The Australian Securities and Investments Commission has moved to appoint receivers to an additional five unregistered property ventures associated with Melbourne company director Mark Ronald Letten.

On Friday 30 July 2010, ASIC obtained orders relating to a further five suspected schemes operated by Letten and companies associated with the schemes.

ASIC’s action follows the launch of an investigation into a number of unregistered schemes and aims to protect the interests of more than 1,000 individuals who invested about AUD80m.

The court found that three of the schemes were not registered, contrary to requirements under the Corporations Act, and subsequently ordered they be wound-up and a receiver and manager appointed.

Damian Templeton and Phillip Hennessy of accounting firm KPMG have been appointed receivers and managers of the scheme property and associated corporate entities.

KPMG’s role is to secure the assets, identify the investors and establish the current financial position of the schemes and the companies. As part of this role, KPMG is required to prepare disclosure reports regarding the above schemes by 27 August 2010.

ASIC alleges that Letten promoted and sold investments in commercial property joint venture projects that should have been registered as managed investment schemes under the Corporations Act.