ASIC has followed through on its promise of legal action against financial services groups embroiled in the collapse of Westpoint Group (Westpoint), with the corporate watchdog filing proceedings against further licensees.
ASIC had filed actions against Dukes Financial Services, Strategic Joint Partners and State Trustees, an ASIC spokesperson told InvestorDaily.
These groups join a growing list of licensees. As previously reported, Bongiorno Financial Advisers, Masu Financial Management and Professional Investment Services (PIS) have each had actions filed against them by the corporate regulator.
“ASIC’s s50 actions against six financial services licensees have now been filed and are before the court,” the spokesperson said.
Dukes Financial Services, Masu Financial Management, Strategic Joint Partners and State Trustees will face ASIC proceedings later this month.
Bongiorno Financial Advisers will be in court this June, while PIS will face ASIC proceedings in July.
It remains unclear whether ASIC will take action against failed licensees Glenhurst Corporation and Quantum Securities.
News of further action by ASIC comes as the regulator ends its investigation into the activities of Property Investment Research Pty Ltd (PIR).
ASIC announced late yesterday that it had concluded its investigation into reports issued by PIR in the period between October 1998 and August 2005 for investment products promoted by the Westpoint.
ASIC announced in November 2007 that it would seek compensation for money lost on behalf of investors in Westpoint.
Ten licensed financial advisers and two unlicensed advisers who advised on Westpoint products had now been banned, the ASIC spokesperson said.
