ASIC investigates Ponzi-style scheme

West Australian Scott Walker is one of four men whose companies the Australian Securities and Investment Commission (ASIC) has ordered be wound up over the possible operation of a Ponzi-style scheme.

The 13 companies are also associated with three Victorian men, Peter van de Streeg, Jonathan Ezzy and Peter Berlowitz.

ASIC has appointed Simon Wallace-Smith of Deloitte Touche Tohmatsue as liquidator of the companies.

ASIC alleged more than 100 investors who invested in excess of $16 million in the scheme have been affected.

It's alleged that between 2006 and 2009 the four men raised the funds, principally in Victoria, for the purpose of investing in property and foreign exchange trading.

In a statement ASIC said it was concerned that the men had been "providing, or involved in conducting a financial service business without the necessary Australian Financial Service Licence and without providing the required adequate disclosure to investors."

"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 commenced the winding up proceedings on June 29 2010 in the Federal Court.

Mr Walker has already placed his financial affairs in the hands of a Trustee in Bankruptcy.