ASIC Freezes Funds and Assets of Ascent Investment and Coaching

The Australian Securities and Investments Commission (ASIC), Australia's financial regulatory authority, announced that it has obtained interim orders from the Federal Court freezing the assets of Ascent Investment and Coaching Pty Ltd (Ascent) and its western Australian director Michael Jefferson Dunjey.

According to a press release published by the regulator, ASIC's application for these orders was made while ASIC investigates concerns that: funds may have been raised through misrepresentations made to investors; investor funds may have been improperly dealt with; and Ascent may have been operating an unregistered managed investment scheme.

As a result, Ascent and Dunjey are restrained from removing property from Australia; selling, charging, mortgaging, dealing with or disposing of property; incurring new liabilities; or withdrawing, transferring, disposing of or dealing with money held in bank accounts or with a financial institution.

Dunjey was also ordered to surrender his passport and be restrained from leaving Australia. The orders have effect until a further hearing before the court which is listed to take place on 21 December 2021.

This week, ASIC has cancelled the Australian Financial Services (AFS) licence of Premier Wealth Management Financial Services Pty Ltd (Premier Wealth Management)​, a financial services provider based in Sydney, effective from 24 November 2021.