Brisbane’s riverfront is about to welcome Queensland’s most ambitious wellness living precinct, with <a href="https://www.apartments.com.au/developers/kokoda-property">Kokoda Property Group</a> unveiling nearly 12,000 sqm of dedicated health, fitness and social amenity within its $1.5 billion Teneriffe Banks development, the largest of its kind in the state.&nbsp;

Australia is now the four largest market in the USD 584 billion Global Wellness Real Estate sector, and <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a> is setting the benchmark locally, offering residents a complete lifestyle precinct that balances wellness, community and luxury.

From rooftop wellness retreats and 5-star co-working spaces to curated retail and dining, lush green spaces and riverfront walkways, the development has been designed as an ecosystem for modern living. Community gardens, a riverfront amphitheatre and community centre further anchor Teneriffe Banks as a destination that connects residents and the wider community in a way Brisbane has never seen before.&nbsp;

Each of the four residential buildings offers an expansive rooftop retreat featuring infinity pools, mineral plunge pools, hydrotherapy zones, and steam and sauna suites. These spa-level amenities eliminate the need for external memberships, seamlessly integrating exercise, recovery and relaxation into daily life.&nbsp;

[smartcode_project:default project_id=139896 project_image_fid=352274]

Residents of Teneriffe Banks will enjoy exclusive access to The Canopy Club, one of Brisbane’s largest private members' venues. Drawing inspiration from international icons like Soho House but uniquely tailored for Brisbane, the club will feature private dining rooms, a wine cellar and tasting lounge, library, cinema, sports simulator and five-star work spaces, overlooking the Brisbane River.&nbsp;

Complementing this lifestyle is Banks Athletic, a private, residents-only health club offering personalised fitness and holistic wellness programs.

The precinct will also be home to Brisbane’s first five-star Kimpton Hotel Urban Resort, offering guests access to a luxury spa, a fitness centre, signature restaurants, pool club, rooftop cocktail bar and large-scale event spaces. Also forming part of the masterplan is a proposed reimagined marina and landscaped green spaces and gardens among a curated collection of waterfront restaurants, laneway cafes, and boutiques — creating a complete live, work, play lifestyle.&nbsp;

[smartcode_project:default project_id=139896 project_image_fid=295098]

A recent report by Global Wellness Institute found Australia boasts one of the world’s fastest-growing wellness economies, growing at an annual rate of 7.5 per cent from 2019-2023.

“Luxury living today is about more than just design, it is about how well a place supports mind, body and connection,” said Kokoda Property Group Founder and Managing Director, Mark Stevens.

“With Australia now ranked among the world’s top five global wellness real estate markets, Teneriffe Banks has been designed to meet that growing demand. By blending curated wellness spaces with riverfront greenery and vibrant community amenities, the precinct will set a new benchmark for holistic urban living.”&nbsp;

Stephens said that wellness-focused design is resonating strongly with downsizers and lifestyle-driven buyers alike.&nbsp;

“We’re seeing overwhelming interest from buyers who are drawn to the idea of expansive amenity beyond their own residence, particularly those seeking space without the upkeep. The ability to enjoy a sunrise coffee by the rooftop pool, or build movement and recovery into their daily routine without leaving home, is a drawcard. Low maintenance, high impact living is what today’s market is looking for, and that’s exactly what Teneriffe Banks delivers."

[smartcode_project:default project_id=139896 project_image_fid=352273]

Set across five architecturally distinct buildings, Teneriffe Banks will deliver over 200 residences, ranging from apartments to modern penthouse residences and woolstore-inspired lofts, each crafted by <a href="https://www.apartments.com.au/architects/studio-mccue">Studio McCue</a>, in collaboration with <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker Architects</a> and <a href="https://www.apartments.com.au/architects/carr-design">Carr</a>.&nbsp;

Further reflecting its commitment to fostering an active, connected lifestyle along the river, Teneriffe Banks is now the naming partner of the Brisbane Marathon Pacers, now known as the ‘Tenerrife Banks Pacers’. The Brisbane Marathon hosts over 10,000 participants from around the world and is only growing in size.&nbsp;

[smartcode_project_cta:default project_id=139896]

Joel Robinson

Kokoda's Teneriffe Banks introduces Queensland’s largest residential wellness offering

Summary:&nbsp;

<ul type="disc">
	<li>A new&nbsp;Golden Age Cinema&nbsp;with multiple screens and creative performance spaces</li>
	<li>Approximately&nbsp;60 metres of retail frontage&nbsp;along Oxford Street for small-scale, street-activating businesses</li>
	<li>53 apartments, including 15 affordable housing apartments</li>
	<li>Landscaped public connections between South Dowling and Verona streets, improving walkability and accessibility.</li>
</ul>

<hr />
&nbsp; 
Developer WT Malouf has confirmed plans to transform the much-loved Verona Cinema site on Oxford Street in&nbsp; Paddington into a new mixed-use destination centred on culture, creativity and community.

