Liquidator appointed for Perth licensee
The Federal Court of Australia has appointed a Perth partner of Ernst and Young as a provisional liquidator of a Perth-based private investment company and its associated business after complaints of fraud.
The Australian Securities and Investments Commission (ASIC) lodged an application against Mulato Nominees and Oceanic Asset Management after complaints were made to ASIC and the West Australian Police Services Major Fraud Squad by several UK-based investors.
Oceanic Asset Management (OAM), which holds and Australian financial services licence and is licensed to give advice to wholesale clients, was running many unregistered managed investment schemes.
The owners, David and Jeanette Jones, took their own lives in June after admitting in a suicide note that had been defrauding investors for years.
Ernst and Young's Vince Smith has been appointed the provisional liquidator of OAM, Oceanic Equities, Australian Global Capital, Mulato Management Services, Mulato Nominess, and Ridgeway House.
ASIC has also obtained asset preservation orders, and appointed HLB Mann Judd as a trustee of Jones' estate, including his residential property.
ASIC's investigation into OAM and its associated entities is continuing.
AUTHOR
Malavika Santhebennur
Recommended for you
Original bidder Bain Capital, which saw its first offer rejected in December, has returned with a revised bid for Insignia Financial.
Preliminary results from Wealth Data for the 2024 calendar year have unveiled which licensees reported the highest growth and losses in adviser numbers.
As Capgemini recommends artificial intelligence be used for hyper-personalised advice strategies, two professionals explore the impact it is having on advisory practices.
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
