• Contact
  • Feedback
Banking Day
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

BOQ faces class action over Sherwin scandal

14 March 2016 5:08PM
Bank of Queensland has been hit with a class action claim over misuse of its money market deposit accounts.On Friday, lawyers Quinn Emanuel Urquhart and Sullivan filed a claim in the Federal Court against BOQ and its agent, financial planner DDH Graham Ltd.The firm said in a media release that 350 investors lost more than A$60 million as a result of a scam allegedly organised by disgraced financial planner Bradley Sherwin, who used BOQ money market deposit accounts administered by DDH Graham to perform a series of round robin transactions.The class action claim is that the scam was enabled by BOQ and DDH Graham.The Australian Securities and Investments Commission placed a number of companies associated with Sherwin in liquidation in 2013 and Sherwin was banned from providing financial services for two years.Last year Sherwin and an associate were charged with a range of criminal offences relating to misconduct in the Sherwin Group.ASIC is undertaking an investigation of the BOQ money market deposit accounts held by Sherwin clients. Its investigation relates to "whether BOQ or DDH Graham may have processed transactions when they should not have."The action has been issued as an open class, which means that anyone caught up in the scam is covered (subject to an opt-out option)The action is being supported financially by Vannin Capital, a European litigation funder.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use