Deadline for Ponzi accused
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.