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
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
