ASIC intervenes in InterPrac sale
The Australian Securities and Investments Commission (ASIC) has stepped into the sale of InterPrac, commencing Federal Court proceedings to seek the appointment of a receiver to investigate the proposed sale of the licensee.
Sequoia Wealth entered into a Share Sale Agreement to sell 100% of its shares in Interprac to Conquest Investment Partners Pty Ltd (Conquest) in March 2026 for $50,000.
ASIC announced the move stating it was initiated “ out of concern that the intended sale of Interprac may adversely affect the interests of its creditors, including Interprac’s liabilities arising from AFCA complaints in relation to the Shield Master Fund and First Guardian Master Fund, given that Sequoia may cease to guarantee Interprac’s debts upon completion of the sale to Conquest”
It wants the receiver, if appointed to,
- investigate and report on whether the sale of Interprac’s shares by Sequoia Wealth to Conquest is bona fide, fair and reasonable, and
- report on Interprac’s financial position and its solvency.
The ASIC announcement noted that “to date, AFCA has made two lead determinations against Interprac. There are approximately 911 open AFCA complaints against Interprac in relation to advice provided by its representatives to invest in the collapsed Shield and First Guardian Master Funds”.
if Peter Johnston had stood back and actually thought about what was happening I dare say he's forgotten that there…
…but, if the adviser joins another dealer group, then its business as usual?
"You will no longer be able to view and manage policies for your existing clients using your adviser log-in (‘a’…
I can provide quality & appropriate advice in about 1 hour with implementation on top.....I can provide "compliant" advice following…
Freaking clown....we're drowning in red tape and you're pushing this @$@$... and blaming advisers.