This article is from the Australian Property Journal archive
THE corporate regulator has banned Western Australia director Richard Lambe from providing any financial services as part of its investigation into the Macro Group of Companies.
ASIC found that Lambe as a director of Anquan Securities & Investments Pty Ltd and key person and responsible manager on its Australian financial services licence, in relation to the Newman Estate Project, was not actively engaged in supervising the conduct of 511 GTN Pty Ltd and property developer Desiree Veronica Macpherson, and was likely to contravene a financial services law.
Lambe will be banned for a period of three years and has the right to appeal to the Administrative Appeals Tribunal.
This comes after ASIC permanently banned Macpherson from providing financial services in June last year.
So far, the Federal Court has appointed liquidators to 24 companies within the Macro Group.
In March 2016, ASIC also obtained orders against companies associated with property Jamie McIntyre, banning McIntyre’s 21 Century from promoting and marketing the investment proposal at The Newman Estate, who had enticed investors with the tagline ‘Do you know how to buy Australian property, no money down?’.
