ASIC freezes assets of former Wickham Securities chief executive

ASIC has succeeded in obtaining court orders to freeze the assets of former Wickham chief executive Garth Robertson and his wife Catherine as well as the assets of three companies connected to Wickham Securities founder Bradley Sherwin and his wife Deborah.

The addition of the five new defendents to existing proceedings and freezing their assets is aimed at preserving these assets for the benefit of investors, largely self-managed superannuation funds. 

ASIC's investigation into the collapse of Wickham Securities - now in liquidation - is continuing.

The new orders bring the number of defendants in the proceedings to 15.

The new defendants are Brothers Financial Services Pty Ltd, NRL Financial Services Pty Ltd, Sunshine Regional Investments Pty Ltd, Garth Peter Robertson and Catherine Louise Robertson. 

Self-funded retirees had invested around $27 million in the mortgage lender through $1 unsecured deposit notes promising returns of 9.25% prior to its collapse in December last year.

Last month, ASIC cancelled the registration of Wickham Securities auditor Brian Kingston for undertaking "inferior work" and "failing ins his job" and banned him for life.

In January ASIC commencing proceedings seeking orders in the Federal Court against ten defendants to preserve assets for the benefit of investors whose funds had been applied to Wickham and other corporate entities connected to Bradley Sherwin and against his wife.

Those companies were: 

  • Sherwin Financial Planners Pty Ltd
  • DIY Superannuation Services Pty Ltd
  • Reacroft Pty Ltd
  • Blue Diamond Investments Pty Ltd
  • SP Property Pty Ltd
  • Astor Funds Pty Ltd
  • Sherwin Financial Services Pty Ltd, and
  • Wickham Capital Pty Ltd.

The orders to freeze assets were extended by the Federal Court when the matter was heard on January 23 and remain in place save to the extent of Sherwin Financial Planners, DIY Superannuation Services, Reacroft, Blue Diamond Investments, SP Property, Astor Funds and Wickham Capital.

These companies are now in liquidation with their assets in the control of the appointed liquidators Stefan Dopking, Quentin Olde and Michael Ryan of FTI Consulting.

Grant Sparks and David Leigh of PPB Advisory are the liquidators of Wickham Securities. 

PPB and FTI are cooperating with ASIC's investigation.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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