98-548: Storm Financial Limited was a financial advice company, based in Townsville , Queensland , Australia. The company was founded by Emmanuel Cassimatis and his wife Julie Cassimatis as a private company initially with the name Cassimatis Securities Pty Ltd on 23 May 1994. As part of the company's expansion outside of Townsville the company changed its name from a personality based name to ozdaq Securities Pty Ltd on 10 April 2000. This name remained intact until 1 February 2004 when it
196-441: A tropical savanna climate ( Köppen climate classification Aw ). Owing to a quirk of geographical location, Townsville's winter rainfall in particular is not as high as elsewhere in the eastern coastal tropics of Queensland, such as Cairns . The winter months are dominated by southeast trade winds and mostly fine weather. Further north the coastline runs north–south and the trade winds are lifted to produce rainfall right through
294-536: A Townsville newspaper article. Storm responded to the ASC addressing the points raised which the ASC later acknowledged via a response letter and also advised that no further enquiries were necessary. 19 August 1994 Storm clarifies client fees with the ASC Further evidence of diligence on the part of Storm came on 19 August 1994 when one of the directors of Storm (then Cassimatis Securities) sought clarification from
392-700: A Treasures exhibition, showcasing 50 collection items from Special Collections, Eddie Koiku Mabo Library, James Cook University, Townsville. The rare collection item – ‘James Cook University Development: Pimlico to the First Chancellor archival footage, 1960 – 1970’ was one of the Treasures selected for the anniversary year. The 12min film preserved on NQHeritage, the University Library’s Special Collections online repository, shows footage of Her Majesty Queen Elizabeth II arriving at
490-489: A camp below the rocky spur of Melton Hill , near the present Customs House on The Strand . Edward Kennedy, a Native Police officer accompanying the group, recalled how his "boys" (the Aboriginal troopers) chased four or five local tribesmen into the ocean. Kennedy then stated that he "left the "boys" in the water, pumping lead and hurling derisive cries at them, neither of which seemed to reach their mark". A member of
588-696: A class action claim of negligence by persons affected by the Storm Financial collapse for an alleged failure to take action, amounting to malfeasance. However, Justice Gleeson of the Federal Court of Australia struck out the statement of claim of the plaintiffs as being unarguable. ASIC has not acted against the Financial Ombudsman Service (Australia) (FOS) despite the organisation being exposed as having generated misleading file notes and then attempting to offer them in
686-488: A gardener at James Cook University in the 1970s and 1980s. It was at the university in 1974 that he first learned of the implications of the terra nullius doctrine which held that he did not legally own the land he believed was his under the traditional land inheritance system of his people. Buchanan's Hotel in Flinders Street, regarded by architectural historians as Australia's most significant building in
784-464: A half years. Before this period the nil upfront fee option with the higher trail commission favoured the client, whilst after this period the client was better off under the fee for service option with the fee advantage increasing exponentially over time. The upfront and ongoing fees charged by Storm in both fee options were identified in general terms in Storm's Financial Services Guide ("FSG") as well as
882-449: A home after the forced sale of their existing house. The Commonwealth Bank held about 30 per cent of the loan business when it collapsed. High-profile victims of the collapse include Australian cricketer Andrew Symonds , estimated to have lost approximately A$ 1.5 million in the company's failure. Former professional rugby league footballer Wally Fullerton Smith , an advisor working with Storm, lost his home and business. In 2009,
980-488: A letter on 9 December 2008 to its Storm clients that were sold out of the market allegedly on the instructions of Storm's CEO, Emmanuel Cassimatis. This letter repeated elements of CBA's 8 December 2008 letter as well as alleging that Storm provided instruction to the bank that the CBA / Storm portfolios of all margin lending clients with an LVR greater than 90% be fully redeemed. Material elements of CBA's letter of 9 December 2008
1078-648: A mere 217.9 millimetres (8.58 in) between December 1901 and November 1902 at the peak of the Federation Drought , to as much as 2,956.2 millimetres (116.39 in) between March 1990 and February 1991. On average, the driest year in ten can expect only half the mean rainfall, compared to around 64 percent in Brisbane, 68 percent in Sydney, and 72 percent in Darwin. Rainfall also varies considerably within