The proposal, a State Significant Development Application (SSDA), will deliver a balanced mix of uses including 53 apartments, including 15 affordable, a new Golden Age Cinema with multiple screens and creative performance spaces, and several small-scale, street-activating businesses across its 60 metres of retail frontage.

The development will retain the Verona’s iconic brick façade, recognising the building’s role in Paddington’s cultural life for nearly three decades.

<img alt="Verona" data-entity-type="file" data-entity-uuid="efed0828-5cc4-4d77-a6df-83e7fa5d24ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-03%20at%209.19.31%E2%80%AFAM.png?VersionId=xHbLRgjfTSkScuLsLW_nRjX0Zi5Cwalo" />

WT Malouf has entered into exclusive arrangements with the operators of Golden Age Cinema &amp; Bar, a much-loved Surry Hills institution named among the Top 100 Cinemas in the World by Time Out. Golden Age will bring four screens and versatile creative spaces back to Paddington, helping to anchor Oxford Street’s future as a cultural and entertainment corridor. 
&nbsp; 
“At a time when Sydney is losing suburban cinemas, we’re committed to creating a bigger and better cinema experience for Paddington,” said Jack Joseph, Director at WT Malouf.

“Golden Age’s arrival will ensure Oxford Street continues to be a home for independent film, live performance and community events.” 
&nbsp; 
The project has been designed in line with the City of Sydney’s Oxford Street Cultural and Creative Precinct strategy, which encourages new investment in cultural space, night-time economy and creative industries. It also aligns with the NSW 24-Hour Economy Strategy, contributing to the revival of Oxford Street as a safe, vibrant and connected cultural precinct that operates by day and night.

<img alt="Verona" data-entity-type="file" data-entity-uuid="ac1895bd-d09f-4cf6-aed4-9a2739c2d9b2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-03%20at%209.19.45%E2%80%AFAM.png?VersionId=NcwfjdR0oF5xPbatoSGOR4oWAZm9yJJT" /> 
&nbsp; 
“This development is about more than apartments,” Joseph said. “It’s about contributing to Oxford Street’s restoration as one of Sydney’s great cultural boulevards, where people come to live, create and socialise.” 
&nbsp; 
‘’The new Verona is a once -in-a-generation opportunity to restore this important part of Oxford Street,’’ said Tim Greer, Director of Tonkins Zulaikha Greer (TZG). 
&nbsp; 
Alongside cultural and creative space, the Verona development will deliver new housing in one of Sydney’s most tightly held suburbs. 15 apartments will be set aside as affordable rental homes for essential workers, ensuring Paddington retains a diverse and connected community. 
&nbsp; 
The project is expected to be determined by the NSW Department of Planning, Housing and Infrastructure in 2026, with construction planned to start later that year and delivery within three years.

Paddington’s Verona Cinema set for luxury apartment transformation and new Golden Age Cinema

The Chatswood CBD is the latest city centre in the cross hair of the Minns Labor Government's push to support new housing.

They're pushing for up to 1,500 apartments on the former Sydney Metro construction site, which will include 180 build-to-rent apartments for essential workers, as well as new retail and commercial spaces and outdoor areas.

<img alt="Chatswood" data-entity-type="file" data-entity-uuid="ec539e11-accf-4844-bbce-1b453e0ee907" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-03%20at%209.09.58%E2%80%AFAM.png?VersionId=64L8ymb0LbjKbxcmvUux9TI9qXL8hnkR" />

The remaining mix will be build-to-sell, and incorporate affordable housing. The development will see the adaptive re-use of local heritage building Mowbray House, which operated as a boarding school from 1906 to 1954, for future community use.&nbsp;

Construction on the site is expected to start in late 2026, with the first essential workers expected to move in by late 2028.

Landcom is inviting feedback on the proposal from the community and stakeholders until 9am, Monday 27 October 2025.

