CFS execs to fight writs
Writs were served on the three proposed Consolidated Financial Services (CFS) directors just before Christmas, claiming unlimited damages over a number of issues
Writs were served on the three proposed Consolidated Financial Services (CFS) directors just before Christmas, claiming unlimited damages over a number of issues.
The three, Kevin Bailey of The Money Managers, John Randle of Hattersley Maxwell Investment Services and Deborah Rognlien of Rognlien Clark Financial Services are named in the Victorian Supreme Court writ.
All three have said they will vigorously defend the writ for which no hearing date has been set as Money Management closed for press.
CFS had proposed to list last November but the listing was abandoned after attracting the minimum number of shareholders.
At the time of the listing, subscribers to the CFS float received a letter from CFS director David Craig saying that two of the proposed directors, Bailey and Randle, “had withdrawn their consent to act”.
The third proposed director, Rognlien, had threatened to approach the Supreme Court for an order restraining the company from listing, the letter said.
Last week all three confirmed these claims to Money Management.
CFS had hoped to raise $1.4 million by issuing 360,000 preference shares in addition to those issued to the dealer groups involved with the company.
Recommended for you
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
