The Australian Securities and Investments Commission has filed Federal Court proceedings to halt Royce Capital Investments and three related parties from selling financial products in Australia, escalating enforcement action that now spans approximately eleven thousand investors and one point one billion Australian dollars in collapsed superannuation funds. The Monday filing targets Royce Capital, Royce Real Estate, and individuals Louie Kortesis and Paul Chiodo for allegedly operating without proper licensing while promoting guaranteed thirteen percent annual returns. Five self-managed super funds invested one point five million dollars in August. ASIC seeks restraints covering three offshore vehicles in the Cayman Islands and Delaware.
This follows Thursday’s lawsuit against auditors Auditeo Australia and two individuals who certified First Guardian Master Fund accounts without testing up to one hundred seventy million dollars in assets. Liquidators warn losses from First Guardian alone could hit four hundred forty-six million dollars, affecting over six thousand Australians. The coordinated cases target nearly every participant in the distribution chain feeding both First Guardian and Shield Master Fund.
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Australian superannuation advisors and fund distributors face intensified regulatory scrutiny as ASIC systematically pursues operators, auditors, and unlicensed promoters across interconnected fund collapses.
Source: Finance Magnates