LKM directors grounded
The Australian Securities and Investments Commission (ASIC) has been successful in an application to prevent the directors of LKM Capital from leaving the country.
Rolf Koops and his wife Sandra Martin have been forced to surrender their passports and international travel documents after a debenture scheme operated by LKM and managing about $63 million of investors’ funds was placed into receivership in August 2008.
Affidavits filed by ASIC with the NSW Federal Court alleged breaches of directors’ duties against Koops and Martin pursuant to sections 180-184 of the Corporations Act, according to ASIC.
The orders will remain in effect until May 31, 2010.
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.
