ASIC moves to wind up possible $16 million Ponzi scheme

The Australian Securities and Investment Commission has won a Federal Court fight to wind up 13 companies associated with a possible Ponzi scheme that has taken about $16 million from more than 100 investors.

The Federal Court in Melbourne granted the corporate watchdog orders to appoint Deloitte insolvency expert Simon Wallace-Smith to the 13 companies, including Meloka Pty Ltd, Contango Investments Pty Ltd, DIX-Walker Pty Ltd and Teronte Pty Ltd.

ASIC says four men – Peter van de Steeg, Jonathan Ezzy and Peter Berlowitz of Victoria and Scott Walker of Western Australia – are associated with the companies.

Over 100 investors, mainly located in Victoria had been convinced to give the quartet about $16 million, ostensibly for the purposes of investing in property and/or foreign exchange trading.

“ASIC is concerned that the defendants may have been providing, or involved in conducting a financial services business without the necessary Australian Financial Services Licence and without providing the required adequate disclosure to investors,” the corporate watchdog said in a statement.

“ASIC is also concerned that investors may have been misled about the nature of the arrangements they were entering into and that the defendants may have breached various provisions of the Corporations Act.”

ASIC had previously been granted orders freezing some of the companies’ assets and restricting any travel outside of Australia for Berlowitz and Van de Steeg.

Berlowitz and Walker have also put their personal affairs in the hands of a bankruptcy trustee.

ASIC says it is continuing to investigate the companies and the four men.