<img alt="Chatswood" data-entity-type="file" data-entity-uuid="01cc2e55-a585-4a3f-afb2-bb6213dc59b8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-03%20at%209.09.18%E2%80%AFAM.png?VersionId=ZaaHSI.h_CLRCYloljNdXSa4eigU6vae" />

The Chatswood site is the second&nbsp;to be secured under the Minns Labor Government’s $450 million investment in Landcom to deliver 400 build-to-rent homes for essential workers in Sydney, with 220 essential worker homes already being delivered in Annandale.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

Work is also underway on new build-to-rent apartments on the NSW south coast and work is set to start later this year on new build-to-rent housing in Lismore to boost rental supply in the NSW Northern Rivers.

Premier of New South Wales Chris Minns said essential workers are the backbone of not only Sydney but all of NSW and they deserve to have an affordable place to live near their job and community.

“This will be life changing for essential workers, who will get to live not only near their job but in one of the best-connected areas in all of Sydney.”

Minister for Planning and Public Spaces Paul Scully said people should be able to live, work, relax and play all within one community.

"Delivering both 180 new essential worker homes and 1300 further market and affordable homes will give that opportunity and choice back hundreds of people.

“We’ve dedicated another 180 homes to essential workers in this project so workers like our teachers, nurses, paramedics and police offices can build a life close to both their home and job.

“This is yet another example of density done well, providing additional, homes and jobs in an area that’s already well serviced by public transport, shops, restaurants, schools and health centres.”

&nbsp;

&nbsp;

Landcom CEO Alex Wendler said this is a highly productive time for Landcom where we are sustaining strong momentum across our entire delivery program.

"Here at Chatswood, we are leading the development of a major city precinct to do density well and make homes happen. This is a great example of Landcom making the government’s policy ambitions a reality and bringing to life the kind of housing options our city needs.”

Premier of New South Wales Chris Minns said essential workers are the backbone of not only Sydney but all of NSW and they deserve to have an affordable place to live near their job and community.

NSW Gov, Landcom plan 1,500 new apartments in Chatswood CBD

Dexus' push into the residential development space is moving down to Melbourne, with the real estate asset giant taking on a x at the southern end of St Kilda Road.

Dexus, who has recently starting developing luxury apartments in Sydney's Northern Beaches, is planning a 27-storey tower with over 400 new apartments at the intersection of St Kilda Road and Queens Road.

The proposal, now with VIC Planning, seeks to replace the ageing 19-storey former Cadbury office building at <a href="https://www.apartments.com.au/new-apartments/636-st-kilda-road-melbourne-vic-3004">636 St Kilda Road</a> with a contemporary high-density apartment complex designed by architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a>.

According to the Urban Context Report filed to VIC Planning, the development will respond to the site’s landmark location through a "refined and sculptural built form that mediates between the scale of St Kilda Road and Queens Road” while reinforcing “a sense of civic address at this prominent intersection.”&nbsp;

<img alt="First look: Dexus proposes 27-storey residential tower at 636 St Kilda Road" data-entity-type="file" data-entity-uuid="dfd2ebd1-e311-4348-9c7d-b3d73b64ade4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/St%20Kilda%20bldg.png?VersionId=_DHkdNAj1U3wcH0BX51t2MJYeIMrbG2w" />

The architectural design features active frontages, new pedestrian through-links and an extensive landscape strategy that integrates with the surrounding boulevard character.

The apartment mix is varied, comprising 40 studios, 87 one-bedrooms, 203 two-bedrooms, 66 three-bedrooms, and six penthouses, with each dwelling designed to meet the standards set out in Clause 58 of the Port Phillip Planning Scheme.&nbsp;

A key element of the proposal is a $9.6 million contribution, equivalent to three per cent of the project’s estimated development cost, to the Social Housing Growth Fund, aimed at supporting affordable housing outcomes across Victoria.

<img alt="First look: Dexus proposes 27-storey residential tower at 636 St Kilda Road" data-entity-type="file" data-entity-uuid="7f138f11-5277-461f-8d12-9533b2960586" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/St%20kilda%20rd%20site.png?VersionId=m_ZioKYhwkvekE3ZUF6y7bz.5_5yFPnZ" />

The site’s three street frontages, St Kilda Road, Queens Road, and Queens Lane, enable significant setbacks and design flexibility.

