Time is running out for consumers to claim refunds against an unlawful Australia-wide pyramid selling scheme known as Golden Sphere.
"Consumers who lost money in the scheme have only until 4p.m. on 12 June 1999 to lodge their application for a refund," ACCC Chairman, Professor Allan Fels, warned today. "Under arrangements following Australian Competition and Consumer Commission action, the Federal Court ordered that Golden Sphere International Inc, Pamela Joy Reynolds and Victor Michael Cottrill refund up to $550,000 to people who took part in the scheme.
"The Court decided that people who joined the scheme by buying a "certificate of authenticity" and made payments to Golden Sphere, and other persons named on the certificate, are entitled to claim a refund of up to a maximum of $150 per membership. Investors who opted out of the proceedings by the filing of an opt-out notice with the Court are not entitled to claim a refund.
"The Court established a fund, administered by Insolvency and Trustee
Service Australia, to which claims for refunds are to be made. Advertisements were placed in major newspapers in December 1998 inviting eligible participants to contact ITSA to make a claim for refund by no later than 4 p.m. on 12 June 1999.
"The deadline of 4 p.m. on 12 June 1999 is fast approaching. Any person wishing to claim a refund who has not already done so should contact ITSA urgently," he said.
Claiming a Refund
Claimants must complete a statutory declaration in the required form. They can obtain the form: by contacting ITSA by phone on 07 3360 5430 by calling the free fax-back service on 07 3360 5430; or on the ACCC home page at http://www.accc.gov.au
The completed form must be lodged with ITSA by no later than 4p.m. on 12 June 1999 at:
The Trustee of the Golden Sphere Fund
Insolvency and Trustee Service Australia
PO Box 10443 Brisbane Adelaide Street
Brisbane QLD 4000