PIS ordered to pay $5.9 million
Professional Investment Services has until November 30 to pay $5.9 million in compensation for clients the group placed into Westpoint investments.
PIS settled the class action initiated by the Australian Securities and Investments Commission (ASIC) relating to the Westpoint collapse earlier this month. The Federal Court today approved the settlement, allowing the compensation to investors to be made. PIS has admitted no liability.
The $5.9 million will be distributed equally to investors based on the capital they had invested. The members of the group action will recover 62.5 per cent of their original capital, a statement from ASIC said.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
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.
