Portal:Queensland/Selected business/8
Storm Financial Limited was a financial advice company, based in Townsville, Queensland, Australia. The company was founded by Emmanual Cassimatis and his wife Julie Cassimatis in 2004. On 12 December 2008, the Australian Securities and Investments Commission began investigation of Storm Financial's margin lending and related advice.
It went into administration in January 2009 and was placed in liquidation on 26 March 2009. The company had A$88 million in debts at the time. The collapse came at a time when an estimated 2,000 to 4,000 investors had suffered the effects of the financial crisis, and were facing significant losses. This left any investors who felt that had been misled or misguided with limited financial recourse against the company. (Full article...)