Bates Smart noted the proposal "reinforces the intent for St Kilda Road North to accommodate higher-density, mixed-use development,” leveraging its location near the soon-to-open ANZAC Station tram-rail interchange and the principal cycling corridor along the boulevard.

They emphasised&nbsp;the building’s role as a city-shaping gateway, writing that the proposed tower is “designed to contribute positively to the skyline and urban character of St Kilda Junction,” and would offer visual connections to key city landmarks, including Albert Park Lake and the Shrine of Remembrance.

Public realm upgrades are also proposed as part of the scheme, including a 138 sqm linear park, extensive landscaping, and around 188 metres of active frontages to enhance permeability and safety at the ground plane. A total of 449 car spaces and 120 bicycle spaces are planned across the four basement levels.

<img alt="First look: Dexus proposes 27-storey residential tower at 636 St Kilda Road" data-entity-type="file" data-entity-uuid="dfdbccd3-6954-417e-8543-c6b1f1b5df1b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/St%20KILDA%20rooftop.png?VersionId=.xI5fkVYETzG1WJaiOsOt8Yd4BgQx0DA" />

Dexus is positioning the project as a strategic redevelopment aligned with the St Kilda Road North Precinct Plan. The Planning Report by Urbis states that the distinct features of the site, the emerging context to its interfaces, and the surrounding policy context justify consideration of a taller building” despite the site being subject to Design and Development Overlay – Schedule 26 (DDO26).

St Kilda Road has been one of the most popular streets for residential development in recent years. The likes of Victoriana, The Muse, and St Boulevard are the most recently completed buildings, oriented to look over the adjacent Albert Park Lake, while Gamuda Land is currently developing <a href="https://www.apartments.com.au/new-apartments/fareham-st-kilda-95-st-kilda-road-st-kilda-vic-3182">Fareham</a>, and Hirsch &amp; Faigen has a building in the precinct they will soon launch, just off St Kilda Road on Queens Road.

First look: Dexus joins St Kilda Road apartment ranks with gateway tower proposal

Melbourne’s City Circle tram loops past a dense matrix of culture, education and commerce, but few intersections offer as much access in so little walking distance as the northern end of King Street.

Here, Aspire Melbourne rises 64 storeys from the edge of Flagstaff Gardens, with immediate connectivity to tram and train networks, and pedestrian access to Queen Victoria Market, Marvel Stadium and Melbourne’s major university precincts.

Developed by ICD Property with design by Fraser &amp; Partners, Aspire Melbourne brings 570 apartments to one of the CBD’s most spatially balanced positions, directly between civic green space and key employment infrastructure.

[smartcode_project:default project_id=2575 project_image_fid=248847]

Everything from retail and dining to sporting events, art, theatre, and festivals, or the serenity of the city’s gardens, is within walking distance of Aspire.

Melbourne's thriving coffee culture is showcased in the CBD's cobblestoned laneways, with popular cafes such as Brother Baba Budan, Krimper, Stagger Lee's, Higher Ground, and Manchester Press all nearby.

For culinary enthusiasts, Melbourne offers a variety of dining experiences. Highly recommended establishments include Maha, Farmer's Daughter, Coda, and MoVida Next Door, offering everything from Middle Eastern dinners to a night out.

[smartcode_project:default project_id=2575 project_image_fid=79443]

Getting around Melbourne is as effortless as finding a great cup of coffee, thanks to the city’s clean, reliable and extensive public transport network. Aspire’s curved tower is a short walk from Melbourne Central Station, Southern Cross Station and the Free Tram Zone, offering seamless connections across the CBD and out to suburban precincts.

This inner-city accessibility is complemented by Aspire’s rare proximity to green space. The tower directly overlooks Flagstaff Gardens, the city’s oldest park, with Fitzroy Gardens and the Royal Botanic Gardens also nearby, framing the CBD in natural beauty.

Just 11 minutes on foot, Queen Victoria Market adds another layer of amenity. A longstanding hub of culture and commerce, it offers fresh produce, gourmet foods, artisanal goods and vibrant multicultural fare, all woven into the daily rhythm of city life.

[smartcode_project:default project_id=2575 project_image_fid=79445]

To the west, the CBD’s entertainment quarter features Marvel Stadium, just 750 metres from Aspire, ideal for sports fans and major events.

To the south, Crown Casino along the Yarra River offers entertainment, dining and family-friendly activities, accessible in under 10 minutes by tram.

