Park Trent trial set for April NSW Supreme Court hearing

ASIC's Park Trent trial is set to be heard over the course of four days commencing 7 April 2015.

ASIC commenced its proceedings in the Supreme Court of New South Wales seeking orders to prevent the property investment promoter from carrying on an unlicensed financial services business.

Park Trent’s business promotes the use of self-managed superannuation funds (SMSFs) to purchase investment property.

ASIC alleges in the contested matter that that Park Trent was unlawfully carrying on a financial services business without an Australian financial services (AFS) licence.

ASIC understands that Park Trent has advised at least 500 members of the public to establish and switch funds into an SMSF which are then used to purchase investment properties that are owned or promoted by Park Trent companies.

It has not gone all to plan for ASIC in the court. 

At the directions hearing on 15 December 2014, ASIC's application sought, amongst other things, orders restraining Park Trent from carrying on a financial services business until the hearing of ASIC's application for final relief.

But ASIC's interlocutory application was not determined with orders made expediting the trial of the proceedings.