statements that are misleading or deceptive.

There is a lot in the media today relating to Trilogy Funds Management for issuing misleading product disclosure statements (PDSs)
ASIC has placed interim stop orders on the product disclosure statements and associated advertising for Trilogy Monthly Income Fund and Trilogy Melbourne Office Syndicate – Cheltenham.


According to ASIC Premium Income fund investors have also experienced statements that are misleading or deceptive.


http://www.nsxa.com.au/ftp/news/021727096.PDF
ASIC’s originating application seeks final relief in the form of a declaration that through the issue of the
Notice of Meeting and Explanatory Memorandum dated 6 May 2013, Wellington Capital sought to attempt
to wind up the Fund and/or attempted to effect a retirement or partial retirement as responsible entity of the
Fund.
It is also seeking a declaration the Notice of Meeting of 6 May 2013, the Supplementary Explanatory
Memorandum and recent NSX releases released by Wellington Capital relating to the decision of the Full
Court of the Federal Court, contain statements that are misleading or deceptive.
The Board of Wellington Capital as responsible entity of the Premium Income Fund have considered the
issues raised by ASIC and without any admission have determined it not to be in the interest of Unit holders
to contest the Federal Court Proceedings. ASIC has been advised accordingly. Wellington Capital as
responsible entity of the Premium Income Fund has resolved to cancel the meeting of 6 June 2013 which was
adjourned to 14 June 2013.


Are Fund managers finally coming under real scrutiny? Has the pending senate inquiry given ASIC a well overdue nudge?
Interesting days.