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
The Compensation Scheme of Last Resort says it has received over 200 claims for compensation relating to personal financial advice since its inception and detailed the specific recurring issues being raised by claimants.
Two financial advisers have shared with Money Management why they opted to specialise in certain client niches when setting up their own business.
Insignia Financial has reached a major milestone in completing the separation of MLC Wealth from NAB, having acquired the firm back in 2021.
There could be changes ahead for how ASIC requires licensees to handle conflicts of interest as the corporate regulator announces it will be meeting key stakeholders next year to update guidance.
