Sunday, June 10, 2018

Pilbara 'Ponzi' scheme promoter Veronica Macpherson banned by ASIC

Australia's corporate watchdog, the Australian Securities and Investments Commission (ASIC), has found Veronica Macpherson engaged in "misleading" and "deceptive" conduct while promoting the Newman Estate Project in Western Australia's Pilbara to overseas investors. ASIC found Ms Macpherson was not of good fame or character and had engaged in dishonest conduct that contravened financial services laws. The fraud involves $ 180m
A vivid example of the razzle-dazzle involved in courting overseas investors was a corporate video of a lavish awards night, held at the five-star Le Meridien hotel in Kuala Lumpur in March 2016. The crowd, dressed up in keeping with the Oscars theme, was wowed by magicians and cabaret performers. At the same time the company hosting the event had been banned by the Federal Court from promoting its Pilbara property investments and had stopped paying dividends to some investors.