Storm Financial
| Public | |
| Fate | Liquidated |
| Founder | Emmanuel Cassimatis and Julie Cassimatis |
| Defunct | 26 March 2009 |
| Headquarters | Townsville, Queensland, Australia |
| Services | Financial advice |
Storm Financial Limited was a financial advice company, based in Townsville, Queensland, Australia. The company was founded by Emmanuel Cassimatis and his wife Julie Cassimatis as a private company initially with the name Cassimatis Securities Pty Ltd on 23 May 1994. As part of the company's expansion outside of Townsville the company changed its name from a personality based name to ozdaq Securities Pty Ltd on 10 April 2000. This name remained intact until 1 Feb 2004 when it was relinquished consequent to trademark objections from the NASDAQ stock exchange in the United States. The company then traded as Storm Financial Pty Ltd from 2 Feb 2004 until 14 Jun 2007 at which time the company became an unlisted public company and continued trading as Storm Financial Ltd from 15 Jun 2007 in preparation for making an initial public offering (IPO) in December 2007. This IPO was subject to a Storm Financial Prospectus which was dated 14 Nov 2007 and lodged with the Australian Securities and Investment Commission (ASIC) on the same date. Storm Financial Ltd continued to trade until external administrator Worrells Solvency and Forensic Accountants were appointed on 9 Jan 2009. The main creditor Commonwealth Bank appointed receivers and manager KordaMentha on 15 Jan 2009.
At the time of Storm Financial's proposed listing on 17 Dec 2007 Storm Financial had over 146 employees in 13 offices in Queensland, New South Wales and Victoria. Storm Financial was financial planning business which gave advice across the broad spectrum of financial products including advice on, but not limited to:- investments, unit trusts, superannuation, life insurance and associated traditional and margin loans.
Storm had approximately 13,000 clients across Australia with $4.5 billion of funds and loans under advice (FLUA) as at June 2007. Of Storm's 13,000 clients, approximately 3,000 (23%) had some form of gearing associated with their portfolios and recommended by Storm.
A cornerstone of Storm's business model was to acquire and aggregate other financial planning businesses into a single conglomerate whose practices, quality control and the manufacturing mechanics of the advice was consistent.
...
Wikipedia