ASIC secures interim orders against Larry Dawson and PW Kitt Co Pty Ltd

The Australian Securities & Investments Commission (ASIC) has successfully applied to the Federal Court of Australia for interim orders against PW Kitt Co Pty Ltd and its sole director Larry John Dawson.

On August 7, 2020, ASIC obtained urgent interim orders:

• to appoint receivers and managers to the property and assets of the defendants;
• for the receivers to provide a report to the Court and ASIC within 42 days regarding the affairs of the defendants;
• to stop the defendants from removing, dealing with or diminishing the value of property or assets, including funds in bank accounts held by the defendants; and
• to restrain Mr Dawson from leaving Australia.

The regulator is concerned that the defendants obtained almost $7 million in Australian investor funds by cold-calling Australian consumers and operating the websites smsfadvisory.com and pwkittco.com.

ASIC alleges that the defendants were using the same or substantially similar company and business names to an unrelated business SMSF Advisory Services Pty Ltd and P.W. Kitt & Co. It is also alleged that the defendants used the Australian financial services (AFS) licence number of another company. ASIC is concerned that the defendants appear to have no connection with those businesses and hold no licence or authority to deal in financial products or provide financial services.

Michael John Hill, Anthony Norman Connelly and Katherine Sozou of McGrathNicol have been appointed as receivers and managers to the property and assets of the defendants. The receivers are required to report back to the Court concerning the affairs of the defendants by September 18, 2020.

Any person who is concerned that they have invested with the defendants or SMSF Advisory Services Pty Ltd should contact Patrick Cashman of McGrathNichol on (07) 3333 9800.

The matter will return before the Court on August 27, 2020. ASIC’s investigation into this matter continues.