Three financial planning groups being pursued by the corporate regulator over the Westpoint collapse had their first day in court yesterday.
Legal counsel for Masu Financial Management, Bongiorno Financial Advisers and Professional Investment Services (PIS) appeared before the Federal Court in Victoria and Queensland in relation to charges under the Corporations Act.
ASIC is acting on behalf of four retail investors in three test cases.
Nigel Stoyef is suing Masu; Jennifer Adamson and Michael Allen are suing PIS, and Peter and Ngaire Rikys are suing Bongiorno.
ASIC is seeking to claw back $63.2 million in damages from the groups along with failed dealerships Glenhurst Corporation and Dukes Financial Services to compensate around 729 investors.
It is also suing Westpoint’s directors for $245 million on behalf of around 492 investors.
The applications were adjourned until April.
