Melbourne-based investment scheme ends

ASIC has obtained declarations and orders in the Federal Court in Melbourne against a number of companies connected with an unregistered managed investment product known as the Investors Choice Fixed Interest Program (the scheme). The companies are Royal Parade Properties Pty Ltd (formerly known as Investors Choice Pty Ltd), Vitalskill Management Pty and Infocus Management Australia Pty Ltd. ASIC’s action follows an application to wind up the scheme in December 2005 after concerns that the companies had contravened the Corporations Act by operating an unregistered managed investment scheme with more than 20 investors, which was not registered with ASIC as required under the Act. On 20 December 2005, the Federal Court made interim orders preventing the companies from operating the scheme, but permitting the assets of the scheme to be returned to the investors. This ensured that all investors would receive repayment of all money invested by them together with interest by 15 January 2006. The repayments totalling approximately $2.8 million owed to 26 investors were completed by 1 February 2006. ASIC calculator helps consumers answer everyday questions about compound interest A new compound interest calculator developed by ASIC will help consumers and investors answer these questions and more. Known as the ‘FIDO compound interest toolkit’, the calculator is the latest in a range of tools available on FIDO.

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