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The Australian Securities and Investments Commission has won its case against four Linchpin Capital directors after a judge found they duped their clients into lining the directors’ pockets and benefitting the parent company.
Silk Lincoln Crowley has been appointed by the Queensland premier as the first Indigenous judge of an Australian supreme court.
Clients of Linchpin Capital Group and subsidiary Endeavour Securities who were promised investments in a diversified loan portfolio were instead duped into funding Linchpin’s own business interests and lining its directors' pockets, a judge has heard as trial got underway in ASIC's case against three former Linchpin directors.
A class action by investors of collapsed Linchpin Capital against the company's former directors wants to join their insurers as defendants to the proceedings.
After months of uncertainty and a scolding from the judge about "vague" excuses, former Linchpin Capital directors facing proceedings by ASIC and a class of investors have been given assurance that their legal costs will be covered under an insurance policy.