Following an application by ASIC, the Supreme Court of NSW has made interim orders by consent against Courtenay House Capital Trading Group Pty Ltd (Courtenay House Trading Group), Courtenay House Pty Ltd (Courtenay House) and a number of other parties, including freezing their assets and restraining them from carrying on a financial services business.
ASIC obtained these orders in connection with its ongoing investigation into Courtenay House Trading Group and Courtenay House to protect the interests of parties who have invested through those companies.
Courtenay House Trading Group and Courtenay House offer returns to investors from trading in foreign exchange and futures commodities.
The parties subject to the orders are:
- Courtenay House Trading Group;
- Courtenay House;
- Proactive Property Services Pty Ltd;
- Sipina Enterprises Pty Ltd;
- TheNowGroup.com.au Pty Ltd;
- Tony Iervasi, director of the Courtenay House companies and Proactive Property Services;
- David Sipina, director of Sipina Enterprises and Courtenay House Trading Group; and
- Athan Papoulias, employee of Courtenay House Trading Group and director of TheNowGroup.
An interim travel restraint order was also made against Tony Iervasi.
The amount that has been restrained in bank accounts associated with Courtenay House Trading Group and Courtenay House could be as much as $25 million.
The Supreme Court determined that there was sufficient evidence to make the interim orders based on ASIC’s concerns, which include:
- Courtenay House Trading Group has been carrying on an unregistered managed investment scheme and that other parties have been involved in that conduct;
- Courtenay House Trading Group and Courtenay House have been providing unlicensed financial services; and
- Courtenay House Trading Group and Courtenay House have dealt with investor funds in a manner inconsistent with the conduct of a managed investment scheme.
Until 27 April 2017, Courtenay House Trading Group was the investment manager of a registered managed investment scheme, known as the Courtenay House Capital Investment Fund, Australian Registered Scheme Number 155 250 433 (the Fund). On that date, Australian Mutual Holdings Limited, the responsible entity for the Fund, terminated the appointment of Courtenay House Trading Group as investment manager. The Fund is not subject to the interim orders or ASIC’s investigation.
The interim orders are in place until 4 September 2017, when the matter is next in Court.