CBA sinks Storm Financial

Storm Financial, a financial planning business that pushed margin loans, fell into voluntary administration after Commonwealth Bank called in a $10 million loan. Storm, which has 13,000 clients around Australia, ran into trouble when hundreds of investors were left owing millions of dollars to margin lenders as the stock market dived, prompting an investigation by the Australian Securities and Investment Commission. Storm appointed Worrells Solvency & Forensic Accountants partners Raj Khatri and Ivor Worrell as voluntary administrators.

Source: The Australian

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