The Arts Centre Melbourne, a hub for visual art, theatre, music and performance, is also within easy reach by public transport or car.

[smartcode_project:default project_id=2575 project_image_fid=311]

For families looking to set up roots in the CBD, education options abound within a one-kilometre radius of Aspire.

The prestigious Haileybury opened its Melbourne CBD campus in January 2017 offering Melbourne's first Early Learning Centre to Year 12 private school campus in the CBD.&nbsp;

<a href="/developments/north-melbourne-vic-3051">North Melbourne</a> Primary School, South Melbourne Primary School, Ozford College, and Simonds Catholic College are among the other choices, while universities like Victoria University, La Trobe University, and Monash University are less than 600 metres away.

[smartcode_project:default project_id=2575 project_image_fid=79444]

A limited selection of one, two, and three-bedroom apartments remain for sale, with pricing starting from $647,000.

“The Melbourne CBD apartment market has evolved in response to both the strong growth of the overall city as well as the increasing attraction of the CBD which offers unique lifestyle appeal, especially to the fast-growing cohorts of young professionals and university students,” <a href="/project-marketer/colliers">Colliers</a>&nbsp;Managing Director Residential Tim Storey said.

[smartcode_project_cta:default project_id=2575]

On the fringe of Flagstaff Gardens: Aspire Melbourne's prime location

Financial Scam

<html><body>
ASIC has commenced civil proceedings in the Federal Court over what the corporate regulator claims is an unregistered Perth based managed investment scheme providing unlicensed financial advice.

The scheme has raised over $11 million for property development purposes.

The proceedings are against Ms Monica Kaur, MKS Property Investments/Developments Pty Ltd (MKS Property), Paradise Property Group Pty Ltd (Paradise Property) as well as against Mr Sadu Singh, Mr Melvin Paul Singh and Ms Stephanie Lee.

“ASIC is concerned that Ms Kaur is providing unlicensed financial advice services and that she, together with the defendants, are involved in promoting and operating an unregistered managed investment scheme,” ASIC advised.

On 16 December 2020, ASIC obtained urgent interim orders:  

- restraining the defendants from removing their assets from Australia, disposing of their property, and freezing monies in their bank accounts including in Singapore; and

- preventing Ms Kaur, Mr Singh and Mr Melvin Singh from leaving Australia.

ASIC alleges the defendants raised at least $11.3 million from around 300 investors during the period March 2017 to September 2020 through MKS Property. 

It is alleged that investors were encouraged to establish a self-managed superannuation fund (SMSF) and invest part or all of their SMSFs or other funds into property investments and developments set up by MKS Property and/or Paradise Property. 

These funds would be pooled together to invest in property development.

“ASIC alleges the defendants used investor funds, at least in part, for their own personal use and to pay returns to investors,” it claims.

On 17 December 2020, ASIC, with the assistance of the AFP, executed search warrants.

The orders are to remain until February 15.

ASIC’s investigation is continuing.
</body></html>

ASIC alleges the defendants raised at least $11.3 million from around 300 investors during the period March 2017 to September 2020 through MKS Property.

jchancellor

ASIC launch Federal Court proceedings over alleged unlicensed $11.3 million property development scheme

<html><body>
Rental and accomodation scams have spiked over the COVID-19 hit 2020, with a 76 per cent increase representing over $300,000 scammed so far this year.
According to Scamwatch, there have been 560 reports of rental scams in 2020, which itself is an increase of 56 per cent.
They suggest that many are using tactics related to COVID-19.
These scams target people seeking new rental accommodation by offering fake rental properties to convince people into handing over money or personal information.
“Scammers are offering reduced rents due to COVID-19 and using the government restrictions to trick people into transferring money without inspecting the property,” ACCC deputy commissioner Delia Rickard said.
The ACCC say that the scammer will post advertisements on real estate or classified websites or target people who have posted on social media that they are looking for a room.
After the victim responds, the scammer will request an upfront deposit to secure the property or phish for personal information through a ‘tenant application form’, promising to provide the keys after the payment or information is provided.
The scammer may come up with excuses for further payments and the victim often only realises they have been scammed when the keys don’t arrive and the scammer cuts off contact.
Some scammers will even impersonate real estate agents and organise fake inspections, victims will then arrive to discover the property doesn’t exist or is currently occupied.
“The loss of personal information through rental scams is becoming more common, with scammers requesting copies of identity documents such as passports, bank statements or payslips,” Ms Rickard said.
“Once a scammer has your personal information you are at risk of being targeted by further scams or identity theft.”
“Many people are also experiencing financial difficulties due to the pandemic and the financial impact of falling victim to a scam can be devastating,” Ms Rickard said.
People aged 25-34 reported the most rental scams so far in 2020, and the most reports came from NSW, VIC and the ACT.
“Try to view a property in person before paying any bond or rent money to landlords or real estate agents,” Ms Rickard said.  
“In areas of Victoria under COVID-19 level 4 restrictions this is not possible, but you can help protect yourself by doing an online search to confirm the property exists and, if dealing with an agent, checking that the agent you are dealing with is licensed.”
“Scammers often rely on email communications to avoid identification, do an independent search for a phone number and speak to the property manager over the phone or arrange a meeting in person,” Ms Rickard said.  
“Before making any payments ensure you are dealing with the licensed agent, if a scammer has your details they may impersonate a real estate agent and attempt to ‘follow-up’ requesting money after an inspection.”
 
