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27 May 2017 (AFR) – ASIC chase MFS directors for record $615m fines

[COMMENT: Here is an interesting case study for investors and traders to study to help minimise investeing risk going forward.]

(27 May 2017, AFR, p5, by Patrick Durkin)

‘The corporate regulator says “all options are on the table” for chasing the former rich listers behind one of Australia’s largest financial collapses who have been ordered to pay a record $615 million in fines to thousands of retirees who lost their life savings. The failed Gold Coast property and finance group MFS which was founded by “charismatic leader” and chief executive Michael King who is described as “the puppet master” of the group, marketed themselves as “the new Macquarie”. The group, later called Octaviar, listed on the ASX in 2005, reaching a market capitalisation of $3 billion before it collapsed in 2008 owing $2.5 billion to investors.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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About robertbrain

Brainy's Share Market Toolbox. Read the honest truth about the sharemarket. Develop or fine tune your investing/trading strategies using share price charts (technical analysis), or learn about the investment strategies of others. Melbourne (Australia) based - supporting share market investors and traders to build wealth through smarter investing using my Share Market Toolbox arsenal of weapons to tackle the market.

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