ASIC freezes assets of Melbourne based licenseeBY ELIZA BAVIN | THURSDAY, 27 JUN 2024 12:42PMThe Australian Securities and Investments Commission (ASIC) has obtained interim orders from the Federal Court freezing the assets of financial advice licensee United Global Capital and related property investment company Global Capital Property Fund Limited (GCPF). ASIC sought the orders to protect investor funds while an investigation is continuing. Justice O'Callaghan ordered that United Global and GCPF be restrained from removing property from Australia; selling, charging, mortgaging, dealing with or disposing of property; incurring new liabilities, or withdrawing, transferring, disposing of, or dealing with money held in bank accounts or with a financial institution (subject to limited exceptions). At a hearing on June 25, the court extended the time for compliance with some of the disclosure orders that had been made and adjourned the matter. United Global is an Australian financial services business based in Melbourne which has held and Australian financial services license since 18 August 2017. The company described itself as an investment and financial advisory firm specialising in the provision of personal financial and investment advice to private investors. Global Capital Property Fund has been an authorised representative of United Global since 25 March 2020. Related News |
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