This article is from the Australian Property Journal archive
THE Australian Securities and Investments Commission has stopped WA-based developer Macro Realty Development and companies associated with Jamie McIntyre from promoting a new investment scheme.
ASIC commenced proceedings in September last year against Macro, 21st Century Property and 21st Century Education in relation to the proposed investment and had obtained interim injunctions stopping the proposal from continuing to be marketed.
Last week the Federal Court has permanently restrained the marketing and promotion of a proposed Pilbara property investment by Macro Realty Developments Pty Ltd (Macro) and made declarations that Macro, Property Tuition Pty Ltd (21st Century Property) and Education Holdings Pty Ltd (21st Century Education) breached various provisions of the Corporations Act by promoting and marketing the investment proposal.
The investment proposal was promoted using the tagline ‘Do you know how to buy Australian property, no money down?’.
The proposed investment involved investors:
– becoming a director and shareholder of a company;
– acquiring properties from Macro through this company; and
– receiving a director’s fee but having agreed that Macro would be the sole decision maker for the company.
Justice Beach made declarations that the marketing and promotion of the investment proposal by the companies was misleading and deceptive, and that investors had been procured into breaching director’s duties.
Justice Beach also declared that financial product advice had been provided in circumstances where neither entity was licensed to provide advice.
ASIC Commissioner Greg Tanzer welcomed the decision and said this is another significant outcome.
“We will continue to deter this type of misleading and deceptive conduct,” Tanzer said.
Australian Property Journal
