A GOLD Coast businessman behind the collapse of an investment company responsible for $750 million has had his assets frozen and surrendered his passport.
The Australian Securities and Investment Commission is investigating the fall of LM Investment Management, which managed funds for 12,000 international and domestic investors before it went into administration in March.
The Queensland Supreme Court on Friday made an order restraining company founder Peter Drake's international travel and freezing his assets.
The order prevents Mr Drake from selling any assets except for his Mermaid Beach home.
The beachside property is expected to be sold on Sunday, with surplus sale proceeds going into his solicitor's trust account.
The proceeds cannot be used without a court order, ASIC said in a statement on Friday.
Receivers appointed to Mr Drake's property will be required to secure all assets held by the businessman and report to the Supreme Court, ASIC stated.
The case will come before court again on October 9.
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