Storm Financial

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Update 25 February 2021: ASIC’s Storm Financial website has been discontinued.

This page provides a list of historical media releases about ASIC investigations, court proceedings and settlements relating to Storm Financial Limited (Receivers and Managers Appointed) (In Liquidation).

ASIC initiated a number of proceedings in the Federal Court of Australia arising out of its investigation into Storm, including:

  • a civil penalty proceeding against the directors of Storm – Emmanuel Cassimatis and Julie Cassimatis – for breach of directors' duties
  • a compensation proceeding against Bank of Queensland, Senrac Pty Ltd and Macquarie Bank in relation to investors Barry and Deanna Doyle
  • proceedings against the Commonwealth Bank of Australia, Bank of Queensland and Macquarie Bank in relation to their involvement in an unregistered managed investment scheme run by Storm.

All of these proceedings have now concluded.

ASIC's investigations and actions relating to the Storm Financial collapse resulted in approximately $360 million being paid to former Storm investors (including in relation to the benefits recovered or received by investors from settlement or hardship schemes implemented by these banks). These actions were taken against the banks and included intervention in and assistance given to class actions in some cases.

ASIC’s civil penalty proceeding against the directors of Storm, Emmanuel and Julie Cassimatis, was successful with the Full Federal Court finding that they breached their duties as directors of Storm. The Cassimatises were disqualified from managing corporations for seven years, and ordered to pay a $70,000 penalty each as well as ASIC’s costs for the trial and its subsequent appeals.

20-074MR Federal Court confirms Storm Financial directors breached duties, 27 March 2020

18-081MR Directors of Storm Financial penalised for breach of duties, 2 March 2018

16-277MR Directors of Storm Financial found to have breached their duties under the Corporations Act, 26 August 2016

14-244MR ASIC and Bank of Queensland reach Storm Financial settlement, 22 September 2014

13-214MR ASIC successful in appeal against Storm settlement deal, 12 August 2013

13-158MR ASIC to press ahead with case against Storm Financial founders, 28 June 2013

13-122MR ASIC settles in Storm Financial proceedings, 29 May 2013

12-296MR Financial adviser banned for failing to comply with financial services laws, 30 November 2012

12-291MR ASIC accepts enforceable undertaking from financial adviser, 21 November 2012

12-270MR Cairns financial adviser agrees to supervision following ASIC concerns, 9 November 2012

12-227MR ASIC and CBA reach Storm Financial settlement, 14 September 2012

11-315AD ASIC accepts enforceable undertakings from financial advisers, 22 December 2011

11-276AD ASIC compensation proceedings to continue, 30 November 2011

10-281MR ASIC has commenced Storm legal proceedings, 22 December 2010

10-250MR ASIC announces intention to commence legal action, 26 November 2010

10-79AD ASIC launches Storm investor website, 14 April 2010

AD09-50 ASIC welcomes court decision on Storm, 26 March 2009

MR09-47 ASIC applies to Federal Court to wind up Storm Financial, 18 March 2009

Some older releases have been withdrawn in accordance with Information Sheet 152 Public comment on ASIC’s regulatory activities.

Last updated: 01/11/2021 11:42