ASIC cancelled Guildfords Funds Management's AFS license, banned MD Dr. Robert Payne for 4 years, and linked them to Magnolia Capital Group's collapse and $40m investor losses.
ASIC cancelled the Australian Financial Services (AFS) license of Guildfords Funds Management Pty Ltd and banned its MD, Dr Robert Payne, for 4 years due to significant & systemic failures in compliance & oversight. Guildfords was linked to the collapse of Magnolia Capital Group, leading to investor losses of around $40m. Payne and Guildfords have the right to appeal ASIC's decisions.
June 28, 2024
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