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Friday 15 June 2007

07-159 ASIC bans self-proclaimed governor of Camside linked to unlawful bank

ASIC has permanently banned Mr David Robert Siminton of Nar Nar Goon,Victoria, from providing financial services.

Mr Siminton, the self-proclaimed Governor of the Principality of Camside and the State of Sherwood was involved in the conduct and promotion of an unauthorised bank known as ‘Terra Nove Cache’.

Terra Nove Cache was described on an internet website as the official bank of the Principality of Camside. According to the website, Camside considered itself the only legal government of Australia.

On 15 December 2005,the Australian Prudential Regulation Authority (APRA) obtained orders in the Federal Court restraining individuals associated with Terra Nove Cache from receiving money from members of the public as deposits or representing that it was a ‘bank’. Information presented to the court indicated that over $6 million may have been deposited by 118 investors.

An investigation by ASIC found Mr Siminton knowingly made statements that were untrue and deceptive in relation to Terra Nove Cache and that these statements exposed investors to high risks. In some cases, investors were unable to withdraw their funds on request and money that had been lent by Terra Nove Cache was often not properly accounted for.

ASIC was also concerned Mr Siminton was strongly of the belief that he was entitled to disregard the regulatory laws applicable to his current or proposed financial activities in Australia.

Mr Siminton has a right to lodge an appeal with the Administrative Appeals Tribunal.

Last updated: 23/03/2016 03:17