The Federal Court has ordered the winding up of an unregistered managed investment scheme (the scheme) operated by Mr Chris Marco and AMS Holdings (WA) Pty Ltd (AMS).
The Court also ordered that Mr Marco be permanently restrained from carrying on a financial services business without an Australian Financial Services (AFS) licence or operating an unregistered managed investment scheme.
Justice McKerracher made declarations that Mr Marco, AMS and AMS as trustee of the AMS Holdings Trust (AMS Trustee) contravened the Corporations Actby:
- operating an unregistered managed investment scheme when the scheme was required to be registered;聽and
- carrying on a financial services business without holding an AFS licence.聽
The Court has ordered that the scheme and AMS be wound up and has appointed Mr Robert Kirman and Mr Robert Brauer of McGrathNicol as liquidators, replacing Mr Cameron Shaw, Mr Richard Albarran and Mr Marcus Watters of Hall Chadwick, who are the current liquidators of AMS. The Court has also appointed Mr Kirman and Mr Brauer as receivers and managers over all the property of the defendants.聽
ob体育 Commissioner Cathie Armour said, 鈥楾oday鈥檚 decision is an important milestone in our action against Mr Marco and AMS. Promoters of managed investment schemes must comply with the law, including the requirement to register the scheme with ob体育 and hold an AFS licence. Where this doesn鈥檛 occur, ob体育 will take action.'
The full judgment with the Court鈥檚 reasons is anticipated to be handed down this Friday.
ob体育鈥檚 investigation into the conduct of Mr Marco is ongoing.聽
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Background
On 1 November 2018, ob体育 obtained asset preservation orders over the assets held by the defendants.聽
On 12 December 2019, ob体育聽filed an application seeking the appointment of interim receivers.聽 ob体育鈥檚 application was heard on 16 March 2020.聽 On 28 May 2020, the Court made orders appointing Mr Robert Kirman and Mr Robert Brauer of McGrathNicol, Perth, as Interim Receivers (19-351MR).
On 24 July 2020 the Interim Receivers filed their report with the Court (20-120MR).
On 28 and 29 October 2020, ob体育鈥檚 application for final orders to wind up the scheme was held.
Editor's note:
On 11 December 2020, Justice McKerracher made public the reasons for his decision.
Editor鈥檚 note 2:
On 13 February 2023, the Court set out a formula for the distribution of scheme property to scheme members. See update on the Marco Key Matters page.