ASIC obtains court orders in SydFA investigation

According to a statement released by the watchdog on Tuesday 12 February, the court order “restrain[s] Mr Nakhl…from disposing of, dealing with or otherwise diminishing certain assets, except in limited circumstances”.

The court intervention comes as part of a long-term ASIC investigation into SydFA’s business practices and allegations of misrepresentation.

According to ASIC, Nakhl advised clients to entrust him with a payment or loan – some of which were sourced from self-managed super funds – which he would invest on their behalf and pay a fixed return, via contractual arrangements including ‘deeds of loan.’

“ASIC is concerned that Mr Nakhl may not have used investors’ money solely for the purposes represented to investors, but may have also used it for other purposes,” the statement said.

The matter will be heard before the New South Wales Supreme Court on 29 April. 

ASIC obtains court orders in SydFA investigation

Reporter

Last Updated: 03 May 2013 Published: 12 February 2013