03-414 Investment scheme promoter jailed
Monday 22 December 2003
Mr Colin Roderick McAskill, a former investment scheme promoter of Glen Iris, Victoria, has been sentenced in the Melbourne County Court on charges brought by the Australian Securities and Investments Commission (ASIC).
Mr McAskill was sentenced to a total of six months imprisonment. Judge Davy ordered that the sentence be suspended after serving two months upon Mr McAskill entering into a $2,000 recognisance to be of good behaviour for a further four months.
Mr McAskill had earlier pleaded guilty to one count of inducing investors to deal in securities in contravention of the Corporations Act, one count of failing to register an approved deed in contravention of the Corporations Law, and one count of making improper use of his position as an officer.
Mr McAskill was a director of McMan Ostrich Limited, which was involved in a number of failed investment schemes, including ostrich, beef and educational schemes.
McMan Ostrich was placed into liquidation in 1998 after losses of approximately $6.5 million by investors and creditors.
Mr McAskill was also a director of a number of other companies, including TGP-McMan Pty Ltd, Cetac Pty Ltd, Besuto Beef Pty Ltd (in Liquidation) and Glencailean Pty Ltd (in Liquidation).
ASIC successfully applied to the Supreme Court of Victoria in October 1999 to have a liquidator appointed to Besuto Beef Pty Ltd (in Liquidation) and Glencailean Pty Ltd (in Liquidation) to protect the interests of investors and creditors.
ASIC’s investigation into the conduct of Mr McAskill was part of a wider investigation into schemes allegedly offering tax advantages to investors.
‘ASIC will take action to ensure that promoters of fundraising schemes that fail to comply with the law are brought before the Courts’, ASIC Director of Enforcement, Mr Allen Turton said.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC Website: Printed 07/05/2009
