Dead­line for Ponzi ac­cused

Pilbara News - - News - Peter Wil­liams

The Fed­eral Court last week or­dered a Pil­bara prop­erty de­vel­oper ac­cused of run­ning what may be a $190 mil­lion Ponzi scheme to hand over fi­nan­cial de­tails of her busi­ness.

A judge last Tues­day ex­tended un­til yes­ter­day the dead­line for Veron­ica Macpher­son to pro­vide the in­for­ma­tion about her Macro group of com­pa­nies or face penal­ties for non-com­pli­ance.

Rep­re­sent­ing her­self, Ms Macpher­son told the court the com­pa­nies’ bank had agreed to pro­vide funds from frozen ac­counts so she could en­gage a so­lic­i­tor to pre­pare the sub­mis­sion.

She said she had re­peat­edly asked the Australian Se­cu­ri­ties and Investments Com­mis­sion with­out suc­cess for ad­vice on ob­tain­ing the funds. Michael Sims, for ASIC, said there had been on­go­ing non-com­pli­ance from Ms Macpher­son since the court or­dered the dis­clo­sures in July. Her pre­vi­ous sub­mis­sions had been deemed in­ad­e­quate.

Jus­tice Michael Barker told Ms Macpher­son any re­quest next week for an ad­journ­ment would be un­likely to find favour. He said dis­clo­sure was at the heart of the pro­ceed­ings. Jus­tice Barker or­dered her to pay costs for yes­ter­day’s hear­ing. The mat­ter is listed to be heard in De­cem­ber. The de­vel­oper is re­quired to pro­vide ASIC with de­tails of bank ac­counts, debtors, an in­ven­tory of prop­erty, prop­erty used to se­cure debt and the source and amount of in­come earned by her and the Macro en­ti­ties.

ASIC last week can­celled the fi­nan­cial ser­vices li­cence of one of her com­pa­nies, Macro All State Investments & Se­cu­ri­ties Lim­ited.

Out­side court, Ms Macpher­son said she was go­ing to the bank to ac­cess the funds.

The ASIC probe al­leges in­vestors have poured up to $190 mil­lion into Macro. She has de­nied the Ponzi al­le­ga­tions, telling in­vestors their real es­tate investments were backed by tan­gi­ble as­sets.

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