Sherwin Group of Companies; Bank of Queensland and DDH Graham Ltd

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ASIC will update this website when important steps take place in relation to these investigations. We suggest you visit the ASIC website regularly for updates.

Background to ASIC investigations

Wickham Securities Limited (Wickham Securities) was a debenture company based in Brisbane, of which Bradley Sherwin was a director. It was placed in administration on 21 December 2012 and liquidation on 6 February 2013, with Grant Sparks and David Leigh of PPB Advisory appointed as liquidators.

A further seven companies associated with Mr Sherwin were placed in administration on 24 January 2013 and liquidation on 27 February 2013 (Sherwin Group). Stefan Dopking, Quentin Olde and Michael Ryan of FTI Consulting (previously Taylor Woodings) were appointed as liquidators. Those companies are:

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

In January 2013, ASIC commenced an investigation into the affairs of the Sherwin Group of companies (Sherwin Investigation)

Arising from information that was received during the course of the Sherwin investigation, ASIC commenced a separate investigation in relation to operation of Money Market Deposit Accounts held by Sherwin and/or DIY Super clients with the Bank of Queensland Limited (BOQ). The Money Market Accounts were managed by BOQ's agent, DDH Graham Pty Ltd (DDH Graham).

Sherwin investigation

As a result of the Sherwin investigation:

  • ASIC has cancelled the registration of Brian Kingston, who was the auditor of Wickham Securities, after forming the view he failed to carry out or perform adequately and properly the duties of an auditor (refer: 13-156MR).
  • ASIC has permanently banned Mr Bradley Thomas Sherwin, former Chairman of collapsed lender Wickham Securities and founder of Sherwin Financial Planners Pty Ltd (in liquidation), from providing financial services.
    ASIC had previously banned Mr Sherwin in September 2013 for two years and seven months (refer: 16-136MR).
  • In April 2015 and June 2015, Garth Robertson and Bradley Sherwin were respectively charged with a range of criminal offences in relation to misconduct in the Sherwin Group of companies, including fraud. (refer: 15-091MR and 15-158MR). Trials in relation to those charges have not yet taken place.

BOQ/DDH investigation

ASIC has commenced an investigation into the operation of the Money Market Accounts held by Sherwin/DIY Super clients. ASIC's investigation relates to whether BOQ or DDH Graham may have processed transactions for the Sherwin Group when they should not have. The investigation is ongoing.

ASIC has written to the clients of Sherwin and DIY Super that are known to it, setting out its concerns in relation to the processing of transactions on Money Market Accounts. The letter informs the Sherwin Group clients of steps they may wish to take as soon as possible if they have suffered financial loss. If the Sherwin Group clients have a claim, time limitations will apply to that claim, and they may need to take prompt steps to ensure any claim is brought in time. If a claim is not brought in a court proceeding in advance of the expiry of any time limitation then rights in respect of that claim may be lost.

If you are a Sherwin investor and have not received a letter from ASIC, please email Sherwin.Investors@asic.gov.au

Seeking information and assistance

Is there a supporters group for former Sherwin Group clients?

ASIC is aware that some former Sherwin Group clients have formed a group to provide support and share information between investors known asthe Superannuation Crisis Support Group (SCSG). The SCSG can be contacted via scsgroup300@gmail.com.

ASIC has no connection with the SCSG and does not endorse any supporter group.

Class action proceedings commenced by former Sherwin Group clients

ASIC is aware that some former Sherwin Group clients have commenced class action proceedings against the BOQ and DDH Graham in the Federal Court of Australia. The proceedings concern the administration and operation of the Money Market Accounts by BOQ and DDH Graham.

ASIC has no involvement in the class action proceedings.

Any enquiries concerning the class action proceedings should be directed to the group's legal representatives, Quinn Emanuel Urquhart & Sullivan, contact: Damien Scattini on (02) 9146 3888 or email damianscattini@quinnemanuel.com.

How can I get advice about my financial situation?

Former Sherwin Group clients can seek further information and assistance from the Financial Planning Association.

ASIC’s dedicated consumer website, www.moneysmart.gov.au has contact details for financial counsellors.

How do I make a complaint to ASIC?

Details about how you make a complaint appear on the ASIC website.

http://www.asic.gov.au/about-asic/contact-us/how-to-complain/

How do I seek further information?

Wickham Securities

Investors seeking information about Wickham Securities should contact:
PPB Advisory Contact: Erin Lord email elord@ppbadvisory.com or phone (07) 3222 6828.

Sherwin Group

Investors seeking information about Sherwin Financial Planners, DIY Superannuation Services and other entities in the Sherwin Group should contact FTI Consulting Brisbane on (07) 3225 4900.

Taxation inquiries

For any tax-related questions or concerns, please contact the Australian Taxation Office on 131 020.

Trouble with debt

If you are having debt and cash flow issues see trouble with debt on ASIC's MoneySmart website.

Reporting information to ASIC

To report information to ASIC on DIY Superannuation, Sherwin Financial Planners or Wickham Securities, please contact ASIC on 1300 300 630 or go to www.asic.gov.au/complain

You can also email ASIC with any feedback on debentures: debenturesandnotes@asic.gov.au

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Last updated: 12/09/2017 12:26