The Australian Securities and Investments Commission (ASIC) announces that it has obtained interim orders from the Federal Court freezing the assets of Ascent Investment and Coaching Pty Ltd and its director, Michael Jefferson Dunjey.

ASIC’s application for these orders was made while ASIC investigates concerns that funds may have been raised through misrepresentations made to investors. The regulator is also concerned that investor funds may have been improperly dealt with.

The regulator suspects that Ascent may have been operating an unregistered managed investment scheme.

According to the orders, issued by Justice Darren Jackson, Ascent and Mr Dunjey are restrained from (among other things) removing property from Australia, as well as selling, charging, mortgaging, dealing with or disposing of property. Ascent and Mr Dunjey are also restrained from incurring new liabilities; or withdrawing, transferring, disposing of or dealing with money held in bank accounts or with a financial institution (subject to limited exceptions).

Mr Dunjey was also ordered to surrender his passport and be restrained from leaving Australia.

ASIC explains that it sought the orders to help protect investor funds while an investigation is continuing. The orders have effect until a further hearing before the Court which is set to take place on 21 December 2021.