders made by the Federal Court on October 11, 2001. The Federal Court at
On October 11, 2001, the Federal Court made orders by consent that Veljkovic and Patrick be restrained until October 11, 2006 from soliciting money from a regulated superannuation fund for an unregistered managed investment scheme and from carrying on an unlicensed securities business which involves the soliciting of money from a regulated superannuation fund; and, carrying on an unlicensed investment advice business which comprises advice to a regulated superannuation fund.
On February 06, 2007, the Federal Court made orders for the winding-up of EKB Properties Pty Ltd, Sandgrove Specialised Securities Ltd and Cardinia Specialised Securities Ltd and the
appointment of Simon Wallace-Smith and Timothy Bryce Norman of Deloitte as official liquidators to those companies.
Australian Property Journal