ASIC secures Court orders for winding up illegal investment scheme MyWealth Manager

Maria Nikolova

The evidence established that nearly all of the investors’ funds were misappropriated by those operating the scheme.

The Australian Securities and Investments Commission (ASIC) today announced that the Federal Court has issued orders to wind up unregistered managed investment scheme MyWealth Manager.

The Scheme had been operated by Mustafa Mohammed, Mahek Mustafa, Mubashir Mohammed and included related companies, MyWealth Manager Financial Services Pty Ltd (trading as MyWealth Manager) and 3M Financial Planning Pty Ltd (trading as MCube Planners).

From at least February 2017, MyWealth Manager encouraged clients of MCube Planners to roll-out of their existing superannuation funds, establish their own self-managed superannuation funds (SMSF) and invest in MyWealth Manager. Approximately $7 million was raised by the scheme but the funds were not invested for the promoted purposes. The evidence shows that nearly all of the investors’ funds were misappropriated by those operating the scheme.

The Court made declarations that the defendants contravened the Corporations Act by operating the unregistered Scheme and failing to hold the required Australian Financial Services (AFS) licence. The Court also granted injunctions against the defendants, restraining them from carrying on a financial services business in Australia, without holding an AFS Licence.

ASIC also obtained an order that a related company, MyWealth Protection Pty Ltd be wound up. Timothy Norman and Robert Woods of Deloitte Financial Advisory Pty Ltd were appointed liquidators of the companies and the scheme.

ASIC’s investigation into these matters is continuing.

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