Troubled melbourne financial advice firm United Global Capital (UGC) has been put into liquidation by the Federal Court.
ASIC said that creditors had resolved to wind up UGC, and David Stimpson of SV Partners has been appointed as a liquidator.
UGC withdrew its application regarding the cancellation of its Australian financial services licence, which was cancelled on 31 July – the Administrative Appeals Tribunal (AAT) dismissed that application.
An application made by director Joel James Hewish regarding his 10-year ban is being reviewed by the AAT. Hewish was banned for 10 years from providing financial services, performing any function involved in carrying on of a financial services business, and controlling an entity that carries on a financial services business.
Hewish became a director of UGC on 8 November 2011 and had been the key person on the licence since 18 August 2017.
ASIC found that UGC’s authorised representatives contacted prospective clients and recommended they establish a self-managed superannuation fund (SMSF), rollover their existing superannuation into the SMSF, and invest it in highly speculative investments related to Hewish.
The move follows an earlier announcement on 5 July that UGC had…
