Shine Lawyers has today filed a class action against Sandhurst Trustees on behalf of 150 Australian retirees who lost life savings of close to $27 million when Wickham Securities went into liquidation two years ago.
Shine Lawyers Professional Negligence Department Manager Jan Saddler is leading the action against Sandhurst, the trustee company who oversaw the failed investment fund, for breaching its obligations under the corporations act.
“We have launched proceedings against Sandhurst for failing to comply with its obligations under the Corporations Act and the Trust Deed by taking all necessary steps to ascertain that there would be sufficient funds to repay investors,” Ms Saddler said.
Ms Saddler said that Federal Court documents had revealed extraordinary information about the way Wickham had been managed.
“These documents showed that Wickham did not maintain proper records and did not undertake appropriate procedures and due diligence when advancing investors’ funds to third parties,” she said.
“As trustee, it is alleged that Sandhurst should have identified these issues.”
Ms Saddler said most investors had not received a cent from the Sandhurst.
“These investors who had just retired from the workforce were all in their 60s, 70s and 80s and have now been left in a state of financial unease,” she said.
“They’re beyond disappointed, they’re just bereft and most of them have no money.”
Wickham chairman Brad Sherwin faced court in June charged with 33 counts of fraud following investigations by ASIC. Sherwin is due to return to court on 23 July 2015.
Shine Lawyers Professional Negligence Department is committed to pursuing action against Sandhurst Trustees in order to recover the millions of dollars lost on behalf of innocent retirees.
Shine has extensive experience in assisting victims of inappropriate financial advice and has acted for hundreds of clients in claims against Australia’s largest financial institutions. If you are concerned that you have been affected, contact Shine for a free assessment of your circumstances.
Click to read more about the Wickham Securities Class Action.
Written by Jan Saddler
Written by Shine Lawyers. Last modified: July 16, 2015.