ASIC moves to shut down ‘financial mentor’
The Australian Securities and Investments Commission (ASIC) has applied to wind up companies associated with “financial mentor” Andrew Carr, of Ashgrove in Brisbane.
The companies are Nimshay Pty Ltd, trading as Superior Wealth Creation and Superior, Bay Investments Pty Ltd, Baynoosa Pty Ltd, Lenlil Pty Ltd, Baylink Investments Pty Ltd and Nimshay Holdings Pty Ltd.
ASIC also applied for a declaration that Carr carried on a financial services business without holding an Australian Financial Services Licence and an injunction permanently restraining him from doing so in future.
At hearings on July 24 and 26, ASIC was granted leave to apply for winding up of the companies.
Existing freezing orders against Carr and the companies, first obtained in June, were extended with a variation allowing the receivers and managers of the companies, Ian Hall and Stephen Longley of PricewaterhouseCoopers, to deal with the assets.
On July 27, ASIC filed an amended application seeking the winding up of the companies and the declaration and injunction against Carr.
The matter will return to court on August 18.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
