ASIC has been granted orders in the Supreme Court of New South Wales to wind up two illegal unregistered managed investment schemes (MIS).
As a result the regulator has appointed Barry Taylor of HLB Mann Judd as liquidator of the Super Save Superannuation Fund and the Integrity Plus Unit Trust.
Subsequent to the appointment Taylor will hold a meeting of scheme investors on August 1.
An ASIC investigation into the two schemes found over $22 million of investor contributions to the funds were held in a variety of local and overseas accounts.
The monies are currently being held by the Supreme Court of New South Wales.
The Super Save fund operated from September 2004 and received approximately $6.9 million from around 100 investors.
The Integrity Plus fund took over $30 million from 250 investors and was in operation since December 2004.
ASIC is also taking civil action against the individuals and corporations it alleges took part in the misconduct related to the two schemes with the matter to be heard in the Supreme Court of New South Wales commencing September 19.
"While there are still funds not accounted for, today's orders confirm that investors should see some of their investment funds returned to them. Unfortunately, with many schemes of this nature there are no returns," ASIC executive director enforcement Jan Redfern said.
The corporate watch dog was assisted in its investigation by the US Commodities Futures Trading Commission.
