Fincorp: another unsecured note investment fails

Although Fincorp was heavily monitored for compliance by ASIC, it has failed resulting in losses to investors of at least $120 million.

ASIC had stopped a Fincorp prospectus in 2005 for misleading advertising.

KordaMentha have been appointed administrators and have told a creditors meeting they expect a 30% return in 5 years.(The Australian)

The Eureka Report has a discussion about protecting consumers from high-yielding fixed-interest investments such as Fincorp.