The Australian Securities and Investments Commission (ASIC) has successfully secured urgent interim orders from the Federal Court to freeze the bank accounts of a Melbourne-based individual and his company, First Mutual Private Equity Pty Ltd, under his direction. These orders also prevent the individual and the company from taking on new liabilities or transferring funds from any accounts until a further court decision is made.
ASIC initiated these urgent proceedings to protect investor assets due to concerns arising from an ongoing investigation. The individual and his firm are suspected of acquiring approximately $53 million of funds that were intended for investment purposes. However, there are allegations that a significant portion of these funds may not have been used accordingly and could be in jeopardy.
The individual in question was informed about the court proceedings but did not appear in court for the hearing. The investigation by ASIC is still active, and further developments are anticipated as they seek to ensure the proper use of the funds in question and provide protection for affected investors.