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
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