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#17327977930751176-568: A more detailed breakdown with specific pricing in each individual client's statement of advice. On 12 December 2008, after having discussions with the Commonwealth Bank, the Australian Securities & Investments Commission (ASIC) began investigations on Storm Financial's advice to its clients. From the early days of Storm Financial, ASIC played an integral role in monitoring and advising Storm on its activities. Storm
1274-754: A result of falling share values. In August 2008, approximately 37 per cent of investments were being funded by margin lending . In October 2008 it had 13,000 clients. In addition to gaining efficiencies by commoditising the packaging of its advice in Storm's back office, Storm Financial used its large flow of funds to obtain significant discounts in fees charged by financial product manufacturers such as fund managers and Margin Lenders. This enabled Storm to pass on significant savings to its clients, effectively allowing its clients to be charged wholesale prices for retail advice and retail products. Storm offered two alternative fee options to its clients. The first fee option
1372-626: A satellite city to the south of Townsville developed by national developer Lendlease Group , is expected to be home to 26,000 people by 2057. Additionally, the Queensland Government announced it will be offering 270 hectares (670 acres) of state-owned land (the former abattoir reserve), just south of the Bohle River , for urban expansion. Townsville lies approximately 1,350 kilometres (840 mi) north of Brisbane , and 350 kilometres (220 mi) south of Cairns . It lies on
1470-502: A shower of stones and spears. Dalrymple and his men "were necessitated" to fire upon them, "repulsing them with loss." They landed again near to Cape Pallarenda to obtain surveys from the hilltops but decided to descend to their awaiting dinghies as they noticed residents of three Aboriginal camps below were moving in their direction. These people were yelling and dancing "in a very hostile manner" and Dalrymple felt obliged to fire upon them. Dalrymple's group then made an "orderly retreat" to
1568-445: A very numerous Aboriginal population. They landed on the shore near to where the modern city of Townsville now stands and met with a number of Aboriginal people, giving them biscuit and tobacco. The Aboriginal people started to touch and feel all the expedition members, and began "smacking their lips", which Dalrymple interpreted as an indication that they wanted to eat them. Another group of Aboriginal people came down, attacking them with
1666-541: Is Australia's 'fortress city', home to a large part of the strategic capability of the ADF , offering essential services including maintenance and supply chains including one of the largest military bases in Australia as well as a Royal Australian Air Force (RAAF) base that can accommodate most military aircraft in service. Townsville is the industrial heart of northern Australia with a GRP of $ 15.1 billion in 2023. The city
1764-530: Is available includes current and/or historical information about the organisation, including past addresses, previous directors, and former names, as well as the organisation's unique identification number (ABN, ACN, ARBN, ARSN), type of company or organisation (e.g., proprietary company, limited by shares), date it was registered, the next review date, location of registered office (town or suburb only), and any professional licences or registrations (e.g. an Australian financial services licence or credit licence). ASIC
1862-573: Is based in Mount Isa about 900 kilometres (560 mi) west of Townsville. Australian Securities %26 Investments Commission The Australian Securities and Investments Commission ( ASIC ) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC
1960-528: Is served by Townsville Airport and the Port of Townsville , the largest general freight and container port in northern Australia. Popular attractions include " The Strand ", a long tropical beach and garden strip; Riverway , a riverfront parkland attraction located on the banks of Ross River ; Reef HQ , a large tropical aquarium holding many of the Great Barrier Reef's native flora and fauna;
2058-617: Is susceptible to tropical cyclones . They usually occur between December and April, forming mainly out in the Coral Sea, and usually tracking west to the coast. Notable cyclones to affect the Townsville Region have been: Cyclone Kirrily (2024), Cyclone Yasi (2011), Cyclone Tessi (2000), Cyclone Sid (1998, in particular damaging The Strand and causing major flooding ), Cyclone Joy (1990), Cyclone Althea (1971), Cyclone Leonta (1903), and Cyclone Sigma (1896). The city
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#17327977930752156-461: Is the warmest month of the year with daily mean maximum and minimum temperatures being 31.5 °C (88.7 °F) and 24.1 °C (75.4 °F) respectively. July is the coolest month with daily mean maximum and minimum temperatures being 25.1 °C (77.2 °F) and 13.7 °C (56.7 °F). Townsville experiences an annual mean of 8.5 hours of sunshine per day, averaging 120.8 clear days per year. Like most of Northern Australia, Townsville
