Financial advisers weather Storm
ASIC has obtained orders from the Supreme Court of Queensland to freeze a $2 million payment from investment firm Storm Financial to a bank account held by its founder.
The money was transferred to Emmanuel Cassimatis on December 15, within a month of the appointment of voluntary administrators to the company.
ASIC says there does not seem to be a proper basis for the payment and has moved for an injunction requiring the money to be returned to Storm.
The Financial Planning Association (FPA) – which has taken considerable flak over the Storm collapse – has told media it is investigating 10 of its members for possible breaches of its code of practice.
The money was transferred to Emmanuel Cassimatis on December 15, within a month of the appointment of voluntary administrators to the company.
ASIC says there does not seem to be a proper basis for the payment and has moved for an injunction requiring the money to be returned to Storm.
The Financial Planning Association (FPA) – which has taken considerable flak over the Storm collapse – has told media it is investigating 10 of its members for possible breaches of its code of practice.