According to a statement from the Australian Securities and Investments Commission, Jeremy Michael Reid, former chief executive of Everest Capital – also known as Redleaf Capital – will not provide financial services or hold an AFSL for a period of two years under the terms of an enforceable undertaking.
In offering the EU, Mr Reid has acknowledged ASIC’s concerns that as a former responsible entity of a number of managed investment schemes, he failed to “disclose to other Everest directors and officers, including members of the investment committee, that the company had received redemption enquiries”, according to the ASIC statement.
According to the EU documents, “during the relevant period, Everest was the responsible entity of a number of managed investment schemes registered under the Act, including the [Everest Babcock & brown Income Fund]”.
“Everest was the holder of AFSL number 225102 which authorised it to operate those schemes as a responsible entity,” it continued.
ASIC Commissioner John Price said: “Directors of responsible entities are gatekeepers who must ensure investment money are properly and fairly dealt with and they are essential to ensuring investors are confident and informed. When these directors fall short of the mark, ASIC will take action.
“Investors expect nothing less.”
Just rung asic to report a suspected scam and someone using ASIC logo to legitimise their service. But been on hold now for over an hour is it any wonder scams dont get reported. Does anyone actually work there?
so why only 2 years – why not out forever if “investors expect nothing less”
Great work ASIC, pick on another ‘soft small target’ and claim another scalp, whilst the big players doing the largest amount of damage carry on carrying-on…