Wickham collapse leaves 300 investors in the cold
The director of collapsed Brisbane-based Wickham Securities, Bradley Sherwin, has appointed PPB Advisory as voluntary administrator.
The appointment of the administrator came with the Wickham Securities debenture fund owing $27 million to 300 investors.
Wickham Securities was a $30 million high-interest property financier.
According to a report in The Australian, one-third of the funds raised by Wickham Securities was lent out on two residential sub-divisions in Kingaroy in regional Queensland.
Funds were raised from the 300 investors via $1 deposit notes.
Sherwin also operated Sherwin Financial Planners and DIY Superannuation Services out of the same office in Wickham Terrace, Brisbane. Both businesses have had Taylor Woodings appointed as the voluntary administrator.
The Australian Securities and Investments Commission (ASIC) is currently pursuing Sherwin in the Federal Court.
Investors looking to report information about DIY Superannuation, Sherwin Financial Planners or Wickham Securities to ASIC can call 1300 300 630 or go to www.asic.gov.au/complain.
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