Westpoint war continues for ASIC
ASIC has commenced new proceedings against Westpoint founder Norm Carey after an initial ruling against the regulator opened the door for a fresh bid.
The Federal Court in Perth has granted asset preservation orders against Mr Carey and fellow directors Cedric Beck and Graeme Rundle.
The orders were granted until July 14 for Mr Rundle and August 1 for his former colleagues.
As reported in insuranceNEWS.com.au on June 30, Mr Carey initially won his case against ASIC with the Federal Court ordering the regulator did not have the power to continue existing proceedings brought by the failed investment group’s liquidator.
But ASIC was able to start new proceedings related to mezzanine finance companies involved in Westpoint’s $320 million collapse from the same position in a decision the judge described as “somewhat academic”.
Meanwhile, ASIC has also banned three more financial advisers over allegations related to their dealings in Westpoint products. They are Mark Corrie, who was formerly of Victoria but now based in Hong Kong, Leslie Walters of Mandurah, WA, and Timothy Harrison of Singleton Heights in NSW.
The Federal Court in Perth has granted asset preservation orders against Mr Carey and fellow directors Cedric Beck and Graeme Rundle.
The orders were granted until July 14 for Mr Rundle and August 1 for his former colleagues.
As reported in insuranceNEWS.com.au on June 30, Mr Carey initially won his case against ASIC with the Federal Court ordering the regulator did not have the power to continue existing proceedings brought by the failed investment group’s liquidator.
But ASIC was able to start new proceedings related to mezzanine finance companies involved in Westpoint’s $320 million collapse from the same position in a decision the judge described as “somewhat academic”.
Meanwhile, ASIC has also banned three more financial advisers over allegations related to their dealings in Westpoint products. They are Mark Corrie, who was formerly of Victoria but now based in Hong Kong, Leslie Walters of Mandurah, WA, and Timothy Harrison of Singleton Heights in NSW.