08/07/2009 - 15:11

ASIC bans WA Firepower adviser

08/07/2009 - 15:11

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The corporate regulator has banned Nedlands man, Quentin Ward, from providing financial services for eight years following an investigation into his dealings with failed fuel technology company Firepower.

The corporate regulator has banned Nedlands man, Quentin Ward, from providing financial services for eight years following an investigation into his dealings with failed fuel technology company Firepower.

Mr Ward is the first financial adviser related to Firepower to be banned by the Australian Securities and Investment Commission (ASIC), which launched a civil Federal Court case against him and founder Tim Johnston in July last year.

The case followed more than a year of investigation and legal action between ASIC and Messrs Ward and Johnston.

The action against Mr Ward relates to his dealings in the sale of shares in Cayman Islands-registered Firepower Holdings Ltd and Firepower Holdings Group Ltd.

The latter, a British Virgin Islands-registered company was wound up in Perth's Federal Court late last year after more than 1,000 Australian shareholders sank millions of dollars in the failed venture.

Mr Ward has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

Firepower claimed it had developed a pill for petrol tanks that could reduce fuel consumption by as much as 20 per cent.

It is understood that discredited Firepower boss Tim Johnston, who has moved from Australia to London, has not attended creditors' meetings conducted by Firepower liquidator Bryan Hughes of Perth's Pitcher Partners.

Firepower was heavily involved in the promotion of sport, including WA's Super 14 team Western Force and the basketball team Sydney Kings.

This is not the first time Mr Ward, a former bankrupt, has been banned by ASIC, which prohibited him from dealing in securities or providing investment advice from 1995 to 1998.

 

 

The announcement is below:

 

ASIC has banned Mr Quentin Ward, of Nedlands Western Australia from providing financial services for eight years.

This follows an ASIC investigation into Mr Ward's dealings in the sale of shares in Firepower Holdings Ltd (registered in the Cayman Islands) (Firepower CI) and Firepower Holdings Group Ltd (registered in the British Virgin Islands) (Firepower BVI). Firepower BVI was wound up on 1 October 2008.

Mr Ward was the sole director from 21 November 2001 of Axis International Management Pty Ltd (Axis) and an authorised representative of Sagecorp Securities Pty Ltd (now in liquidation) between 11 December 2003 and 15 December 2006.

Mr Ward has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

ASIC's civil proceedings in the Federal Court of Australia in Perth in relation to Firepower, including actions against Mr Ward and Axis, (refer MR08-163) continue and ASIC will make no further comment on these matters at this time.

 

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