ASIC appoints liquidator to Benchmark Private Wealth
The Australian Securities and Investments Commission (ASIC) is appointing Michael McCann as a provisional liquidator to five companies within the Benchmark Private Wealth Group after successfully obtaining orders from the Supreme Court of Queensland.
McCann of Grant Thornton would oversee Benchmark Private Wealth Pty Ltd, Benchmark Wealth Property Services Pty Ltd, Benchmark Private Wealth Holdings Pty Ltd, OSK Developments Pty Ltd, and Young Corporation (NSW) Pty Ltd under ASIC’s order.
The regulator said the orders had been granted on an ex parte basis and were part of an ongoing investigation into the practices of the Gold Coast-based group.
“ASIC sought the orders due to solvency concerns about the companies and about their management by the director, Liam Young,” said a release from the regulator.
“ASIC is also concerned about transactions entered into with a number of other companies which were a part of the Members Alliance Group and the director of those other companies, Richard Marlborough.”
The orders were made on 3 November and no future court date has been set.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.