Linchpin funded advice business in liquidation

A Sydney-based financial advice business operating under the AFSL of Beacon’s Financial Link Group has collapsed with over $600,000 owed to unsecured creditors.

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.

Advertisement
Advertisement
Linchpin funded advice business in liquidation
money  cash  funding  liquidation
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.