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Monday 16 April 2012

AD12-71 Lifestyle Trader Pty Ltd wound up on ASIC’s application

ASIC has today obtained orders in the Supreme Court of Queensland to wind up Lifestyle Trader Pty Ltd.

ASIC applied to wind up Lifestyle Trader Pty Ltd because it was concerned to ensure that the assets of that company are secured and distributed to creditors in an orderly manner.

Mr Gavin Charles Morton, of Morton's Solvency Accountants, was appointed Liquidator for the purpose of winding up Lifestyle Trader Pty Ltd.

ASIC’s investigations are continuing.

Background

Lifestyle Trader Pty Ltd carried on a business of selling computer software for customers to trade in products including foreign exchange, commodities and share options. It also provided educational information to investors.

From 10 September 2009 until 13 December 2011, Lifestyle Trader Pty Ltd had been an authorised representative of Lifestyle Investor Services Pty Ltd, the holder of an Australian financial services (AFS) licence.

On about 13 December 2011, Lifestyle Trader Pty Ltd transferred its business to Investment Capital Systems Pty Ltd.

ASIC’s application to wind up Lifestyle Trader Pty Ltd follows earlier action by ASIC against the company and associated entities.

ASIC accepted an enforceable undertaking in August last year from Lifestyle Trader Pty Ltd, Lifestyle Investor Services Pty Ltd and Mr Wilson, following an investigation into misleading and deceptive conduct in the marketing of share trading software (see ASIC Advisory 11-161 ASIC accepts ‘Aussie Rob’ enforceable undertaking).

On 9 February 2012, ASIC suspended the Australian financial services licence of Lifestyle Investor Services Pty Ltd, through which Lifestyle Trader Pty Ltd had previously been authorised, until 7 February 2013 (refer ASIC Advisory 12-25AD ASIC suspends AFS licence of ‘Aussie Rob’s’ Lifestyle Investor Services).

Last updated: 16/04/2012 12:00