Wespoint faces more ASIC trouble

Property developer Westpoint faces more ASIC action over a mezzanine fund it established to fund a 47 level tower in Brisbane. Ann Street Mezzanine Pty Ltd raised $72 million from 800 investors when the company's information memorandum said only $25 million would be raised. The action follows similar moves by ASIC last month against another Westpoint company York Street Mezzanine.