</body></html>

jrobinson-rf4aSBido9

Rental and accomodation scams prey $300,000 from Aussies

<html><body>
Former financial adviser, Gabriel Nakhl, has been sentenced to 10 years imprisonment for engaging in dishonest conduct
He was convicted on eight charges (<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2018-releases/18-178mr-former-financial-adviser-convicted-for-dishonest-conduct/" target="_blank">18-178MR</a>), brought by ASIC, of engaging in dishonest conduct with investor funds, after being found guilty in the District Court of New South Wales.
According to ASIC, the conduct affected 12 investors while Mr Nakhl was a representative of Australian Financial Services Limited (in liquidation) and as sole director of SydFA Pty Ltd (deregistered).
The court found Mr Nakhl advised clients to set up self-managed superannuation funds and to invest their superannuation and other funds in products such as shares, managed funds and high interest rate bank accounts.
Rather than investing the 12 investors’ funds in these products, Mr Nakhl used these funds 'as he pleased' and for his own purposes.
Mr Nakhl then lied to the investors, telling them that he had invested their funds in accordance with his advice and that their investments were performing well.
Mr Nakhl also tried to cover up his wrongdoing by having these 12 investors sign documents that supposedly authorised Mr Nakhl to use the funds in the way he did.
These 12 investors allowed Mr Nakhl to invest approximately $6.7 million on their behalf. Mr Nakhl lost approximately $5.1 million of these invested funds.
'Mr Nakhl deliberately misled his clients and used their savings as he pleased. Clients should be able to trust their financial advisers. In this case, Mr Nakhl dishonestly and deliberately breached his clients’ trust. ASIC welcomes the sentencing decision handed down today,' said ASIC Commissioner Sean Hughes.
ASIC obtained orders against Mr Nakhl in February 2013, freezing his assets (<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2013-releases/13-023mr-asic-obtains-court-orders-against-sydney-financial-adviser/" target="_blank">13-023MR</a>). In April 2013, the amounts frozen in interim orders against Mr Nakhl were approximately $7.7 million.
In November 2013, Mr Nakhl was permanently prevented from providing financial services. He is also not allowed to manage a company until 2028 (<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2013-releases/13-313mr-sydney-adviser-removed-from-financial-services/" target="_blank">13-313MR</a>).  
 
