Melbourne-based financial planning firm Bongiorno Financial Advisers has entered into an agreement with the Australian Securities and Investments Commission (ASIC) to compensate investors who lost money as a result of Westpoint related investments.
The regulator has announced that it reached an agreement with Bongiorno Financial Advisers to settle class action proceedings subject to approval by the Federal Court.
ASIC commenced proceedings against Bongiorno Financial Advisers (Aust) Ltd in December 2007 and against Bongiorno Financial Advisers Pty Ltd in February 2008 alleging that the companies, in providing advice relating to Westpoint investments, had been negligent, engaged in misleading and deceptive conduct, and acted in breach of the conditions of their respective Australian financial services licences.
The settlement with Bongiorno, if approved by the court, will result in compensation being paid by Bongiorno to eligible investors (group members). The settlement was reached without any admission of liability by Bongiorno.