2254-554: The 2022 Australian federal election . Some of the suburbs on the southern fringe of the urban area are part of the Division of Dawson and are represented by Andrew Willcox , representing the Liberal National Party . Some of the northern suburbs of Townsville, known collectively as the "Northern Beaches", are included in the Division of Kennedy which is represented by Bob Katter ( Katter's Australian Party ), who
2352-491: The Australian Stock Exchange in 2009, and Chi-X in 2011. In 2012, ASIC called for powers to use data which had been intercepted by other intelligence agencies. In recent times ASIC has become the subject of criticism by consumers, consumer advocates and public officials over its inaction and inefficiencies in protecting consumers from large financial institutions. In 2015–2016 ASIC was subject to
2450-478: The Filigree style, was lost to fire in 1982. In 1981 a land rights conference was held at James Cook University and Eddie Mabo made a speech to the audience where he explained the land inheritance system on Murray Island . The significance of this in terms of Australian common law doctrine was taken note of by one of the attendees, a lawyer, who suggested there should be a test case to claim land rights through
2548-683: The Government of Queensland prior to the March 2008 elections, the previous entities of NQ Water, The City of Townsville and the City of Thuringowa were amalgamated. In the 2024 Townsville City Council election , Troy Thompson (Independent), was sworn in as Mayor of Townsville. The previous Mayor of Townsville was Jenny Hill , a member of the Labor Party . Hill was elected in April 2012, replacing
2646-550: The Great Barrier Reef . The city is also a major industrial centre, home to one of the world's largest zinc refineries, a nickel refinery and many other similar activities. As of December 2020, $ 30M operations to expand the Port of Townsville are underway, which involve channel widening and installation of a 70-tonne Liebherr Super Post Panamax Ship-to-Shore crane, to allow much larger cargo and passenger ships to utilise
2744-467: The Museum of Tropical Queensland , built around a display of relics from the sunken British warship HMS Pandora ; Castle Hill or as it was originally known Cootharinga, the most prominent landmark of the area and a popular place for exercise; The Townsville Sports Reserve; and Magnetic Island , a large neighbouring island, the vast majority of which is national park . Aboriginal peoples such as
2842-565: The University of Queensland established a campus at Pimlico , near Pimlico State High School , later developing a site at Douglas near the Army Barracks, and across the new Nathan Street Bridge. The faculties of Arts, Law, and Education, and several residential colleges, Union, St Mark's, and John Flynn relocated from central Townsville. This was followed by the relocation of St Raphael's college for women. A large modernist building
2940-780: The Wulgurukaba , Bindal , Girrugubba , Warakamai and Nawagi originally inhabited the Townsville area. The Wulgurukaba claim to be the traditional owners of the Townsville city area; the Bindal had a claim struck out by the Federal Court of Australia in 2005. James Cook visited the Townsville region on his first voyage to Australia in 1770, but did not land there. Cook named nearby Cape Cleveland, Cleveland Bay and Magnetic(al) Island . In 1819, Captain Phillip Parker King and botanist Alan Cunningham were
3038-529: The "hit or miss" nature of tropical lows and thunderstorms, and the powerful influence of the El Niño–Southern Oscillation , variation from year to year is almost uniquely large for such a wet climate, being comparable only to a few cities in the Northeast of Brazil (e.g. Fortaleza ). Since records at various urban locations started in 1871 twelve-month rainfalls in Townsville have ranged from
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3136-582: The ASC about the treatment of fees and investment funds from clients. It was established and confirmed that Storm could continue collecting fees in its own name. It was further established that as long as unit buying funds were not taken into Storm's name then it could not be deemed that clients were investing in Storm. All Storm clients were therefore investing through Storm directly into various managed funds. Storm maintained this separation until it went into administration. 9 October 1995 routine ASC audit of Storm Following an inspection and review by officers of
3234-460: The ASC on 9 October 1995, the ASC raised numerous matters requiring an explanation, in a letter dated 3 November 1995. Storm responded in a letter dated 17 January 1996 with detailed annexures replying in full and answering all matters of concern to the ASC. The Australian Securities Commission responded by a letter dated 15 February 1996 relevantly: a) Expressing no dissatisfaction with Storm's response; b) With no suggestion that Storm could improve
