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ASIC obtains interim orders against sole director

Miranda Brownlee
19 August 2020 — 1 minute read

ASIC has obtained interim orders against a NSW based business and its director who allegedly obtained close to $7 million by cold calling consumers and using similar company names to an unrelated SMSF firm.

ASIC has successfully applied to the Federal Court of Australia for urgent interim orders against NSW-based PW Kitt Co Pty Ltd and its sole director Larry John Dawson (the defendants).

ASIC’s application was based on concerns that the defendants obtained almost $7 million in Australian investor funds by cold-calling Australian consumers by cold-calling Australian consumers and operating the websites smsfadvisory.com and pwkittco.com.


ASIC submitted to the Court that the defendants were using the same or substantially similar company and business names to an unrelated business SMSF Advisory Services Pty Ltd and P.W. Kitt & Co.

ASIC also alleges that the defendants used the Australian financial services (AFS) licence number of another company.

“ASIC remains concerned that the defendants appear to have no connection with those businesses and hold no licence or authority to deal in financial products or provide financial services,” the Corporate Regulator stated.

On 7 August 2020, ASIC obtained urgent interim orders:

  • To appoint receivers and managers to the property and assets of the defendants;
  • For the receivers to provide a report to the Court and ASIC within 42 days regarding the affairs of the defendants;
  • To stop the defendants from removing, dealing with or diminishing the value of property or assets, including funds in bank accounts held by the defendants; and
  • to restrain Mr Dawson from leaving Australia.

Michael John Hill, Anthony Norman Connelly and Katherine Sozou of McGrathNicol have been appointed as receivers and managers to the property and assets of the defendants. The receivers are required to report back to the Court concerning the affairs of the defendants by 18 September 2020.

ASIC has advised any person who is concerned that they have invested with the defendants to contact Patrick Cashman of McGrathNichol on (07) 3333 9800.

ASIC said it commenced the investigation as part of its response to the increase in financial scam activity arising during the COVID-19 pandemic.

“This action demonstrates ASIC’s readiness to take urgent action to protect vulnerable consumers in the current environment,” it said.

“The matter will return before the Court on 27 August 2020. ASIC’s investigation is ongoing.”


Miranda Brownlee

Miranda Brownlee


Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.

Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years. 

Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

You can email Miranda on: This email address is being protected from spambots. You need JavaScript enabled to view it.

ASIC obtains interim orders against sole director
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