ASIC: Final orders made in relation to Pacific Blue Securities Pty Ltd

Australian Securities and Investments Commission (ASIC) announced that the Federal Court of Australia in Melbourne has made final orders in proceedings brought against Pacific Blue Securities Pty Ltd and its sole director Sean Fogarty.

ASIC commenced proceedings in September 2009 following a number of complaints alleging that returns on investments were not honoured.

The Court ordered that Pacific Blue Securities Pty Ltd be wound up under the provisions of the Corporations Act and that Robyn Erskine of Brooke Bird be appointed as liquidator of the company.

The Court also ordered that Sean Fogarty be restrained:

• for a period of 10 years from carrying on or being knowingly concerned in the carrying on by another person of any business of dealing in financial products unless he holds or is the authorised representative of the holder of an Australian Financial Services Licence; and

for a period of six months from:

• taking or sending out of Australia any money, financial products or other property of Pacific Blue Securities Pty Ltd or himself; and
• from leaving Australia without the consent of the Court.

ASIC submitted to the Court that these orders were necessary so that the liquidator of Pacific Blue Securities or the investors can take further action against Mr Fogarty if they are so advised.

16 February, 2010