ASIC Shuts Down Financial Group

The officers of the Australian Securities and Investments Commission (ASIC) have shut down Morrison Carr, a financial planning service company with over 42 advisers in the country.

In a statement, the ASIC said that the sanction was done based on a “surveillance of the business.” The ASIC did not elaborate any other reasons for its decision to revoke the company of its license.

According to sources, Morris Carr has long been under scrutiny by the ASIC since 2010.

In effect, Morrison Carr’s lone director Dennis Cardarakis has also been banned permanently from ever dealing with financial services.

Cardarakis didn’t want to make any comment about the ASIC’s decision. He, however, has since filed an appeal before the Administrative Appeals Tribunal, which will begin hearing his case tomorrow.

In 2010, Morrison Carr Australia, a sister-company also owned by Cardarakis, was involved in a Federal Court case that has since been settled in April of last year.

But by October, the firm decided to liquidate its asset, as it owed a total of $4.7 million to its creditors.

The company dealt with financial management, including home loans, tax returns and insurance loans.

The company’s client base is between 35 to 50 years of age.