ASIC yesterday obtained consent orders in the Queensland Supreme Court against Mr Peter Hugh Mettam of Maleny, Queensland.

ASIC alleges that since January 2004, Mr Mettam has failed to comply with financial services law as he has conducted a financial services business without an Australian financial services (AFS) license.

ASIC alleges 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.

ASIC is seeking final orders to prevent Mr Mettam from continuing to operate without an appropriate AFS licence. A date for further hearing is yet to be set.

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