</body></html>

j.ballantyne1990-6AQqhLzZaK

Former financial adviser Gabriel Nakhl sentenced to 10 years in jail: ASIC

<html><body>
A waterfront property in Sanctuary Cove in the Gold Coast belonging to failed Indian group Pearls, which was involved in a $10 billion Ponzi scheme, has been on the market for more than a year a deal for more than $4 million fell through. 
The 1019-20 Edgecliff Drive house was bought for $4.95 million in 2011, a year after Pearls picked up the Sheraton Mirage Hotel on the Southport Spit for $62.5 million.
The Sheraton was sold in January for $140 million and last year Pearls’ major Australian vehicle, which had been renamed the Mii group, exited its interest in a beachfront Surfers Paradise site, the Gold Coast Bulletin reported.
Last year, a caveat by the Queensland government temporarily blocked the sale of the Gold Coast Sheraton Mirage resort to help class action lawyers seeking to take control of it in the interests of Indian investors.
In 2009, before its collapse, India’s $10 billion failed Pearls Ponzi scheme brought more than $100 million of the scheme’s money to Australia, buying the Sheraton Mirage.
Pearls was spruiked in India by Australian cricketer Brett Lee, who was paid $300,000 for his services. It promised investors huge ­returns if they invested in land parcels across India.
It appears the net proceeds of the Pearls sales, including those from the Sanctuary Cove house, ultimately will end up with the Indian government for disbursement to investors caught up in the Ponzi scheme.
India’s financial markets watchdog, the Securities and Exchange Board of India, has been handling the selloff of Pearls assets, which in India have included a swag of properties and 79 luxury cars.
Last May, the fully-furnished Sanctuary Cove house didn’t sell at auction. It drew an unsuccessful top bid of $4.6 million.
Later, a $5.5 million tag was put on the house.
The agents marketing the home are tight-lipped but word is that multiple offers have followed from buyers wanting to tap into a rising Sanctuary Cove market but those offers haven’t found favour with SEBI.
The house is owned by Pearls Infrastructure Projects.
The five-bedroom house, bought for $3.7 million, has a lift, parking for six cars, and a jetty.
Pearls Infrastructure later increased the size of the land-holding to 1,700 sqm by spending $1.25 million on an adjoining lot and created a waterfront entertaining area, complete with marquee.
The Gold Coast Bulletin reported among the Pearls-related parties known to have used the Cove house included Barinda Kaur, daughter of Pearls founder Nirmal Singh Bhangoo.
Four years ago Barinda was involved in a legal wrangle after a company she owned failed to settle the $7 million purchase of the 64 Ferny Avenue office tower in Surfers Paradise.
The building subsequently sold to Chinese investors for $6.187 million.
Barinda’s father is facing charges over the Pearls collapse and was languishing in an Indian jail until he was transferred last year to a hospital.
He allegedly duped more than five million investors when the Pearls group promised them agricultural plots and healthy returns on their funds.
</body></html>

Indian ponzi group Pearls' Gold Coast waterfront house waits for buyer

<html><body>
A Gold Coast developer, who also runs a strip club in Hobart, has been arrested in connection with an alleged Ponzi scam.
Bradley Keith Silver of Hobart has been charged with fraud offences totalling $2.32 million following an investigation by market watchdog, the Australian Securities and Investment Commission.
Silver was arrested by the Australian Federal Police on July 20 and brought before the Brisbane Magistrates Court the same day. 
The ASIC has charged Silver with seven counts of fraud under s408C of the Queensland Criminal Code, which carry a maximum prison term of 12 years and six counts of dishonest use of his position as a director under s184 of the Corporations Act (maximum sentence of imprisonment of five years).
Silver was released on conditional bail to appear in the Brisbane Magistrates Court on 25 August, the ASIC said in a media release. His bail conditions include that he surrender his passport. 
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Between 2008 and 2010, Silver was the director of a Gold Coast property development company known as Capital Growth International Club Pty Ltd (CGIC) and associated with a company known as All About Property Developments Pty Ltd (AAPD). 
In February 2011, the companies were placed into liquidation owing investors about $9 million, the ASIC said.
The company, where unconventional “low-doc” loans were allegedly offered to clients as old as 98, was the subject of a Senate economics committee’s inquiry into bank practices in 2012 involving Westpac’s former Pacific Fair home lending manager David St Pierre.
The customers were promised "safe" returns of up to 20 per cent a year to invest in CGIC.
Silver also operates Hobart’s Men’s Galley and Launceston’s Show Girls, according to The Mercury. 
 
