The mastermind of a suspected Pilbara Ponzi scheme, Veronica Macpherson, is trying to establish a new property business, despite being permanently banned from providing financial services.

Key points: Veronica MacPherson's previous business collapsed owing investors $285m

Veronica MacPherson's previous business collapsed owing investors $285m She was investigated for spending money on expenses including lavish parties

She was investigated for spending money on expenses including lavish parties Now she is looking to establish a new business that is subject to different regulations

Ms Macpherson is behind a new cooperative enterprise which aims to develop housing for Pilbara workers and commercial property projects.

It comes just three years after the collapse of her Macro group of Pilbara property development companies, with creditors owed more than $285 million.

Allegations of forgery, irregular property transactions and manipulation of financial records were last year referred by her liquidator, Hayden White of KPMG, to the corporate watchdog, which is still investigating Ms Macpherson and some of her former associates.

Mr White's investigations found she spent investors' money on "questionable transactions", including trips to Sir Richard Branson's private Caribbean island and lavish, razzle-dazzle parties to woo South-East Asian investors.

While Ms Macpherson's international travel has been curtailed with her passport in the hands of her bankruptcy trustee, her latest venture — the Pilbara Liveable Cities Cooperative — was approved by the WA Government in November last year.

She has registered a distributing cooperative, meaning profits are dispensed to members.

Cooperatives are regulated by state governments and not ASIC.

New scheme targets FIFO jobs

Ms Macpherson told the ABC that the cooperative enterprise would help her deliver her goal of providing liveable cities in the Pilbara, so fly-in, fly-out (FIFO) workers would not be necessary.

This is a similar pitch she used on Macro investors to encourage them to lend her money for housing developments in Newman and Port Hedland.

"I am supporting a number of developments who can't raise finance," she said.

"Everyone's looking to me for a solution."

Veronica Macpherson with Virgin billionaire Richard Branson on his Necker Island resort in 2016. ( Facebook: Maverick Events )

But her ambitions to restart a property business in the Pilbara via a cooperative business model could be thwarted by ASIC.

An ASIC spokesman said the watchdog believed Ms Macpherson's ban on providing financial services prohibited her from dealing in or advising on financial products of a cooperative, so she was not allowed to arrange any investment in a cooperative or provide financial advice on making such an investment.

He said ASIC had advised Ms Macpherson of its opinion.

Bankrupt status prevents control of cooperative

Ms Macpherson's status as a bankrupt also prevents her from being a director or being directly or indirectly involved with managing a cooperative, under WA laws.

Documents lodged with the WA Government show Ms Macpherson is not a director of the enterprise.

What is a Ponzi scheme? Ponzi schemes often have little or no real investments or assets

Ponzi schemes often have little or no real investments or assets Investor returns are paid from money generated from later investors in the scheme

Investor returns are paid from money generated from later investors in the scheme Warning signs include a rate of return on an investment that's too good to be true

Warning signs include a rate of return on an investment that's too good to be true Eventually the scheme falls apart

But Ms Macpherson has made it clear to the ABC that the cooperative is her business, saying she was responsible for writing the rules and disclosure statement submitted to the WA Government.

The statement outlines the cooperative's purpose as to "foster sustainable, liveable, Pilbara communities that improve amenity, promote wellness and diversify local economies".

Ms Macpherson described it as a social enterprise, involving some people who had been involved with Macro.

"Like me, they don't work for money, they work for a cause," she said.

"They are people I have worked with in the past. They were on the Macro team or worked with the team at some point."

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 47 seconds 47 s The marvellous parties of a suspected Ponzi scheme

Ms Macpherson said that ASIC's pursuit of her was "personal" and that the cooperative could give her a way of earning a living within the restrictions of her bankruptcy and corporate bans.

But the cooperative currently had no members because ASIC had advised her against promoting it.

"I will be a member and a service provider — marketing and corporate advisory for the businesses and developers that we support — until such time as my bankruptcy comes to an end," she said.

She has also suggested to Macro investors — who were predominantly from Malaysia and Singapore — in a quarterly newsletter that the enterprise could help them get their money back.

"Considering the number of people that we have interested in lending a helping hand through our cooperative model, plus the inbound inquiry I am receiving from institutional fund managers, we believe that inside of 12 months from now investors will receive their capital back, with outstanding interest following in the next twelve months," her newsletter said.

Ms Macpherson led tours of the Pilbara for Macro's Malaysian and Singaporean investors. ( Supplied )

Business 'not in keeping with the spirit of a cooperative'

The disclosure statement outlines the membership structure of her cooperative:

"Custodians", who provide property development, management and maintenance services, as well as health and wellbeing services for FIFO workers

"Custodians", who provide property development, management and maintenance services, as well as health and wellbeing services for FIFO workers "Pioneers", who will use these services, and "Champions", who will fund the services.

"Pioneers", who will use these services, and "Champions", who will fund the services. "Custodians" pay $100 a share and have full voting rights, "Pioneers" will pay annual investment fees of between $120 and $12,000 for no voting rights, while "Champions" can buy a Cooperative Capital Unit, a fundraising vehicle, for $1000 and limited voting rights.



But an Australian expert on cooperatives, Professor Tim Mazzarol of UWA Business School, said this structure was not in keeping with the spirit of a cooperative.

Ms Macpherson described ASIC's pursuit of her as 'personal'. ( Linkedin: Veronica Macpherson )

"I see this model as a way to create an "Investor Owned Firm" model for the Custodians and Champions, without the relative complexities of doing this under the Corporations Act and ASIC scrutiny," he said.

Professor Mazzarol described cooperatives as a hybrid business, sitting somewhere between the traditional investor business and a not-for-profit.

He said cooperatives were democratic businesses established to solve a social or economic problem.

Their key principles include every member owning an equal share and having a business relationship with the cooperative, as well as working towards a common social and economic purpose.

"One of the reasons why they are so valuable is that are locally owned and empower a lot of communities," he said.

Professor Mazzarol said it was difficult for state agencies to monitor the activities of cooperatives.

"In comparison to ASIC, it is less likely that that these registrars will have the expertise or the capacity to apply the necessary regulatory and due diligence to the operation of this type of venture," he said.

A spokesman for the WA Department of Mines, Industry Regulation and Safety declined to comment on whether the cooperative was under investigation but said the onus was on the individual and the cooperative to comply with the laws.