Advisory firm Sonray Capital is under investigation by a law firm after its collapse reportedly left 4000 investors fearing for the $30 million they had invested through the business.
Slater & Gordon (S&G) was investigating possible legal action over Sonray's collapse following approaches from angry Sonray clients whose funds have been frozen by administrator Ferrier Hodgson, S&G practice group leader David Andrews said.
He said the Sonray operation was a debacle, with uncanny parallels to Opes Prime.
"This was a backyard operation masquerading as a sophisticated investment platform," he said.
"It appears there were failures at every level, with the company continuing to compound the effects of unauthorised trading early in 2008 with poor accounting and poor record keeping.
"Now, some 4000 account holders face uncertainty over their financial future, with a reported $30 million in funds and shares frozen, and an estimated $46 million shortfall. The parallels with Opes Prime are uncanny."
Ferrier Hodgson was appointed as voluntary administrator to Sonray on 23 June.
The FPA last month opened its own line of inquiry into the collapse of financial services firm Sonray Capital Markets in a bid to monitor the exposure to Australia's financial planning sector.
FPA acting chief executive Deen Sanders said while the company is not a member of the association, the inquiry hopes to gain further information into the circumstances behind Sonray freezing client accounts and the company board calling in administrators.
