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.