Court gives Norm Carey more of the cold shoulder
Assets of an additional 26 entities linked to former Westpoint director Norman Carey (and/or the Westpoint group) were frozen by the Federal Court of Australia in Perth yesterday.
The Australian Securities and Investments Commission (ASIC) also succeeded in obtaining orders from the court extending a freeze on the assets of Carey and three other Westpoint directors, Cedric Beck, Graeme Rundle and John Dixon.
An ASIC media statement said it had sought all the court orders as “a result of continuing concerns that the assets associated with the Westpoint group may be shifted or dissipated to the detriment of the group’s creditors and/or investors”.
The Federal Court ordered that the as yet undetermined assets of the 26 Westpoint entities remain frozen until January 31, next year, the second time that a freeze on Carey’s assets have been extended since an original preservation order in 2006.
An existing freeze on the assets of Beck and Rundle was extended by the court until September 12 this year, and a freeze on the assets of Norman Dixon until September 26.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
