Federal judge bans companies linked to Jamie McIntyre from plugging WA deal after ASIC probe

COMPANIES linked to a Gold Coast property dealer have been banned by the Federal Court from promoting a land deal in Western Australia after investigation by the Australian Securities and Investments Commission.

Jamie McIntyre

COMPANIES linked to Gold Coast property dealer Jamie McIntyre have been banned by the Federal Court from promoting an investment deal in Western Australia after an investigation by the Australian Securities and Investments Commission.

ASIC today released a statement saying the Federal Court of Australia had permanently restrained the marketing and promotion of a proposed Pilbara property investment by Macro Realty Developments and made declarations that Macro, and two other companies — Property Tuition, otherwise known as 21st Century Property, and Education Holdings, also known as 21st Century Education, breached various provisions of the Corporations Act by promoting and marketing the investment proposal.

Justice Beach declared the marketing and promotion of the investment proposal by the companies, which included the tagline “Do you know how to buy Australian property, no money down?’, was misleading and deceptive, and that investors had been procured into breaching director’s duties.

The court found it was misleading or deceptive for the proposal to be marketed as being essentially risk free; requiring no capital investment, and that there were no fees involved.

The judge also found that financial product advice had been provided through 21st Century Property and 21st Century Education without the proper licence.

ASIC Commissioner Greg Tanzer said the finding was “another significant outcome in ASIC’s ongoing campaign to promote trust and confidence among investors”.

“We will continue to deter this type of misleading and deceptive conduct,” he said.

ASIC has also started proceedings in the Federal Court against 21st Century Property and 21st Century Education over the promotion and sale of interests to investors in five land banking schemes.