any ann?, page-4

re: any ann? 91 million traded. Found it, thanks Ian. Here's a cut & paste of the story off www.asic.gov.au if anyone else is interested.
cheers
toscanunan

ASIC takes action over multi-million dollar investment scheme

Tuesday 19 July 2005


The Australian Securities and Investments Commission (ASIC) has today obtained interim orders in the Federal Court of Australia in Adelaide as part of its investigation into the conduct of Mr Guiseppe Antonio Mercorella. ASIC alleges Mr Mercorella has been operating a managed investment scheme in breach of the Corporations Act (the Act) since at least 2002 and that he owes at least 78 investors about $56 million.

Most investors are from South Australia where the scheme was operated but there are some investors in other states around Australia.

ASIC has obtained interim orders restraining Mr Mercorella from:

further promoting or operating the managed investment scheme;
receiving or soliciting any further funds in connection with the scheme; and
disposing or dealing with property in relation to the scheme.
Mr Mercorella consented to the interim orders. Mr Mercorella also agreed not to leave Australia without consent pending the hearing of ASIC's application.

The matter will return to court on 8 August 2005 for a hearing of ASIC's application to appoint Mr Bruce Carter of Ferrier Hodgson as receiver to the assets of Mr Mercorella and the scheme.

ASIC will also seek orders appointing Mr John Irving of Sims Partners as liquidator of Seabay Investments Pty Ltd (Seabay Investments) which is suspected of issuing debentures in breach of the Act since about April 2003.

ASIC alleges that about 40 investors loaned funds to Seabay Investments which had been loaned to Mr Mercorella. Seabay Investments is owed over $20 million by Mr Mercorella.

ASIC also alleged that over the past three years Mr Mercorella has received loans totalling about $236 million by offering investors interest rates of between three per cent and six per cent per month. It is estimated that more than $56 million of these loans are outstanding, with individual investors owed amounts ranging between $50,000 and $8 million.

'ASIC took action to protect investors and to prevent even more people giving Mr Mercorella their money to invest in what we believe is an unregistered and illegal investment scheme', ASIC's Executive Director Enforcement, Ms Jan Redfern said.

Anyone who has lent money to Mr Mercorella, either directly or through another person or company, can contact ASIC's Infoline on 1300 300 630 or email [email protected] to discuss their concerns and provide further details.

ASIC's investigation is continuing.