The Australian Securities and Investments Commission has commenced legal proceedings in the Federal Court in Perth against a Subiaco-based financial services company Centro Financial Synergy Group.
ASIC alleged that the company had recommended clients to failed property group Westpoint investment products to its clients.
ASIC filed an application on January 18, 2007, seeking the winding up of Centro Financial Synergy Group Pty Ltd and the appointment of a liquidator.
ASIC’s action follows the company’s failure to comply with a request by ASIC to provide a written statement containing information about its financial services operation and lodge audited financial accounts pursuant to its obligations as an AFSL holder.
ASIC also alleges that Centro has ceased to operate as a business.
ASIC’s investigations into the affairs of Centro are continuing.
The matter will be heard in the Federal Court on February 28, 2007.
