news

Property spruikers banned by Federal Court

By Vivienne Kelly
Jamie McIntyre banned by Federal Court

Two notorious property industry identities have been “disqualified from managing corporations and restrained from carrying on financial services for a period of 10 years”, despite claiming ASIC sabotaged their schemes. 

ASIC announced the Federal Court has declared land banking developments operated by Jamie and Dennis McIntyre were “unregistered managed investment schemes” and delivered the ban “due to them being officers of companies that had failed, by virtue of them being wound up, and which had also repeatedly contravened the Corporations Act”.

Brothers Jamie and Dennis McIntyre agreed to the banning orders made against them.

In addition, the court made orders to wind up the unregistered managed investment schemes, which were promoted and advertised by the 21st Century land banking companies.

The unregistered managed investment schemes are known as:
• Botanica, located at 805 Archer Rd, Kialla, Victoria 3631
• Secret Valley Estate, located at 955, Old Sydney Road, Bylands, Victoria 3762
• Oak Valley Lakes Estate & Resort, located at 124 Booth Road, Brookhill, Townsville, Qld 4816
Bendigo Vineyard Estate & Resort, located at 51 Andrews Road, Bendigo, Victoria 3551
Melbourne Grove Estate, located at 1491 Dohertys Road, Mount Cottrell, Victoria 3024

ASIC commissioner Greg Tanzer said, "The high banning periods ordered by the Court, in this case, are necessary to protect the public from those who are officers of companies that repeatedly contravene the Corporations Act. It also serves as a warning to those involved in unlawful unregistered managed investment schemes, including those that involve land banking, that ASIC will take action."

ASIC's investigation into the matter is ongoing.

Despite agreeing to the bans in the Federal Court this week, a website “Response to ASIC allegations” (www.responsetoasicallegations.com.au) remains live, which features numerous articles refuting ASIC’s claims.

One such article from 24 February, hosted on Australian National Review, says Jamie McIntyre will “launch a $6.8 million land banking compensation fund to cover investor losses caused by ASIC’s deceptive actions, whilst requesting the government for compensation”.

The article says Mr McIntyre “alleges that ASIC took deliberate, pre-meditated actions to sabotage and cause unnecessary losses to investors”. And that had been illegally providing unlicensed financial services business.

Mr. Jamie McIntyre is quoted as saying, “It’s grossly unfair what ASIC has deliberately and unnecessarily done to investors simply to serve a spiteful, politically motivated vendetta against myself and my companies.

“Some investors’ financial lives have been destroyed because of what ASIC did. I am appalled that such behavior occurs in Australia. ASIC never needed to do what they did, and have zero justification for doing so.

“Not only are property options perfectly legal, but anyone with half a brain knows that land assets will rise substantially over time regardless of whether or not they get rezoning approvals. Therefore, investors win, which will be evidenced over time as they continue to rise and highlight just how wrong ASIC is.”

Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%
Property spruikers banned by Federal Court
SPI logo