Media release
The director of a failed share trading company that owes $4.25 million has reluctantly provided additional evidence that will allow the company’s liquidator to pursue recovery actions.
Robert Lloyd Wilson was sole director of Lifestyle Trader Pty Ltd (in liquidation), which operated from Gold Coast premises until December 2011, selling share trading software that promised large returns for investors.
Mr Wilson spent a day in the witness box in the Brisbane Magistrates Court on Monday (October 21) where he was forced to answer questions about the company’s finances during a public examination.
Gavin Morton, director of Brisbane-based Morton and Lee Solvency Accountants and Lifestyle Trader’s liquidator, said despite Mr Wilson’s inability to remember much of the information sought by Mr Morton and Lee legal team, sufficient evidence surfaced for him to pursue several other people associated with Lifestyle Trader.
“It’s possible there are additional funds that are recoverable, so we’ll consider launching proceedings against these individuals to try to get more funds for the creditors,” Mr Morton said.
He will also consider an application to the Australian Securities & Investments Commission (ASIC) to have Mr Wilson – known as “Aussie Rob” – banned as a director.
Last week ASIC banned Mr Wilson from providing financial services and warned the public not to deal with him. But Mr Morton said he wanted to ensure Mr Wilson, who now lives in Laos, could not conduct business in Australia at all.
Mr Wilson gave scant details at Monday’s hearing about a range of corporate assets, including expensive artwork and jewellery, motorbikes, and properties. The properties included a luxury beachfront holiday home near Hervey Bay; an island off the Queensland coast that Lifestyle Trader planned to use as a retreat and training venue; and a $100,000 7.1m amphibious cruiser.
Mr Morton said the cruiser was sold in April 2010, but Mr Wilson was unable to recall what happened to the proceeds. Likewise, he responded “I can’t remember”, when asked about the return of a $1.1 million deposit Lifestyle Trader had paid in a failed $4 million bid to buy the tropical island.
Since his April 2012 appointment as liquidator, Mr Morton has conducted extensive investigations in Australia and overseas to track down Mr Wilson and company assets.
Mr Wilson failed to attend a February 14, 2013, public examination to provide information on the company, prompting Mr Morton to obtain a court order that he attend this week’s hearing.
Mr Morton was appointed following a wind-up application by ASIC, after Mr Wilson failed to comply with an enforceable undertaken given to the corporate regulator.
ASIC had conducted a misleading and deceptive conduct inquiry into marketing of the share trading software and obtained an agreement Lifestyle Trader would stop using terms like ‘share rental’ to describe trading in call options.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gavin Morton, Director, Morton and Lee Solvency Accountants, phone (07) 3832 7131
Released by: Kate Tilley, Communications Consultant,
phone (07) 3831 7500, email ktj@ktjournalism.com
Release date: Wednesday, October 23, 2013
Aussie Robs Laos move leaves trail of questions … Read more
9th Sept 2013
Failed Gold Coast businessman Robert “Aussie Rob” fronted a Brisbane court yesterday … Read More
22 Oct 2013