This Australian Securities and Investment Commission (ASIC) released a statement restraining Macro Realty Developments Pty Ltd and Jamie McIntyre’s 21st Century Property and 21st Century Education from promoting Pilbara property investment. The following article lists out ASIC’s allegations and the 21st Century Group’s response:
The injunctions prohibit Macro, 21st Century Property and 21st Century Education from promoting and marketing a proposed Pilbara property investment, which included a seminar that was to be held for prospective investors on 10 September 2015, until further order.
ASIC alleges that the proposed Pilbara property investment was marketed and promoted by 21st Century Property and 21st Century Education using the tagline “Do you know how to buy Australian property, no money down?”. The proposed investment was to involve investors being appointed as directors and shareholders of a company and creating a trust. Investors were then to cause that company to acquire certain properties from Macro in Newman Estate, Western Australia. The investors were to be paid a director’s fee but agreed that Macro would be the sole decision-maker for the company.
ASIC alleges that by agreeing to become a director of a company where Macro will remain the sole decision-maker for all business associated with the company, 21st Century and Macro are counselling and procuring investors to contravene their director’s duties under the Corporations Act
ASIC also alleges that the investment documents in relation to the proposed Pilbara property investment are misleading and deceptive, and that the investment proposal is a financial product.
21st Century Group Response:
It is neither responsible for services provided by its advertising clients, nor is it responsible for their compliance.
A media company does not require an AFSL to run client advertisements, just the way News Corp, Fairfax Media and other organisations don’t require an AFSL.
ASIC’s attempts to somehow hold the 21st Century Group responsible for one of its advertising client’s services is beyond belief. It’s strange enough indeed that ASIC not only thinks it’s the new Australian Property Regulator, even though it isn’t, but is it now also calling itself a Media Regulator?
Would it not be better for ASIC to firstly become a competent Securities Regulator and no longer be asleep at the wheel when its licensed financial advisors tend to cause most investment losses in Australia- such as Storm Financial losing $3.5 billion while ASIC did nothing?
Of course we all know it is just more deliberate abuse of taxpayers’ money in aggressive moves by ASIC to sabotage and destroy the businesses of one of its biggest critics for dubious reasons.
ASIC wish to damage Jamie McIntyre for being a whistle blower regarding ASIC’s widespread misconduct for years now.
21st Century Group is reporting the blatant attacks on its business by ASIC to the government, demanding an independent investigation and an urgent government audit and Royal Commission.
Macro is offering services to assist miners in moving out from third world style mining camps and into homes. They want to help families have housing so that they can live in the Pilbara region.
For dubious reasons ASIC is trying to stop this much needed resolution to the FIFO epidemic. The corporate regulator is using taxpayers’ money to do so, just like they stopped the use of options over land banking, which had the potential to solve Australia’s housing affordability problems.
What is the political motivation behind ASIC’s continued misconduct?
These are questions that need to be asked. Moreover, there is an urgent need for a government audit into ASIC’s continued abuse of power.