An unlicensed Gold Coast financial services business has been served with a court injunction to cease fraudulent activities involving $250,000 following an ASIC investigation.
The ASIC investigation found Golden Sparrow Pty Ltd, GS Contracting Pty Ltd and its sole director Michelle Margaret Bruhn convinced 20 investors to deposit funds into a number of bank accounts through cold calls and a website, and promised to generate returns of between 1 per cent and 3 per cent through the purchase of shares.
ASIC has been unable to demonstrate whether such shares were purchased on behalf of Golden Sparrow or GS Contracting investors.
The court order, obtained in the Supreme Court of Queensland, restrains all three parties of any further operation of the business, including its website and any promotion or advertising offering its financial services.
ASIC found that during late August to late October 2011, investors deposited $290,000 into as many as five bank accounts. It's alleged that approximately $250,000 was withdrawn in cash by Bruhn. Court orders have frozen about $38,000 of the remaining funds.
Justice Applegarth of the Supreme Court of Queensland continued the order to 30 January 2012 where the court will hear ASIC's application for final orders. Bruhn is prohibited from leaving Australia without court consent.
ASIC will continue to work with the Queensland Police Service and the Australian Crime Commission on this investigation. They are also investigating a number of similar investment scams.
