Storm founders face Federal Court today
The founders of collapsed advisory group Storm Financial are expected to give evidence today in a hearing in the Federal Court in Brisbane.
The hearing has been funded by the Australian Securities and Investments Commission (ASIC) and is being run by the group’s administrators, Worrells Insolvency and Forensic Accountants, in attempt to advance regulatory action against the group.
The material brought to ASIC by Worrells as a result of the hearings may form evidence in subsequent civil or criminal proceedings against individuals in the group or the group as a whole.
Worrells identified more than 40 potential witnesses for examination, with examinations starting last week, however, not all of those examined are suspected of any wrongdoing.
ASIC granted Worrells the largest amount ever released by the fund — more than $450,000 of funding compared to the previous record of $99,000. Since December 2007 the fund has given 295 grants to liquidators, the majority of which have fallen well under $10,000.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
