While in a separate Supreme Court of Victoria matter, Floropoulos was alone earlier this year ordered to pay $380,000 plus interest back to two mum-and-dad investors who allegedly were convinced to invest in a bogus scheme, but had sunk the funds directly into a Commonwealth Bank account owned by Floropoulos’ former company, No Moo Pty Ltd.
But while the Supreme Court of Victoria matter was resolved with a tangible outcome, ASIC’s federal court action was discontinued last month without criminal charges being laid.
ASIC’s application began late last year seeking emergency orders to prevent Floropoulos and Podaridis from departing the country while the regulator probed the duo. Passports were seized, and after significant delay (and encouragement), both men responded to ASIC’s initial questions.
While ASIC told us its investigation into the men are ongoing, it also confirmed there are now no travel restrictions applying to them.
Lucky, as Floropoulos had to apply to have the orders varied already to travel from Melbourne to Los Angeles “for business purposes” for a fortnight at the end of June. God bless habeas corpus!
While Floropoulos enjoys the City of Angels, Podaridis ought to consider attending the Birmingham Commonwealth Games, given he has registered with the UK companies register an entity called Pramana Limited.
An Australian bank account tied to a similarly named local vehicle owned by Podaridis, Pramana Capital Pty Ltd, was suspected by ASIC according to…
