Federal Court sides with ASIC against WA developer

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A West Australian-based property developer has had to surrender her passport as the Australian Securities & Investment Commission (ASIC) continues their investigation into a property investment scheme in the Pilbara.

Perth’s Federal Court has made interim orders against Desiree Veronica Macpherson that require her to surrender all passports held by her, any visa entitling her to enter, visit or reside in any country other than Australia and any airline ticket(s) for travel outside Australia until further notice.

Macpherson is a director and direct/indirect shareholder of companies Macro Realty Developments Pty Ltd, Macro Realty Pty Ltd, Macro All State Investments and Securities Ltd, Macro All State Investments and Securities Ltd, Pilbara Property Developments Pty Ltd, which form the Macro Group.

The Federal Court also made interim asset preservation orders against Macpherson and the Macro Group, as well as restraining her and the Macro Group from providing financial services advice, dealing in financial products, promoting financial products and otherwise carrying on a financial services business.

The orders were made as a result of an application by ASIC in July in order to protect the interests of shareholders, investors and creditors as it continues its investigation into the Macro Group’s operations, in particular investments in a land development in the Pilbara region of WA known as The Newman Estate.

Prior orders of the Court in this matter were subject to a non-publication order.

In May this year, ASIC obtained permanent injunctions against a number of companies, many of which are associated with notorious spruiker Jamie McIntyre, from marketing and promoting The Newman Estate.

In that ruling, His Honour Justice Beach declared that the marketing and promotion of The Newman Estate was misleading and deceptive, and that investors had been procured into breaching director's duties.

Justice Beath also found that financial product advice had been provided to investors by entities who were not licensed to do so.
 

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Comments
  • Macro Investors Multigrp, Malaysia says on 17/08/2016 12:42:51 PM

    About time someone puts a stop to this unbridled license by Macro Group to borrow money from tens of hundreds of investors all over the world. Many from our part of the world, namely Hong Kong, Malaysia and Singapore have invested significant portions of our life savings because of our high regards for the Australian financial regulatory system, natural justice and common laws. We have been following this development for almost a year now with little in the way of information since Macro closed their office in Singapore after fellow investors complained about not getting paid their monthly interest, and hope the authorities will take the appropriate actions in an expedient manner to ensure borrowers' interests are fully protected.

  • AME says on 17/08/2016 09:06:53 PM

    For four years this has been going on - we invested in February 2012, and have since then waited and waited and heard nothing but a bunch of lies. There have been 100's if not 1000's of people affected by this. While all investors will be hurt, I fear it is the 'mum and dad investors' that put their trust in her early that will loose everything - for us personally our home.

  • ANeyeFORanEYE says on 29/08/2016 03:32:42 PM

    Ours is to mature in six month time. Now this happens. how do we get help and who from. This are the people that should be arrested for running this scam. James Hart is the key person in Singapore. No one seems to answer our quiries. Ill have my vengence if we dont get our money back.

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