ASIC has obtained interim orders from the Federal Court to freeze the assets of an advice licensee.
The interim orders freeze the assets of financial advice licensee United Global Capital Pty Ltd (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.
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:
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.
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