3332-470: The Commonwealth Bank on the next available business day after the Christmas break being Monday 29 December 2008 issued notices of demand to Storm Financial calling up Storm's entire commercial facilities. The ultimate consequence of the banks demands was to force Storm Financial into administration on 9 January 2009 'coincidentally' being the date that Justice Greenwood had set the matter down for mention for
3430-651: The Experimental Station of Oonoonba and seven bombs landed in Cleveland Bay where bomb craters are still clearly visible. There were no deaths and structural damage was minimal, as the Japanese missed their intended targets of the railway, the harbour and the airfield and destroyed a palm tree at the Experimental Station of Oonoonba. Although the Japanese aircraft were intercepted on two of the three raids, no Japanese planes were shot down. In 1961
3528-484: The Federal Court of Australia found to the standard of proof for interlocutory injunction that the assertions by the Commonwealth Bank were deceptive and misleading. Unfavourable findings for the Commonwealth Bank were brought down on Wednesday 24 December 2008 by Justice Greenwood in the Federal Court in an interlocutory action brought about by Storm Financial. Furthermore, following these unfavourable findings,
3626-658: The Parliamentary Joint Committee on Corporations and Financial Services conducted an inquiry into the collapse of Storm Financial and Opes Prime , as well as consideration of broader financial planning and governance issues. It released its report— Inquiry into Financial Products and Services in Australia —in November 2009. The report made 11 recommendations including increasing the powers of the regulator but did not recommend banning commissions. Storm Investors Consumer Action Group, which represents many of
3724-543: The Royal Family travelled to Mackay. The royal party had a leisurely cruise to Townsville, taking four days to arrive after their departure from Mackay. On the morning of April 20, they were met by The Deputy Mayor of Townsville Mr. T. Aikens, M.L.A. and Mrs Aikens and Mr W.W. Shepherd, Chairman of the Townsville Harbour Board and Mrs Shepherd. The day’s program began with a cavalcade of progress at
3822-640: The Townsville sports reserve. The grounds were filled with crowds and children waving their Australian flag. It was a spectacle for the royal visitors and the local community who came out on the day. Following lunch on board Britannia, the royal family were driven to the site of Queensland’s newest university, the James Cook University , Townsville campus. In the presence of many dignitaries, HRH Queen Elizabeth II formally granted autonomy to North Queensland’s new educational institution. In 2020, James Cook University celebrated its 50th anniversary with
3920-479: The advice it was giving clients and the processes & procedures within Storm for the production of financial advice to clients, including advice templates, cash flow analyses and client financial profiles. Neither the ASC nor ASIC informed Storm following any of their reviews or audits that the Storm model contravened or might contravene any of the financial services laws. All of the ASC's and ASIC's communications with Storm, following such reviews and audits, were to
4018-468: The advisor or both, the bank's failure to issue margin call notices at the critical time was one of the major influences in late 2008 that triggered the eventual collapse of Storm. The banks failure to issue margin call notices together with its inability to reconcile the correct financial position of each client ultimately led to many clients passing through their margin call trigger points and ending in negative equity . The unreliability and inaccuracy of
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4116-433: The central business district (CBD). One significant contributor to CBD development was the construction of a new rail passenger terminal and re-siting of the railway workshops, releasing prime real estate which formerly belonged to Queensland Rail for the development of residential units, retail projects and a new performing arts centre. The skyline of Townsville's central business district has undergone dramatic changes over
4214-535: The ceremony was complete." The next group of colonists, led by W. A. Ross, arrived at Cleveland Bay from Woodstock Station on 5 November of that year. In 1866 Robert Towns visited for three days, his first and only visit. He agreed to provide ongoing financial assistance to the new settlement and Townsville was named in his honour. Townsville was declared a municipality in February 1866, with John Melton Black elected as its first Mayor. Townsville developed rapidly as
