Extract of a submission to the Senate Inquiry into ASIC's performance 

"The subsequent list of failed companies (too many to list here) indicates that 

ASIC failed in their duty to investors. Who is ASIC accountable to?..."


..." In summary:-


1. We believe ASIC failed in its duty to investors


2. ASIC's investigating procedure borders on an insult to our intelligence..."

to read more, click on link for PDF  

http://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&ved=0CEIQFjAE&url=http%3A%2F%2Fwww.aph.gov.au%2FDocumentStore.ashx%3Fid%3D7bb3eb9e-b923-40f2-ad5d-4ff97d8d1a0b%26subId%3D31251&ei=D139Ury2GaiwiAeDkIDQAw&usg=AFQjCNGPWjHk9yjmTVyunfDNtZdRZckIJg

 

Director banned but back for more

AN Australian man with a track record for presiding over corporate collapses is operating an international currency trading scheme which is bleeding millions of dollars raised from investors and clients across the globe.         

Les Freeman, who was in 2010 banned by the Australian corporate regulator from being a company director, is behind the group of companies operating out of Brisbane, Santa Monica and Hong Kong that are teetering on the brink of collapse.

Your Trading Room targets so-called mum-and-dad investors with the promise of educating clients to make money from currency trading, a notoriously risky investment strategy.

US corporate regulators have interviewed at length some YTR investors.

Mr Freeman, who moved to the US after being banned as a director in Australia and rents a home in California's Santa Monica, could not be contacted by The Weekend Australian yesterday.

YTR asks clients to invest between $5000 and $20,000 to trade with the group, offering them the ability to "access up to $5 million in company trading

capital".....

.... " Four weeks after that action Mr Freeman and a former ASIC chief went to the market seeking to raise up to $56m for a separate company called CoDevelop Group (without the hypen).

That company later collapsed owing tens of millions of dollars to investors.

Mr Freeman was also behind a "wholesale" furniture importing scheme first called Euro Direct and, later, Citywide Cabinets, which collapsed in 2007 owing 135 investors about $1.5m.

He has not responded to telephone calls or emails over the past week.

Calls to YTR's global headquarters -- an office in the Brisbane suburb of Cannon Hill -- rang out yesterday."

http://www.theaustralian.com.au/news/investigations/director-banned-but-back-for-more/story-fn8p9s2m-1226308654036#

 

Liquidators appointed to Queensland financial services group after ASIC investigation

Friday, 13 April 2012 1:04
Patrick Stafford      

The corporate watchdog has appointed liquidators to Queensland financial services company Your Trading Room, after an inquiry revealed the company has no director and had vacated its premises.

It has also been reported the company is being led by entrepreneur Les Freeman, who was banned by the watchdog in 2010 from acting as a director of any business for the next four years after a string of collapses.

The company has raised about $10 million from thousands of investors over the world, and promotes itself as a type of international currency trading company, which also offers classes and coaching services.

The Australian Securities and Investments Commission said in a statement liquidators had been appointed by the Supreme Court of Queensland following its application.

“The appointment follows enquiries being made by ASIC which revealed that YTR has no director and had vacated its Australian business premises in Cannon Hill, Brisbane,” it said.

Corporate law dictates businesses must have at least one director and shareholder....."  

..." Although Your Trading Room lists its headquarters as being in Australia, it operates offices in the United States and Hong Kong as well.

The Australian reports the company is led by entrepreneur Les Freeman, even though he was banned in 2010 by ASIC from being a director of a company for the next four years.

Freeman had been involved in other businesses including Co-Develop Australia, along with a furniture importing company. Both companies collapsed, after having raised millions from investors.

http://www.smartcompany.com.au/finance/25340-liquidators-appointed-to-queensland-financial-services-group-after-asic-investigation.html 

 

Mr Failure Les Freeman strikes again

A BRISBANE businessman with an appalling track record of failed initiatives has just presided over the collapse of two more enterprises.

Les Freeman appointed an administrator this month to his firm Citywide Cabinets, which owes about $1.5 million to 135 unsecured creditors.

The same administrator took over Mr Freeman's company Adelaide Street Investments late last month with nearly $6.7 million owed to 45 unsecured investors and $2 million owed to secured entities.

Back in July, Mr Freeman shut down his Super Auction Warehouse and Super Discount Warehouse in Brisbane, forcing dozens of small investors to relocate bathroom and kitchen supplies.

Investors had been promised auction profits of up to 50 per cent on imported Chinese goods they bought through Mr Freeman's company Euro Direct, which changed its name to Citywide Cabinets in July.

Meanwhile, Mr Freeman, who drives a BMW, generated $2.28 million this year from the sale of 13 properties in Caboolture. Property records also show his wife Kylie sold their Brisbane home for $990,000 in August.

Mr Freeman, 47, hung up on a reporter seeking comment this week......"

..." The Australian Securities and Investments Commission in 2004 shut down his Co-Develop Australia property group schemes over misleading and deceptive conduct after seminars helped raise $28.8 million from investors.

Liquidators wound up Mr Freeman's company Otsdata five years ago with debts of $407,436.

http://www.couriermail.com.au/business/mr-failure-strikes-again/story-e6freqmx-1111114842369

Ah yes - Remember my letters to ASIC on RECA letterhead 2005, complaining that ABS Search revealed that Freeman's wife Kelly was a co director with ex Qld Commissioner of ASIC Barrie