‘Ponzi scheme’ six wound up
The Federal Court has ordered the six companies at the heart of what ASIC alleges was a $200 million Pilbara Ponzi scheme to be wound up.
The court last week confirmed KPMG’s Hayden White and Matthew Woods as liquidators.
The six companies associated with Pilbara real estate developer Veronica Macpherson — Macro Realty Developments AFSL Pty Ltd, Macro All State Investments and Securities Ltd, Pilbara Property Developments Pty Ltd, Macro Realty Pty Ltd and 511 GTN Pty Ltd — were in provisional liquidation.
Last week, mostly on the basis the companies are insolvent, Jus- tice Michael Barker agreed with an ASIC application to wind up the Macro Group.
The companies are all believed to have been involved in promoting and managing Ms Macpherson’s Newman Estate project, a 240-lot development.
ASIC claims the alleged scheme has taken up to $200 million from investors in Australia, Malaysia, Singapore, Britain and beyond.
Perth-based law firm Symons & Co Legal, which represents more than 500 aggrieved investors in Malaysia and Singapore, has also filed wind-up notices on more than 50 companies associated with Newman Estate investment schemes.