International Investigations – Pearls Ponzi victims win $90m

Click here for full article in The Australian, 8/2/2018

Full court decision here

Niall Coburn calls for law reform in relation to ASIC registered Investment Funds to protect elderly investors who have lost billions of dollars in so called regulated funds in Australia.

International Investigations –

Investigating a global insurance fraud for expat investors in Bali, Cyprus, Dubai, Malaysia, Thailand and assisting in a class action in London. In this case, hundreds of expat investors purchased a bond product that was unlicensed  and investors lost their entire investments in circumstances where misrepresentations were made to investors and there was no regulatory disclosure of risk. The losses may amount to over 500 million pounds.  

Domestic Investigations –

Niall Coburn wins appeal against ASIC for former financial adviser in the AAT (see court decision)

Investigating for investors who lost $800 million in the LM Investment Management schemes on the Gold Coast.

Sheikh in Abu Dhabi – in relation to a $25 million claim of trust property in Australia.

 

Domestic Investigations – Kleenmaid

Niall Coburn led the ASIC complex investigation into Kleenmaid and its three directors, from 2009 to 2012 and with his ASIC team, prepared the Criminal Brief for the Commonwealth Director of Public Prosecutions (CDPP) in 2011.  This complex investigation involved a review of the collapsed Kleenmaid Group who owed $100 million to creditors and discovery of four million financial and other documents and interviewing and taking statements from numerous witnesses.

The case is ground-breaking as it  has seen a shadow director jailed for criminal insolvent trading.  The investigation led to the imprisonment of Andrew Young for 9 years on 9 February 2020, the imprisonment of Bradley Young in December 2016 for 9 years and the imprisonment of Gary Armstrong who pleaded guilty in October 2015 and who received imprisonment for a period of 5 years 6 months.

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-027mr-former-kleenmaid-director-sentenced-to-nine-years-imprisonment-for-fraud-and-insolvent-trading/