ASIC freezes the assets of an advice licensee

The interim orders freezing the assets of financial advice licensee United Global Capital (UGC) and related property investment company Global Capital Property Fund Limited (GCPF), an authorised representative of UGC since 2020.

Melbourne-based UGC describes itself as offering private wealth advice, securities, real estate opportunities, asset management, and self-managed superannuation funds.

The Australian Securities and Investments Commission (ASIC) sought the orders to protect investor funds while an investigation is continuing.

On 20 June, Justice O’Callaghan ordered that UGC and GCPF be restrained from:

• removing property from Australia
• selling, charging, mortgaging, dealing with or disposing of property
• incurring new liabilities
• withdrawing, transferring, disposing of, or dealing with money held in bank accounts or with a financial institution (subject to limited exceptions)

At a subsequent hearing on 25 June, the Federal Court extended the time for compliance with some of the disclosure orders that had been made and adjourned the matter for further hearing at 10:15am on 11 July 2024.