</body></html>

jonathanchancellor-7SQnKwU6yx

Developer charged with alleged Gold Coast ponzi scam

<html><body>
Nearly $30 million was paid to 1,347 customers who suffered losses after they were misled by financial advisers, while the securities watchdog banned 26 advisers for misconduct as of December 2016. 
These are the findings from a review by the Australian Securities and Investment Commission of how Australia's largest financial advice firms have dealt with past poor advice and non­-compliant advisers, including how these firms have dealt with affected customers. 
The review, which forms part of ASIC’s broader Wealth Management Project, was focussed on the conduct of the financial advice arms of AMP, ANZ, CBA, NAB and Westpac.
ASIC deputy chairman Peter Kell said the report, “sets out the significant work that has been done by the major financial advice institutions to implement large­-scale review and remediation programs to identify and remediate customers impacted by poor advice given in the past”. 
The review looked at: 
<ul>
<li>how the firms identified and dealt with non­compliant conduct by their advisers between 1 January 2009 and 30 June 2015</li>
<li>the development and implementation by the firms of large­-scale review and remediation frameworks to remediate customers impacted by non­compliant advice, and </li>
<li>the processes used to monitor and supervise the firms' advisers, focussing on background and reference ­checking, the adviser audit process and use of data analytics. </li>
</ul>
ASIC Report 515 Financial advice: Review of how large institutions oversee their advisers (REP 515) covers the key findings of this review.
He said that while financial advice institutions had done much to improve their practices and compliance, more work was needed to re­build consumer trust in the financial advice industry.
ASIC has identified a number of areas of concern where further improvements need to be made, including: 
<ul>
<li>failure to notify ASIC about serious non­compliance concerns regarding adviser conduct</li>
<li>significant delays between the institution first becoming aware of the misconduct and reporting it to ASIC</li>
<li>inadequate background and reference-­checking processes, and</li>
<li>inadequate audit processes to assess whether the advice complied with the 'best interest' duty and other obligations. </li>
</ul>
“It is critical that customers are able to get financial advice they can trust. ASIC expects internal processes to support core values of putting the customer first and where there are failings, for advice firms to act quickly to provide a response in the interests of their customers. This is a message for both large and small advice firms,” Kell said. 
“Strengthening breach reporting requirements will be an important issue in the current review of ASIC's enforcement powers announced by Government in October 2016,” he said. 
The Australian Bankers' Association's recently announced a Reference Checking and Information Sharing Protocol, that takes a more rigorous approach to checking and provision of adviser references. Financial institutions regularly use data analytics now to detect irregularities early and take action.
 
</body></html>

prateek24-ezbwHMbNAk

ASIC says $30 million paid to customers misled by wrong advice in its review of financial institutions

<html><body>
A woman whose Canberra house was stolen by overseas scammers has sued the ACT government to recoup her money.
The international fraudsters pocketed $430,000 when they sold the four-bedroom Canberra house in 2014 in a sophisticated scam spanning several months and countries, including South Africa, Australia and Indonesia.
The owner lived in South Africa at the time. 
The ACT Supreme Court has been told the thieves went to elaborate lengths to steal the MacGregor home, conning real estate agents, lawyers and a bank.
The fraudsters are yet to be caught two years after the fraud came to light after its 2014 sale.
"I have never given instructions to anyone to sell the property on my behalf. I never had any intention of selling the property as I wanted to keep it for as long as I could and then pass it on to my children," the victim said in an affidavit obtained by Fairfax Media.
The fraud stripped the victim of any right to the property, which was legally transferred to the innocent purchaser couple.
Registered real estate purchases made in good faith are protected by the ACT Land Titles Act.
The woman is now suing the ACT government for statutory compensation, seeking damages for the property value, stamp duty and legal costs along with lost rental income.
The government disagrees that she is entitled to recover damages from the government.
"The plaintiff has a remedy against the fraudster under section 154 of the Act and must first take action against him or her before she may take action against the defendant," the government said in its submission.
Associate Judge David Mossop has reserved his decision.
</body></html>

jchancellor-FAypfDUnLy

International scam victim sues ACT Government after home sale

<html><body>
Consumer regulators across Australia are launching a national video campaign against spruikers, who run get-rich-quick seminars.
<a href="https://www.youtube.com/v/srb0wYnyyWI" target="_blank">The national campaign</a>, has been promoted by the likes of Consumer Protection WA.
Its director of property industries Stephen Meahger said spruikers must comply with Australian consumer law.
"We always are concerned in any spruiking when you see a big, glossy ad or a full page ad in the paper that says that it's a free seminar," Mr Meahger told the ABC.
WA spruikers often teach their students how to set up rent-to-buy housing deals, which offers people who do not have a home deposit the option of purchasing a home after paying above-market rent for a set period of time.
Miles Larbey from the Australian Securities and Investments Commission (ASIC) said unscrupulous operators had been put on notice.
"ASIC assesses every report of misconduct it receives about such operators and there are serious consequences for property spruikers who break the law by providing unlicensed financial or credit advice," he said.
"ASIC strongly supports the campaign warning investors about property spruikers."
</body></html>

Financial Scam

Editor's Picks

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.

Financial Scam

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.