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ASIC v Maxwell [2006] NSWSC 1052

Facts: Two groups of companies (ProCorp Investments and Central Development) placed advertisements in various suburban Sydney newspapers soliciting funds from the public in the form of loans for various building development projects in NSW. The newspaper advertisements referred to an offer of securities that was likely to induce people to apply for the loan agreements. The investments promised returns of 30% p.a. and were described as ‘secured and guaranteed’ (whereas most were simply unsecured loans).

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