ASIC to lead Westpoint compensation fight
Tony D'Aloisio
The Australian Securities and Investments Commission has announced it will take legal action on behalf of investors in the Westpoint Group seeking compensation for their failed investments.
The regulator said it believed the legal action, over a number of phases, if successful could provide benefits to as many as 3,600 of the 4,300 investors in the failed property scheme.
ASIC chairman Tony D’Aloisio said that Westpoint was a case where ASIC believed that the conduct of those involved fell short of what the law expected.
“We consider there is a clear public interest in using ASIC’s powers to pursue compensation for Westpoint investors,” he said.
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