ASIC has obtained interim orders against Peter van de Steeg, Jonathan Ezzy, Peter Berlowitz (all of Victoria) and Scott Walker (of Western Australia) and their 16 associated companies due to concerns about the possible operation of a Ponzi-style scheme.

The Federal Court in Melbourne ordered that the defendants be restrained from removing from Australia, disposing of, dealing with or diminishing their assets up to the unencumbered value of $14.6 million. The matter will be considered further by the Court on 30 April 2010.

ASIC is concerned that the defendants may have been providing, or involved in conducting a financial services business without the necessary Australian Financial Services Licence and without providing the required adequate disclosure to investors. ASIC is also concerned that investors may have been misled about the nature of the arrangements they were entering into and that the defendants may have breached various provisions of the Corporations Act.

Further details are available at ASIC.