ASIC remains firm on Westpoint legal action despite Glenhurst's alleged name change.
Glenhurst Corporation (Glenhurst) has allegedly changed its name, sparking speculation the group is distancing itself from Westpoint litigation.
The Melbourne-based dealer group is now known as Churchill Morgan Global, which registered with ASIC in October.
The new group shares the same business address and phone number as Glenhurst. The Glenhurst name is still listed as a registered company, according to the regulator.
In November, ASIC announced it intends to file lawsuits against five dealer groups, including Glenhurst.
It will also seek damages against Westpoint directors for 3650 investors for the collapsed property lender.
Glenhurst planners advised 78 clients to invest in Westpoint. Glenhurst faces potential damage claims in excess of $7.1 million, ASIC said.
While the regulator refused to make comment, it is believed the alleged name change will not stop legal proceedings.
The other dealer groups expected to have legal action filed against them are Dukes Financial Services, Bongiorno Financial Advisers, Masu Financial Management and Professional Investment Services.
ASIC is seeking damages for 729 clients from those licensees who have potential claims against them of $63.2 million.
So far the Financial Industry Complaints Service has resolved 46 complaints and 26 have been finalised by a panel or adjudicator decision. A further 76 cases are under investigation and 84 are awaiting a decision.
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