ASIC successfully acts against property sprooker !

ASIC has commenced proceedings in the Federal Court of Australia against companies associated with Jamie McIntyre and the 21^st Century Group in relation to their promotion and sale of interests to investors in five land banking schemes.

ASIC alleges that the schemes are unregistered managed investment schemes and that the 21^st Century Group companies and Mr McIntyre have been unlawfully carrying on an unlicensed financial services business.

The five schemes are promoted and advertised as:

• Botanica, located at 805 Archer Rd, Kialla, Victoria 3631
• Secret Valley Estate, located at  955, Old Sydney Road, Bylands, Victoria 3762
• Oak Valley Lakes Estate & Resort, located at  124 Booth Road, Brookhill, Townsville, Qld 4816.
• Bendigo Vineyard Estate & Resort, located at  51 Andrews Road, Bendigo, Victoria 3551
• Melbourne Grove Estate, located at  1491 Dohertys Road, Mount Cottrell, Victoria 3024

ASIC understands that there are over 100 investors in the schemes, which have been promoted to investors, including through seminars, by entities associated with Mr  McIntyre’s 21^st Century Group. Companies associated with Mr McIntyre and the 21^st Century Group are also the developers of the schemes (development companies). 

ASIC is seeking orders to appoint a provisional liquidator or receiver and manager to each of the five schemes and the development companies in order to take control of any assets and protect the interests of investors.

The development companies are:

• Archery Road Pty Ltd (ACN 162 921 735)
• Bendigo Vineyard Estate Pty Ltd (ACN 600 088 211)
• Secret Valley Estate Pty Ltd (ACN 602 817 532)
• Kingsway South Holdings Pty Ltd (ACN 159 230 976)
• Melbourne Tarniet Estate Pty Ltd (ACN 603 945 393)

ASIC is also taking action against the development companies and the following for being involved in an unlicensed financial services business.

• Mr Jamie Neville McIntyre (Surfers Paradise Qld)
• Mr Dennis McIntyre (Surfers Paradise Qld)
• Property Tuition Pty Ltd (ACN 129 421 281)
• Education Holdings Pty Ltd (ACN 129 551 917)
• Sourcing Property Pty Ltd (ACN 602 474 779)

ASIC is also seeking orders that each of the defendants, including Mr McIntyre, be restrained from promoting, further promoting or operating any of the schemes and from operating a financial services business.