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1.Market Observations, 2.financial advice, 5.Troubled companies

25 Jan 2013 (AFR) – Wickham Securities: same story, different characters

(25 Jan 2013 , AFR, p11, Patrick Durkin)

‘The founder and property spruiker behind collapsed lender Wickham Securities, Brad Sherwin, loved to wine and dine sports stars, actors and wealthy investors every Friday at his favourite steak house, Cha Cha Char, in Brisbane. Mr Sherwin was fond of boasting to guests about the high-profile clients he claimed to advise, such as Australian actor Peter Phelps.’

‘Mr Phelps’ manager Marquee Management says it has “no idea” whether its client has lost any money in the collapse. The tale of dodgy financial advice and a questionable lending model is all too familiar and brings to mind Banksia Securities, Australian Capital Reserve, Fincorp and Westpoint.’

Read more at AFR.com (might need AFR login access)

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