Storm founders face Federal Court today
The founders of collapsed advisory group Storm Financial are expected to give evidence today in a hearing in the Federal Court in Brisbane.
The hearing has been funded by the Australian Securities and Investments Commission (ASIC) and is being run by the group’s administrators, Worrells Insolvency and Forensic Accountants, in attempt to advance regulatory action against the group.
The material brought to ASIC by Worrells as a result of the hearings may form evidence in subsequent civil or criminal proceedings against individuals in the group or the group as a whole.
Worrells identified more than 40 potential witnesses for examination, with examinations starting last week, however, not all of those examined are suspected of any wrongdoing.
ASIC granted Worrells the largest amount ever released by the fund — more than $450,000 of funding compared to the previous record of $99,000. Since December 2007 the fund has given 295 grants to liquidators, the majority of which have fallen well under $10,000.
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