Sharemarket Stock broker collapse traps $200m from thousands of investors

Halifax's clients invested in equities in Australia and other markets and a range of derivative products.

Stock broker collapse traps $200m from thousands of investors

The demise of Halifax Investment Services has led to the assets of  12,000 accounts being frozen as administrators figure out what went wrong.

“Halifax was the subject of an enforceable undertaking with ASIC in 2013 following regulatory action by the Australian Securities and Investments Commission over a slew of concerns about the operations of the business.”

It’s not the first time

When Corporations go to the wall it’s the the “free market” when the economy is rocked it’s the the “free market”. When the economy is on the rise it’s Liberal” good management,” When unemployment is rising it’s the “free market” When welfare is cut it’s Liberal “good management”. Someone seems not to have a clue when 12,000 investors are seperatedfrom their money. (ODT)