ASIC seeks to wind up Centro Financial

The Australian Securities and Investments Commission (ASIC) is seeking a court order to have financial planning firm Centro Financial Synergy Group put into liquidation. Centro Financial Synergy Group is based in Subiaco, Western Australia and invested its clients' money in mezzanine schemes operated by property group Westpoint, which collapsed in 2005. Centro Financial stopped trading early last year and ASIC is arguing that it has failed to comply with financial services licensing requirement and should be wound up. The case will be heard in the Federal Court on 28 February 2007.