Following a successful application by ASIC on 18 April 2019 the Federal Court of Australia made orders to appoint receivers and managers of Berndale Capital Securities Pty Ltd (Berndale) and related companies, Berndale Capital Securities Management Pty Ltd and Algoplus Pty Ltd. Ms Rachel Burdett-Baker and Mr Bruno Secatore, of Cor Cordis, Melbourne, have been appointed to act as joint and several receivers (refer 19-100MR).

Following a report filed by the Receivers with the Court on 31 May 2019, ASIC filed an amended originating process seeking orders to wind up Berndale Capital Securities Pty Ltd, Berndale Capital Securities Management Pty Ltd and Algoplus Pty Ltd.

Following adjournment of the hearing on 6 September 2019, the Federal Court of Australia, on 11 October 2019, ordered the winding up of Berndale and Berndale Capital Securities Management Pty Ltd (BCMS). The court found both entities were insolvent. The Court also ordered the winding up of the related company, Algoplus Pty Ltd, on the basis that it was just and equitable to do so given its affairs were interconnected with those of Berndale and BCMS. Ms Rachel Burdett-Baker and Mr Bruno Secatore of Cor Cordis, Melbourne, have been appointed to act as joint and several liquidators of all three companies.

Creditors and/or clients of the Berndale companies can contact the liquidators via the following details:

Contact details

Address Cor Cordis Level 29, 360 Collins Street MELBOURNE VIC 3000

Contact person Catherine Torres

Email ctorres@corcordis.com.au

Phone (03) 8320 5646

In November 2018, ASIC cancelled Berndale’s Australian Financial Services Licence. Further details regarding the cancellation may be found here: 18-363MR.

Berndale has applied to the Administrative Appeals Tribunal for a review of ASIC’s decision to cancel its licence.

At the same time as cancelling Berndale’s licence, ASIC banned Mr Stavro D’Amore of Middle Park, Victoria, from providing financial services for a period of six years. Mr D’Amore was the sole responsible manager and key person on Berndale’s licence.

Mr D’Amore is banned from providing financial services until 21 November 2024 (18-363MR).

In December 2018, ASIC obtained orders from the Federal Court of Australia, freezing Berndale’s and its associated entities’ assets (18-390MR). ASIC has sought the freezing orders to preserve the available assets to pay Berndale’s clients and other creditors.

The orders will remain in force until further order by the Court.

The next Court date is still to be set.

ASIC alleges that Stavro D’Amore and Daniel Kirby each unlawfully transferred Berndale company funds to benefit themselves and other associates and entities. Mr D'Amore is alleged to have used some Berndale company money to fund deposits for residential property purchases (refer 23-143MR).

ASIC will update this webpage as more information can be published.   

The Australian Financial Complaints Authority (AFCA) have also published information for consumers on their website.

ASIC has published information on investing in complex investments such as foreign exchange trading. You can find this information at www.moneysmart.gov.au/investing.