ASIC has obtained final orders by consent in the Queensland Supreme Court permanently preventing Mr Peter Hugh Mettam of Maleny, Queensland, from operating without an Australian Financial Services License (AFSL).

This action follows an investigation by ASIC which led the Queensland Supreme Court to grant interim consent orders in April 2010. ASIC sought final orders to prevent Mr Mettam from continuing to operate without an AFSL.

ASIC alleged that since January 2004 Mr Mettam or agents acting on his behalf raised at least $7,913,949 from 88 investors who were promised rates of return which were higher than market interest rates. A significant amount of the money deposited with Mr Mettam was for the apparent discharge of fees and other legal costs associated with releasing large parcels of money held overseas.

Investors have not received any returns on their investments made through Mr Mettam and they were not provided with any documentation relating to their investment.

ASIC alleges Mr Mettam had no other source of income during this period.

Mr Mettam was also ordered to pay ASIC’s costs.

The matter was referred to ASIC by the Australian Taxation Office under the Project Wickenby provisions of the Taxation Administration Act.