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ASIC files bankruptcy proceedings against property spruiker McIntyre

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Australia’s financial watchdog has filed bankruptcy proceedings against notorious property spruiker Jamie McIntyre and his brother Dennis.

The move to bankrupt the McIntyres in the Federal Court of Australia follows multiple investigations by the Australian Securities and Investment Commission into various land banking and property schemes promoted by the pair.

Decade ban: Jamie McIntyre has been under investigation since 2015. Decade ban: Jamie McIntyre has been under investigation since 2015. Photo: Wayne Taylor

ASIC filed a substituted service of bankruptcy notice against Jamie Neville McIntyre and Dennis McIntyre on Monday along with six affidavits.

The pair have been under investigation since 2015 after Fairfax Media revealed the McIntyre’s property spruiking empire, 21st Century group, was targeting hundreds of vulnerable and financially unsophisticated Australian investors with the lure of huge rewards from high-risk “options” on yet-to-be-developed land projects.

Henry Kaye and Jamie McIntyre. Henry Kaye and Jamie McIntyre. 

As recently as March this year, the Federal Court moved to shut down companies connected to a controversial Pilbara property investment scheme marketed by Mr McIntyre.

Judge Michael Barker appointed KPMG as provisional liquidators to six companies run by Perth businesswoman Desiree Veronica Macpherson’s Macro Realty group.

In the past, Macro has been accused of running a $180 million property Ponzi scheme.

The case followed another Federal Court order in September 2015 banning Macro and Mr McIntyre from marketing and promoting a $100 million residential estate in Newman in the Pilbara.

Marketing for the estate included the tagline “Do you know how to buy Australian property, no money down?” and suggested the investment was essentially risk-free, a promise the court found was misleading and deceptive.

In October last year Mr McIntyre and his brother Dennis agreed to 10-year bans from providing financial services and managing corporations.

Federal Court judge Robert Bromwich found the McIntyre’s land banking schemes were unlawful unregistered managed investment schemes and labelled the pair “at the very least, completely financially incompetent”.

“Unless they acquire new skills and the capacity for diligence and competence in the 10 years during which they are now disqualified … each of them will be a menace to the investing public. There is no evidence to suggest that such successful reform is likely,” he said.

Jamie McIntyre was also the subject of an Australian Senate committee hearing in 2015 in which he was accused of being a “conman” and an “evasive witness” in a series of fiery exchanges with senators Sam Dastyari and Nick Xenaphon.

The self-styled financial educator and get-rich-quick promoter was also asked by the senators about his friendship and business interests with the notorious Belarus-born Henry Kaye, whose get-rich-quick property empire collapsed in 2003 owing 3500 investors up to $60 million.

Four of the McIntyre’s unregistered managed investment schemes were in Victoria: Botanica at 805 Archer Road in Kialla, Secret Valley Estate in Bylands, Bendigo Vineyard Estate & Resort, and Melbourne Grove Estate in Mount Cottrell. The fifth was Townsville’s Oak Valley Lakes Estate & Resort.

Sydney property developer 21st Century Group Pty Ltd is not associated with Mr McIntyre’s 21st Century.

 

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