Court orders closure of illegal schemes

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AUSTRALIA - Two illegal unregistered managed funds, known as the Super Save Superannuation Fund and Integrity Plus Unit Trust, will be wound up, following an order from the Supreme Court of New South Wales.

An investigation by the Australian Securities and Investments Commission (ASIC) uncovered more than A$22m (US$20.9m) of what ASIC believes to be Super Save and Integrity Plus investor contributions...

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