The Federal Court of Australia has made interim orders in proceedings brought by the Australian Securities and Investments Commission (ASIC) against Linchpin Capital Group Ltd (Linchpin) and Endeavour Securities (Australia) Ltd (Endeavour). Linchpin and Endeavour operated two managed investments schemes, both called the Investment Income Opportunity Fund. Derrington J found that ASIC had demonstrated a prima facie case that Linchpin and Endeavour had engaged in conduct, among other things, in breach of the Corporations Act 2001 (Cth). His Honour also accepted it was appropriate to make interim orders appointing receivers to Linchpin and Endeavour, as well as certain asset preservation orders and injunctions restraining Linchpin and Endeavour from providing financial services until further order.
Lee Clark appeared with Melanie Hindman QC for ASIC.
The full judgment can be viewed here.