Regulator sought the orders to preserve investor funds
The Australian Securities & Investments Commission (ASIC) has secured interim orders from the Federal Court to freeze the assets of financial advice licensee United Global Capital (UGC) and related property investment company Global Capital Property Fund (GCPF).
ASIC sought the orders to safeguard investor funds during an ongoing investigation.
UGC, an Australian financial services business based in Melbourne, has held an AFS licence since August 2017. GCPF has been an authorised representative of UGC since March 2020.
Justice David O’Callaghan ruled last week that UGC and GCPF are prohibited from removing property from Australia, selling, charging, mortgaging, dealing with, or disposing of property, incurring new liabilities, or withdrawing, transferring, disposing of, or dealing with money held in bank accounts or with financial institutions, with limited exceptions.
At a subsequent hearing last Tuesday, the Federal Court extended the compliance deadlines for some disclosure orders and scheduled the next hearing on July 11.
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