An interim travel restraint order was also made against Tony Iervasi.

An Australian court has frozen the assets of an investment manager and several affiliated parties after the country's financial regulator alleged they were running an unregistered investment scheme. 

Following an application by the Australian Securities and Futures Commission, the Supreme Court of New South Wales made interim orders against Courtenay Capital Trading, Courtenay House and a number of other parties, ASIC said in a statement. The firms have also been restrained from carrying on a financial services business.

The orders come amid ASIC's investigation into Courtenay House. ASIC is looking to “protect the interests of parties who have invested through these companies,” it said. 

The parties subject to the orders are: Courtenay House Trading; Courtenay House; Proactive Property Services; Sipina Enterprises; TheNowGroup.com.au; Tony Iervasi, director of the Courtenay House companies and Proactive Property Services; David Sipina, director of Sipina Enterprises and Courtenay House Trading; and Athan Papoulias, employee of Courtenay House Trading and director of TheNowGroup.

ASIC claims there could be as much as A$25 million ($18.8 million) in frozen assets held by Courtenay companies and their affiliates. 

Until 27 April 2017, Courtenay House Trading was the investment manager of a registered managed investment scheme known as the Courtenay House Capital Investment Fund. On that date, Australian Mutual Holdings, the responsible entity for the fund, terminated Courtenay House Trading's position as investment manager. 

The interim orders are valid until 4 September 2017, when the matter will next appear in court. 

“ASIC’s investigation is at an early stage and ASIC will not be making any comment in relation to its investigation at this time,” the watchdog said.