Opes Prime Group Limited is an Australian margin lending and stockbroking firm which suffered a dramatic collapse in 2008. For a topic outline on this subject see List of basic Australia topics. In finance a margin is collateral that the holder of a position in securities, options, or Futures contracts has to deposit to cover A stock broker or stockbroker is a qualified and regulated professional who buys and sells shares and other securities through Market makers or
Overview
The company was founded in 2003 by Laurie Emini and Julian Smith. Emini, an Albanian emigrant to Australia, had worked for the Australia and New Zealand Banking Group (ANZ) until he was retrenched in 1997, and began share trading from his home in Templestowe. The Australia and New Zealand Banking Group Limited () commonly called ANZ, is the fourth largest Bank in Australia, after the National Australia "Templestowe" redirects here For the Victorian Legislative Council Province please see Templestowe Province. Smith, a British national, had emigrated to Australia in 1993, and ran the securities and investments division of stockbroker Ord Minnett. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located [1] By 2008, the company had offices in Melbourne, Sydney and Singapore and employed about 80 people. Melbourne ( is the second most populous city in Australia, with a Metropolitan area population of approximately 3 Sydney (ˈsɪdniː is the most populous city in Australia, with a Metropolitan area population of approximately 4 Singapore [2]
The company's downfall was revealed on March 28, 2008 when the Australian Securities and Investment Commission (ASIC) announced it was launching an investigation into Opes Prime Stockbroking, and that the company had gone into administrative receivership the previous day, with Deloitte Touche Tohmatsu appointed as receivers and Ferrier Hodgson as administrators. Events 37 - Roman Emperor Caligula accepts the titles of the Principate, entitled to him by the Senate. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common The Australian Securities & Investments Commission (ASIC is an independent Australian government body that acts as Australia 's corporate regulator Administrative receivership is a procedure in the United Kingdom whereby a creditor can enforce security against a company's assets in an effort to obtain Deloitte Touche Tohmatsu (also branded as Deloitte) is one of the largest Professional services firms in the world and one of the Big Four auditors, along Ferrier Hodgson ("FH" is a group of Accounting firms specialising in Insolvency in the Australian and Asia Pacific region with offices [3] Opes Prime's secured debt is believed to be over AU$1 billion, with its major secured creditors including the ANZ Banking Group (owed around $650 million), and Merrill Lynch. The Australian dollar ( sign: $; code: AUD) is the Currency of the Commonwealth of Australia, including Christmas The Australia and New Zealand Banking Group Limited () commonly called ANZ, is the fourth largest Bank in Australia, after the National Australia Merrill Lynch & Co Inc () is a global financial services firm
Melbourne underworld figure Mick Gatto made headlines when he travelled to Singapore on behalf of an anonymous group of investors in an attempt to retrieve their money. Domenic "Mick" Gatto (born circa 1952 is an Italian-Australian former heavyweight boxer who once was a serious contender for the Australian Heavyweight title and a convicted Singapore [4]
References
- ^ Urban, Rebecca: Little-known Opes, spectacular failure, The Australian, April 5, 2008. The Australian, also referred to as The Oz, is a Broadsheet Newspaper published in Australia Monday through Saturday each Events 456 - St Patrick returns to Ireland as a missionary bishop 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common
- ^ ASIC to investigate Opes Prime, The Age, March 28, 2008. The Age is a Broadsheet daily Newspaper, which has been published in Melbourne, Australia since 1854 Events 37 - Roman Emperor Caligula accepts the titles of the Principate, entitled to him by the Senate. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common
- ^ 08-61 ASIC launches investigation into Opes Prime, Australian Securities and Investments Commission, March 28, 2008. The Australian Securities & Investments Commission (ASIC is an independent Australian government body that acts as Australia 's corporate regulator Events 37 - Roman Emperor Caligula accepts the titles of the Principate, entitled to him by the Senate. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Retrieved April 11, 2008. Events 491 - Flavius Anastasius becomes Byzantine Emperor, with the name of Anastasius I. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common
- ^ Gatto joins the money hunt, The Age, April 8, 2008. The Age is a Broadsheet daily Newspaper, which has been published in Melbourne, Australia since 1854 Events 217 - Roman Emperor Caracalla is Assassinated (and succeeded by his Praetorian 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common
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