Movement at last

The Australian Securities and Investment Commission has moved to ban one of the biggest sellers of Firepower shares.  Quentin Ward, a Perth-based financial adviser, sold millions of dollars worth of shares of his clients and was banned from the industry for eight years. The ironic thing – as readers of my book will no doubt recall – is that Quentin Ward was previously banned by ASIC for three years – from 1995 until 1998 – for his role in a previous, unrelated, fraud. He simply reapplied for his financial services licence and later began selling Firepower shares to his clients. 

Meanwhile a completely unrelated court action against former Firepower CEO John Finnin continues in the County Court in Victoria. I’m not allowed to bring you details. The case is subject to a suppression order by the court, including details of who John worked for before joining Firepower. The suppression order applies only in Victoria. The Sydney Morning Herald carried a story about the case in the NSW editions of the paper on Wednesday. You’ll need to grab a copy to get the details.

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