The corporate watchdog has frozen the funds of 16 companies associated with four men, including Perth man Scott Walker, due to concerns of a possible Ponzi-style operation.
The Australian Securities and Investments Commission obtained orders from the Federal Court in Melbourne that Mr Walker and Victorian men Peter van de Steeg, Jonathan Ezzy and Peter Berlowitz be restrained from touching their assets, valued at $14.6 million.
ASIC allege that between 2006 and 2009, the men appear to have raised some $14.6 million from more than 100 investors, primarily in Victoria, that was to be invested in property and/or foreign exchange trading.
The watchdog said it was concerned the men had been providing financial services without the necessary Australian Financial Services 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," it said.
Some of the companies ASIC has identified include Contango Investments, Meloka, Teronte, Korlea, Namrepus, DIX-Walker, Arnah, Reeva Investments and Soteria Holdings.
ASIC is continuing investigations, and the matter will be considered further by the court later this month.
