ASIC secures costs against Sherwin
The Australian Securities and Investments Commission (ASIC) has been awarded costs relating to an interlocutory application made by a banned adviser.
The Federal Court of Australia ruled that an affidavit provided by former Wickhams Securities chairman, Bradley Sherwin, had failed to "accurately disclose" the relevant financial circumstances, meant his application was "doomed to fail".
Court documents reported that ASIC incurred costs when it was required to test Sherwin's affidavit, by seeking leave to issue subpoenas to the relevant addressees and then examine the documents produced by the addressees.
"Mr Sherwin's interlocutory application is not simply an application which raises issues where minds might legitimately differ about a question that requires judicial determination," the Court said.
"The application was doomed to fail once it became clear that the relevant financial circumstances had not been disclosed.
"Mr Sherwin may well have elected to seek dismissal of the application due to the stress and anxiety he was experiencing about it.
"Nevertheless, the material he assembled in support of the application was substantially inaccurate by omission and he sought to rely upon that material to secure particular orders from the court."
The court revealed that Sherwin was charged with "threats to murder" on 24 April 2014, and his affidavit revealed that on 17 January 2013 he made and attempt on his own life.
Earlier this year Sherwin was charged on 34 charges relating to fraud, relating to self-managed superannuation fund and former clients of Sherwin Financial Planning, who which he was a director.
AUTHOR
Nicholas O'Donoghue
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