THE Australian Securities and Investments Commission has accepted an enforceable undertaking from Wanted World Wide (Australia) Pty Ltd and its directors Fransesco Bagyio Carbone and Teresa Jane Carbone in relation to the company’s recent fundraising.
The enforceable undertaking follows an ASIC investigation into the manner in which Wanted World Wide sought to raise money from investors to fund the operation and expansion of its business.
ASIC was concerned that the South Australian-based debt collection and investigation business’ placements of newspaper advertisements in each State and the Northern Territory, seeking investors in the company, was in breach of the fundraising provisions of the Corporations Act.
Between 2001 and 2003 the company placed advertisements seeking "business partners with $100,000 to invest".
During this time the company received more than $3 million from investors who entered into loan agreements with WWW after responding to the advertisements.
As part of the enforceable undertaking the company’s directors have agreed not to advertise an offer of any security in the company that does not comply with the Corporations Act.
They have also undertaken to not:
p Offer securities to any investor who approaches, or has approached, Wanted World Wide in response to any advertisement published prior to the giving of the enforceable undertaking;
p Enter into any further agreements as a consequence of an offer of securities made prior to the giving of the enforceable undertaking unless the offer is permitted by the Corporations Act; or
p Accept any money from investors who contact, or have contacted, Wanted World Wide in response to any advertisement published prior to the giving of the enforceable undertaking.
In addition, the company’s directors have undertaken to write to each person who lent money to Wanted World Wide after responding to an advertisement, offering a full refund of all money invested.
