Asic cancels Macro's financial services licence

Veronica Macpherson’s Macro Realty Developments has had its Australian financial services licence torn up by the corporate regulator.

The Australian Securities and Investments Commission said today it had cancelled Macro’s AFS licence, following an interim stop order placed in August which prevented Macro from providing financial services or advice.

The Pilbara-focused developer came under investigation by Asic in September last year after it promoted a $100 million property trust that didn’t adhere to Australian company regulations.

Macro also ran an advertising campaign for its Newman Estate, which included rental income guarantees, drawing attention from the Department of Consumer Protection in December.

At the same time an interim stop order was placed on Macro in August, Ms Macpherson was ordered to surrender her passport or any visas she held by the Federal Court, blocking her from leaving the country.

“Asic’s investigation is continuing into the activities of Ms Macpherson and various companies of which she has been a director,” Asic said today.