Fed Court appoints Ostrava liquidators
The Federal Court in Melbourne has appointed Leanne Chesser and Craig Shepard as joint and several provisional liquidators to Ostrava Equities, Ostrava Wealth Management, Ostrava Asset Management, Ostrava Securities, Prometheus Capital, Beta Pharmacology, Thrive Lending, and Trade BTC.
This follows the Australian Securities and Investments Commission's (ASIC) investigation following the directors of various companies, financial adviser, Bradley Grimm, and director of Ostrava Equities, Vanessa Ash.
ASIC alleged Grimm and Ash were involved in multiple contraventions of the corporations legislation including unauthorised withdrawals of client funds and charging of fees by Ostrava Equities, a company that provides financial services including self-managed super fund (SMSF) establishment.
The Court ordered Chesser and Shepard to provide a report to court and to ASIC by 23 November, including an assessment of the financial position of each of the companies and any suspected contravention of the Corporations Act by the companies, Ash, or Grimm.
The Court also made orders restraining the companies and Grimm from being involved in a financial services business. Ash gave an undertaking to the Court to the same effect.
The matter is listed for a further directors hearing on 18 December.
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.