Wednesday 21 March 2007 LAWFUEL – Australia State Law News – The Supreme Court of Queensland today extended orders obtained by the Australian Securities and Investments Commission (ASIC) in relation to an unregistered property investment schemes operated by the Max Development Group (previously the Glen Group) (the scheme). On 28 February 2007, ASIC obtained ex parte orders to appoint receivers and managers to identify and preserve the assets of the scheme pending further investigation and Court orders.
The Supreme Court today re-affirmed the appointment of Andrew Fielding and David Whyte, of PPB Accountants, as receivers and managers over the property of Kevin Maxwell, of Southport in Queensland, Warren Maxwell, of Crestmead in Queensland, as well as Jasmine Ink Pty Ltd, Max Qld Development Group Pty Ltd and Macquarie Longford Estate Pty Ltd (the companies). The Court also continued a restraint previously imposed on Messrs Kevin and Warren Maxwell, and the companies, from further promoting or operating the alleged illegal scheme or dealing with the personal and company assets until further ordered.
The scheme, which appears to have been operating since about 2002, involved about $3 million raised from approximately 40 investors for the purchase and development of various real estate properties in Queensland and Tasmania. In some cases, the Max Development Group assisted investors acquire funds to invest in the scheme by arranging loans and, in other cases, by arranging the roll-over of superannuation benefits into self-managed superannuation funds, which they set up for investors. Many investors became concerned and complained to ASIC when they did not receive interest payments or the return of their capital in accordance with the terms of their agreements and were unable to contact any of the promoters of the scheme or representatives of the companies.
The matter returns to Court on 16 May 2007. For further information contact: Allen Turton Deputy Executive Director, Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769
