Sonray Capital founders grounded
The founders of Sonray Capital Markets have been grounded while investigations into the advice firm’s collapse continue.
Former chief executive and co-founder Scott Murray has given an undertaking to the Federal Court in Melbourne that he will not leave Australia until further order without the consent of the Court, following an application from the Australian Securities and Investments Commission (ASIC). Director and co-founder Russell Johnson has handed his passport to ASIC and given an undertaking that he will provide ASIC with no less than 14 days’ notice of any intention to travel outside Australia.
The regulator stated that Murray had also consented to an order that he provide ASIC with an affidavit of his assets and liabilities.
Voluntary administrators Ferrier Hodgson have frozen investor funds, and law firm Slater & Gordon is investigating possible legal action on behalf of some of the 4,000 investors affected.
The Financial Planning Association (FPA) is also investigating the circumstances in the collapse of what Slater & Gordon referred to as “another Opes Prime”.
Recommended for you
The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would affect financial advisers.
Nearly seven in 10 HNW-focused advisers view alternatives as the asset class that will be fundamental to meeting client demands in the future, according to Praemium.
The Perth-based advice practice has welcomed a private wealth adviser and senior paraplanner to its ranks amid its strategic shift towards wealth transfer strategies.
The number of members expelled from the Australian Financial Complaints Authority almost doubled between 2023 and 2024, according to internal data.
