ASIC raids Fund Management Group Equititrust

The offices of the fund management group Equititrust has reportedly been raided by the Australian Securities and Investigations Commission and has had their company’s financial services licence removed.

The raid has come after years of trouble for the firm, which has frozen investors’ funds after it suffered significant damage during the financial crisis. The company is suffering under millions of debt while the board was completely restructured in June at the behest of creditors.

According to a statement released by the company yesterday, statutory accounts and compliance audits were in arrears for the financial year ending June 2011. It also said there was "an absence of a consolidated integrated database across the property assets".

Click here to read the full article by SmartCompany. 

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