ASIC Reports Progress in Case Against AMS Holdings

The Australian Securities and Investments Commission (ASIC) reported on Friday that its application for final orders to bring to a conclusion the alleged unregistered managed investment scheme operated by the Mr Chris Marco and his associated comapny AMS Holdings (WA) Pty Ltd (The Defendants) was heard in the Federal Court.

The Australian regulator obtained asset preservation orders over the assets held by Mr Marco and AMS in November 2018 due to the defendants' failure to hold an Australian Financial Services Licence (AFSL) whilst carrying on a financial services business. Since the orders were made, Mr Marco has made numerous applications to vary the asset preservation orders permitting him to pay expenses incurred by AMS.  

In December 2019, ASIC commenced action in the Federal Court in Western Australia against Mr Chris Marco, seeking orders to wind up the scheme operated by Mr Marco and appoint a interim receiver to manage Mr Marco's and AMS's assets. Following the hearing in March 2020, ASIC's application for the appointment of an interim receiver was finally approved in May 2020. 

In July 2020, the Interim Receivers filed their report with the Federal Court of Australia. In August 2020, the Court made orders requiring the Interim Receivers to provide a redacted version of their report to investors and listed a two-day hearing on 28 October 2020 and 29 October 2020 about the regulator's application for final orders to wind up the case against AMS Holdings.

ASIC said in the update that it does not know when the court's decision will be handed down but will enable the public to be informed when the decision is available.