Five new financial services companies have been added to the court proceedings against collapsed Wickham Securities and related entities, following ASIC’s successful application for court orders.
In a statement, ASIC revealed that it successfully applied for orders in the Federal Court on 15 July to add five new defendants to the proceedings against Bradley and Deborah Sherwin and associated entities, including a number of financial advice firms.
The five new defendants are Brothers Financial Services Pty Ltd, NRL Financial Services Pty Ltd, Sunshine Regional Investments Pty Ltd, Garth Peter Robertson and Catherine Louise Robertson, bringing the total number of defendants to 15.
According to the statement, “legal representatives of the new defendants did not oppose the making of the orders”.
The proceedings were commenced by ASIC in January and seek orders to “preserve assets for the benefit of investors whose funds had been applied to Wickham and other corporate entities connected to Bradley Sherwin and against his wife, Deborah Sherwin”.
The companies already involved in the proceedings are Sherwin Financial Planners Pty Ltd, DIY Superannuation Services Pty Ltd, Reacroft Pty Ltd, Blue Diamond Investments Pty Ltd, SP Property Pty Ltd, Astor Funds Pty Ltd, Sherwin Financial Services Pty Ltd, and Wickham Capital Pty Ltd.
Wickham Securities Ltd was placed into administration in December 2012 and PPB Advisory was appointed as liquidator.
The number of advisers has hit a new low, shrinking below 19,000 as of 23 September. ...
The advice sector has reason to be optimistic about the future of the industry, according to the Association of Financial Advisers (AFA) national pres...
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has applauded the decision by the Commonwealth Bank (CBA) to lower costs incurr...