Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
ASIC takes Linchpin, Endeavour directors to court

ASIC has commenced civil proceedings against current and former directors of Linchpin Capital and Endeavour Securities for alleged breaches of duties.

The defendants in the proceedings are Ian Williams, Paul Raftery, Paul Neilson and Peter Daly.

Williams, Nielsen and Raftery were directors of Endeavour when it operated the Investport Income Opportunity Fund.

Daly, who was only a director of Linchpin not of Endeavour, ASIC alleges acted as an officer of Endeavour.

In March last year, ASIC successfully obtained orders against Linchpin and Endeavour relating to the Investport Income Opportunity Fund.

The court ordered to wind up two Investport Income Opportunity funds (one operated by Linchpin and one by Endeavour).

In November last year, ASIC banned Williams, Nielsen, Daly and Raftery from providing any financial services for five years. Daly's appeal of the ban in the Administrative Appeals Tribunal is ongoing.

ASIC alleges in the current proceedings that each of the defendants were personally involved in conduct that contravened the Corporations Act.  ASIC further alleges that the defendants failed to act in the best interests of investors in the fund.

And, the regulator alleges Daly and Raftery made improper use of their positions as officers of Endeavour to gain a financial advantage for themselves.

ASIC is seeking declarations of breaches of the Corporations Act, the imposition of civil penalties and for Williams, Nielsen, Daly and Raftery to be disqualified from acting as directors for a period of time.

Read more: ASICEndeavourLinchpinInvestport Income Opportunity FundNielsenAdministrative Appeals TribunalIan WilliamsPail RafteryPaul NeilsonPeter Daly
Link to something WY0iOLuU