RICHARD Beck's Finchley Central Funds Management, which once touted itself as Kebbel Investment Bank, has been shut down by the corporate regulator.
The Australian Securities and Investments Commission has obtained orders from the Federal Court in Perth to wind up and appoint, Jennifer Low of Sheridans Chartered Accountants, as liquidator.
ASIC issued a Court application against Finchley on last month, alleging that it was just and equitable that Finchley be wound up by the Court because the company and its officers had failed and continued to fail to comply with their obligations under the law.
In addition, ASIC sought to wind up the Finchley Development Capital Funds, the Riverside Trust and the Gilead Trust, to protect of investors’ interests.
Within FDCF there are two active trusts which have raised funds from retail investors FDCF No. 2: ‘The Gilead Trust’, which has more than 600 members who have invested in excess of $25 million.
These funds have been on-lent as mezzanine finance to the developer of the Gilead Retirement Resort in New South Wales.
And FDCF No. 3 ‘The Riverside Trust’, which has more than 300 members who have invested in excess of $15 million. These funds have been on-lent as mezzanine finance to the developer of the Riverside Pier Hotel in Western Australia.
Finchley, previously Kebbel Investment Bank, was a fundraiser to a number of Westpoint products.
In May last year, its director Neil Burnard was found guilty by a jury on nine criminal charges arising from ASIC’s investigation into the affairs of Kebbel (NSW) Pty Ltd.
In June 2006 Burnard fled the country after telling ASIC that he would be available to “speak to ASIC investigators” in relation to the $330 million collapse of the Westpoint Corporation.
Australian Property Journal
