Sonray 'another Opes Prime'
The law firm that represented clients affected by the collapse of Storm Financial has now turned its attention to collapsed Melbourne broking and financial advice house Sonray Capital.
Slater & Gordon has announced it is investigating possible legal action over the Sonray Capital collapse on the basis of approaches it has received from what it describes as “angry” Sonray clients whose funds have been frozen by the company’s administrator.
Commenting on the proposal to pursue legal action, Slater and Gordon group leader David Andrews described Sonray as “a backyard operation masquerading as a sophisticated investment platform”.
He alleged there had been failures at every level, with the company compounding the effects of unauthorised trading in early 2008 with poor accounting and poor record keeping.
“Now some 4,000 account holders face uncertainty over their financial future, with a reported $30 million in funds and shares frozen and an estimated $46 million shortfall,” Andrews said.
He said that uncanny parallels appeared to exist between the collapse of Sonray and the collapse of Opes Prime.
AUTHOR
Mike Taylor
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