Liquidator appointed for Perth licensee

financial-planning/ASIC/AFSL/

25 August 2015
| By Malavika |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 2 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 1 day ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

1 week 6 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND