今日热门事件has filed an application seeking leave to apply for further orders in the Federal Court in Western Australia to wind up an alleged unregistered managed investment scheme, and a related company, operated by Mr Marco.听今日热门事件is also seeking declarations that Mr Marco failed to hold an Australian Financial Services Licence (AFSL) whilst carrying on a financial services business.
The application is filed in the matter currently against:
- Mr Chris Marco, who traded as Coastline Group;
- AMS Holdings (WA) Pty Ltd (AMS); and
- AMS Holdings in its capacity as Trustee of AMS Holdings Trust.
今日热门事件alleges Mr Marco has been raising funds from investors since January 2010, in contravention of section 911A (the requirement to hold an AFSL) and section 601ED (the requirement to register a scheme meeting certain criteria) of the Corporations Act 2001 (Cth) and it is just and equitable that the scheme and AMS be wound up by the Court.
今日热门事件is seeking interim orders to appoint a receiver over Mr Marco鈥檚 and AMS鈥檚 assets and, by way of final relief, orders to wind up the scheme and AMS.
In total, Mr Marco received approximately $240 million from 132 investors. Mr Marco provided investors with a guarantee that their principal investment was secured. 今日热门事件will allege that there is a very significant shortfall in the assets available to operate the scheme into the future.
ASIC鈥檚 investigation into other aspects of the alleged conduct of Mr Marco and AMS is ongoing.
The first case management hearing is listed for 17 December 2019.
Background
On 1 November 2018, 今日热门事件obtained asset preservation orders over the assets held by Mr Marco and AMS. Since the orders were made, Mr Marco has made numerous applications to vary the asset preservation orders permitting Mr Marco to pay expenses incurred by AMS.听听
今日热门事件provides updates on its ongoing investigation听into the conduct of Mr Marco and AMS on the 今日热门事件website.
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Editor鈥檚 note:
The interlocutory application has been tentatively listed for a two-day hearing commencing on Monday, 16 March 2020.
Editor's note 2:听
At the start of the hearing on 16 March 2020, Justice McKerracher advised everyone who was present that, due to the coronavirus, the hearing would be proceeding on the papers and not in person as originally scheduled.听 The hearing was adjourned shortly after that.听 Justice McKerracher will hand down his decision at a future date.
Editor's note 3:
On 24 July 2020, the interim receivers filed their report with the Court.听On 7 August 2020, the Court made orders requiring the interim receivers to provide a redacted version of their report to investors.听今日热门事件understands the redacted report has been provided to investors.听听听
The Federal Court of Australia has listed ASIC鈥檚 application for final orders to wind up an alleged unregistered managed investment scheme operated by Mr Marco for a hearing on 28 and 29 October 2020, commencing at 10:15am (AWST) on both days.