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land banking

ASIC has commenced proceedings in the Federal Court of Australia to wind up a land banking scheme known as the VKK Investments Unit Trust (VKK scheme), as well as the trustee and operator of the scheme, Gem Management Group Pty Ltd (Gem).

BIScom Subsection: 

Long long ago, there was a phrase circulating among money laundering investigators that in every money laundering scheme, there is a lawyer. The Financial Conduct Authority, in an action in the Central Criminal Court, has proved that you can't run a property fraud unless someone is doing the paperwork and, in the UK, that's likely to be a solicitor.

An English solicitor has been struck off the Roll following "gross recklessness." He acted in a land-banking scam.

CoNet Section: 

Even though the UK classifies land-banking as a collective investment scheme and regulates it as such, the Insolvency Service says that far too many people are losing their money in such schemes

BIScom Subsection: 
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