Australia's financial watchdog has filed bankruptcy proceedings against notorious property spruiker Jamie McIntyre and his brother Dennis.

The move to bankrupt the McIntyres in the Federal Court of Australia follows multiple investigations by the Australian Securities and Investment Commission into various land banking and property schemes promoted by the pair.

Decade ban: Jamie McIntyre has been under investigation since 2015. Credit:Wayne Taylor

ASIC filed a substituted service of bankruptcy notice against Jamie Neville McIntyre and Dennis McIntyre on Monday along with six affidavits.

The pair have been under investigation since 2015 after Fairfax Media revealed the McIntyres' property spruiking empire, 21st Century group, was targeting hundreds of vulnerable and financially unsophisticated Australian investors with the lure of huge rewards from high-risk "options" on yet-to-be-developed land projects.