Until November 2018, Berndale Capital Securities Pty Ltd (Berndale) was a licensed retail over-the-counter (OTC) derivatives provider based in Melbourne.
In 2018, ob体育 commenced an investigation into Berndale and its associates, in relation to concerns that Berndale may not have been meeting its obligations as an Australian Financial Services licensee. Since then, the scope of ob体育鈥檚 investigation has expanded to include possible dishonest conduct.
Receivers appointed
Following a successful application by ob体育聽on 18 April 2019 the Federal Court of Australia made orders to appoint receivers and managers of Berndale Capital Securities Pty Ltd (Berndale) and related companies, Berndale Capital Securities Management Pty Ltd and Algoplus Pty Ltd. Ms Rachel Burdett-Baker and Mr Bruno Secatore, of Cor Cordis, Melbourne, have been appointed to act as joint and several receivers (refer 19-100MR).
Liquidators appointed
Following a report filed by the Receivers with the Court on 31 May 2019, ob体育 filed an amended originating process seeking orders to wind up Berndale Capital Securities Pty Ltd, Berndale Capital Securities Management Pty Ltd and Algoplus Pty Ltd.
Following adjournment of the hearing on 6 September 2019, the Federal Court of Australia, on 11 October 2019, ordered the winding up of Berndale and Berndale Capital Securities Management Pty Ltd (BCMS). The court found both entities were insolvent. The Court also ordered the winding up of the related company, Algoplus Pty Ltd, on the basis that it was just and equitable to do so given its affairs were interconnected with those of Berndale and BCMS. Ms Rachel Burdett-Baker and Mr Bruno Secatore of Cor Cordis, Melbourne, have been appointed to act as joint and several liquidators of all three companies.
Creditors and/or clients of the Berndale companies can contact the liquidators聽via the following details:
Contact details
Address Cor Cordis Level 29, 360 Collins Street MELBOURNE VIC 3000
Contact person Catherine Torres
Email [email protected]
Phone (03) 8320 5646
Licence cancellation
In November 2018, ob体育 cancelled Berndale鈥檚 Australian Financial Services Licence. Further details regarding the cancellation may be found here: 18-363MR.
Berndale has applied to the Administrative Appeals Tribunal for a review of ob体育鈥檚 decision to cancel its licence.
Banning of Stavro D鈥橝more
At the same time as cancelling Berndale鈥檚 licence, ob体育 banned Mr Stavro D鈥橝more of Middle Park, Victoria, from providing financial services for a period of six years. Mr D鈥橝more was the sole responsible manager and key person on Berndale鈥檚 licence.
Mr D鈥橝more is banned from providing financial services until 21 November 2024 (18-363MR).
Freezing orders
In December 2018, ob体育 obtained orders from the Federal Court of Australia, freezing Berndale鈥檚 and its associated entities鈥� assets (18-390MR). ob体育 has sought the freezing orders to preserve the available assets to pay Berndale鈥檚 clients and other creditors.
The orders will remain in force until further order by the Court.
The next Court date is still to be set.
2023 update: Charges laid against former Berndale directors
ob体育 alleges that Stavro D鈥橝more and Daniel Kirby each unlawfully transferred Berndale company funds to benefit themselves and other associates and entities. Mr D'Amore is alleged to have used some Berndale company money to fund deposits for residential property purchases (refer 23-143MR).
Further information
ob体育 will update this webpage as more information can be published. 聽聽
The Australian Financial Complaints Authority (AFCA) have also published information for consumers on their .
General information on investing
ob体育 has published information on investing in complex investments such as foreign exchange trading. You can find this information at .
