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Wednesday 4 September 2013

13-247MR ASIC bans Wickham Securities chairman Brad Sherwin

ASIC has banned Bradley Thomas Sherwin, the chairman of collapsed lender Wickham Securities, from financial services. The banning is a result of Mr Sherwin’s bankruptcy.

ASIC’s investigation into Mr Sherwin and the collapse of Wickham, and Sherwin Financial Planners Pty Ltd and related entities continues.

On 1 May 2013 Mr Sherwin filed for bankruptcy and Official Trustees were appointed as his trustee in bankruptcy.

Mr Sherwin has been banned for two years and seven months, which is the period remaining of his bankruptcy (unless his trustee in bankruptcy extends the period).

Mr Sherwin had an opportunity to make submissions as to why ASIC should not ban him, prior to ASIC banning him. He did not make a submission.

Mr Sherwin has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

ASIC banned Mr Sherwin under section 920A of the Corporations Act 2001.

Mr Sherwin was the director of eight companies which formed a part of a group of companies known as the Sherwin Group which collapsed in early 2013:

  • Wickham Securities Limited

  • Sherwin Financial Planners Pty Ltd

  • DIY Superannuation Services Pty Ltd

  • Wickham Capital Pty Limited

  • Astor Funds Pty Ltd

  • Reacroft Pty Ltd

  • Blue Diamond Investments Pty Ltd, and

  • SP Property Pty Ltd.

Investors caught up in the collapse should check ASIC’s dedicated Wickham Securities webpage for further information.

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Last updated: 04/09/2013 12:00