Chinese investors stake their Westpoint claim
A second group of Westpoint investors has launched proceedings against financial advisers that got them involved in the failed property group.
The 82 individuals lost more than $9.5 million in the collapse and are seeking restitution from Sydney firms Quantum Securities and Masu Financial Management. Slater & Gordon, lawyers for the class action, filed the claims in the NSW Supreme Court on March 13.
Principal lawyer Steven Lewis says most of the investors were chosen for their connection to the Chinese community. Quantum authorised representative Andy Chen had a “fine-tuned strategy” for convincing fellow Chinese Australians to invest.
“Chen went out of his way to convince members of his community that Westpoint was a good investment,” he said. “He failed to fully inform them of the considerable risks and he failed to disclose the large commissions he was receiving.”
Mr Lewis says his clients seek full refunds of their investments as well as interest and damages for anxiety and stress.
The two suits follow three other Slater & Gordon actions on behalf of Westpoint investors and are backed by the publicly listed legal claims funder IMF Australia.
The 82 individuals lost more than $9.5 million in the collapse and are seeking restitution from Sydney firms Quantum Securities and Masu Financial Management. Slater & Gordon, lawyers for the class action, filed the claims in the NSW Supreme Court on March 13.
Principal lawyer Steven Lewis says most of the investors were chosen for their connection to the Chinese community. Quantum authorised representative Andy Chen had a “fine-tuned strategy” for convincing fellow Chinese Australians to invest.
“Chen went out of his way to convince members of his community that Westpoint was a good investment,” he said. “He failed to fully inform them of the considerable risks and he failed to disclose the large commissions he was receiving.”
Mr Lewis says his clients seek full refunds of their investments as well as interest and damages for anxiety and stress.
The two suits follow three other Slater & Gordon actions on behalf of Westpoint investors and are backed by the publicly listed legal claims funder IMF Australia.