ASIC has obtained orders from the Federal Court against Berndale Capital Securities Pty Ltd (Berndale), its associated entities, and Mr Stavro D’Amore, freezing their bank accounts and preventing them from selling or otherwise dealing with their property without ASIC’s consent.

ASIC is concerned that Berndale and Mr D’Amore, its former director, may have breached client money obligations, and contravened other laws. Berndale was a retail OTC derivative issuer and its Australian Financial Services licence was cancelled on 22 November 2018. At the same time, Mr D’Amore was banned from providing financial services for a period of six years (18-363MR).

Berndale and ASIC appeared before Justice O’Callaghan in the Federal Court in Melbourne on 19 December 2018, following ASIC’s initial application and interim orders made on 5 December 2018. 

ASIC’s investigation is continuing.

The matter is next before the Federal Court on a date to be fixed in February 2019.

Background

Berndale Capital Securities Pty Ltd: ACN 113 616 032

Australian Financial Services Licence: 290108

Editor's note 1:

The matter has been listed for a case management hearing on 18 April 2019.

Editor's note 2:

ASIC has successfully applied to the Federal Court of Australia for orders to appoint receivers and managers of former OTC derivatives issuer, Berndale Capital Securities Pty Ltd and related companies, Berndale Capital Securities Management Pty Ltd and Algoplus Pty Ltd (refer 19-100MR).