Tag: Storm Financial

ASIC office
March 27, 2020 BY Steffy Bogdanova

The Australian Federal Court finds directors of Storm Financial in breach of duties

The company collapsed in early 2009 and around 3,000 of its 14,000 clients were in negative equity positions, sustaining significant losses. The majority of investors in Strom Financial were retired or approaching and planning their retirement. They had limited income, few assets and little chance of rebuilding their financial position after the failed investments. ASIC…

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ASIC
March 22, 2018 BY Valentina Kirilova

Directors of Storm Financial disqualified for breach of duties

The Australian Securities and Investments Commission (ASIC) has informed the public that the Federal Court has imposed civil penalties of $70,000 each on the directors of Storm Financial, Emmanuel and Julie Cassimatis, who were previously found by the Court to have breached their duties as directors. They were also disqualified from managing corporations for 7…

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August 26, 2016 BY Valentina Kirilova

Directors of Storm Financial found to have breached their duties under the Corporations Act

The Federal Court has found that the directors of Storm Financial, Emmanuel and Julie Cassimatis, breached their duties as directors. The Court also found that Storm Financial provided inappropriate advice to certain investors. Since around 1994, Storm Financial operated a system created by the Cassimatises, in which what ASIC considered to be "one-size-fits-all" investment advice…

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