Documents obtained by ifa reveal that liquidators were appointed to National Financial Advice Alliance (NFAA) on 17 August. Linchpin Capital Group Limited is listed as the largest unsecured creditor at $450,000 owed.
Sources close to the situation understand that NFAA borrowed $450,000 from Beacon’s Investport Income Opportunity Fund (IIOF).
ASIC has commenced proceedings in the Federal Court against Linchpin over the IIOF fund.
ASIC said an investigation found Linchpin was operating the scheme “without holding an Australian Financial Services Licence as required by the Corporations Act” and used investor funds for its own purposes “without disclosing this use to investors”.
More to come.
[url=http://][/url]https://www.scribd.com/document/389176413/Bank-Stmt-to-disclose-distribution-of-500-000
When will ASIC move and oust these cowboys from all dealings in financial services…..what a disgrace to the industry and where will those poor investors ever recover any monies. Advisers should have been more thorough about that fund as it appears that there was no prior history of it management and performances…dumbfounded!
It was only a matter of time that PD’s unbelievable arrogance and corrupt behavior and those stupid enough to support him have met their just deserts. – -the caviar road has ended – bread and water for this sharleton – its a pity those who lost money will never get it back. His backers and supporters should join him in jail. AIOFP should chuck him out on his ear and ASIC ban him for life from ever holding any licence or board management position.
Gordon Gekko, Jordan Belfort and ….Peter Daly.
Terry’s problems seem to pale into insignificance.
Linchpin. Not beacon
ASIC why not close it all down before more investors monies disappear -or is this to hard
so they got investors to invest into a fund to lend to their advisers…..smart move guys…..can’t see anything wrong with that……….NOT
Seriously this is why we have all the stuff happening to us by ASIC and RC, SHAME on this type of FP business.
Another Peter Daly special.
Peter Daly behind the scenes used the NFAA company as a smoke screen for him to apply for a new licence called Intrepid. The total loan amount was approved for 1.7 million and drawn down over time. The monies were loaned to NFAA that was newly established with no balance sheet, assets or viable security. It is irresponsible lending. Iron curtains for this one !!!
Australia’s financial services system is like the wild west! Nothing like ‘light’ touch regulators!
What a disgrace. Jail time required here. Rowena? Rowena? We need you. Time to take accountability at Beacon and the Assume I Owe a Few People association.
No more bubbles in the spa for Babbes and pete