4312-476: The city. Three weirs, fish stocking and dredging of the river in these reaches has resulted in a deep, stable and clean waterway used for many recreational activities such as water skiing, fishing and rowing. Thirty kilometres (19 mi) from the mouth (at the junction of Five Head Creek) is the Ross River Dam , the major water storage for the urban areas. The historic waterfront on Ross Creek , site of
4410-414: The client education process and documentation provided to clients and an explanation of how Storm's internal software system interacted with the services Storm provided to clients. In the course of the meeting, ASIC officers referred to Storm's prospectus and asked various questions including an explanation of the advice that Storm gave to its index fund clients. In response Storm presented and communicated to
4508-607: The court system. Mabo decided to take on the Australian Government . Perth -based solicitor Greg McIntyre was at the conference and agreed to take the case; he then recruited barristers Ron Castan and Bryan Keon-Cohen. McIntyre represented Mabo during the hearings. The James Cook University Douglas campus library is now named after Mabo. On 3 June 1992, the High Court of Australia ruled in favour of Eddie Mabo in Mabo v Queensland (No 2) recognising native title in Australia for
4606-469: The data provided to Storm and Storm clients by the Commonwealth Bank was identified in clause 24 of an evaluation conducted by the Roger Gyles QC on 18 November 2011. This evaluation further states that not only was the banks data inaccurate but that Commonwealth Bank officers knew of these inaccuracies. Separate analysis revealed the extent of the CBA data errors and how integral these errors were to
4704-506: The dinghies halting at intervals to fire upon those throwing spears. The crew which had remained upon the Spitfire had seen about eight armed Aboriginal men in canoes approaching them from nearby Magnetic Island in an apparent attempt to board the ship. They were repulsed by a discharge of the brass gun. The Burdekin River 's seasonal flooding made the establishment of a seaport north of
4802-489: The discovery phase in a Victorian Supreme Court case. FOS were caught out and exposed by a consumer and ASIC has not acted against FOS. ASIC did commence proceedings against the largest four banks in Australia in 2016 for rigging of Australian benchmark interest rates. However criticism has been leveled against the regulator for failing to take action for over five years. Questions remain about how this will affect consumer civil causes of action against banks involved, given that
4900-412: The effect that Storm's conduct was, in general, appropriate and lawful, subject only to minor matters. The Commonwealth Bank forced Storm into administration on 9 January 2009 when the bank called up its lending facilities to Storm, citing a default on Storm's own margin lending facility with the bank. Whilst the date of the alleged default by Storm was 10 October 2008, the Commonwealth Bank records at
4998-506: The establishment of a new General Hospital at Mount Louisa provided facilities necessary for the establishment of an independent Medical School. In 1970, Queen Elizabeth II , the Duke of Edinburgh and Princess Anne toured Australia including Queensland. The Queensland tour began on Sunday 12 April when the royal yacht Britannia entered Moreton Bay at Caloundra, sailing into Newstead Wharf. After visiting Brisbane, Longreach and Mount Isa
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#17327977930755096-454: The expedition who was from a town in the south accidentally shot dead an elderly Aboriginal man. He said that he thought he was being stalked by an alligator. On the return journey to Port Denison, the group "dispersed" another Aboriginal camp in reprisal for the killing of a shepherd. After the fighting, the "boys" rounded up around 12 women and each took turns based on their rank in selecting one. "In five minutes, each had chosen their spouse and
5194-486: The first Europeans to record a local landing. In 1846, James Morrill was shipwrecked from the Peruvian , living in the Townsville area among the Bindal people for 17 years before deciding to return to British society when the frontier of colonisation came to the region. In 1860, George Elphinstone Dalrymple led a maritime expedition to the region from Brisbane. The expedition sailed to Cleveland Bay , finding
5292-644: The first boatload of South Sea Islanders into Townsville to labour on the cane and cotton farms. They numbered 56 and arrived on the Blue Bell which had brought them from the Loyalty Islands and the New Hebrides . Charges were made against Henry Ross Lewin , the recruiter for Robert Towns, that some of the Islanders had been kidnapped to work on the plantations. In 1867, a magisterial enquiry
5390-739: The first ever vice-regal ceremonial unfurling of the Australian national flag. With Brisbane, in 1902 Townsville was proclaimed a City under the Local Authorities Act. The foundation stone of the Townsville Cenotaph was laid in Strand Park on 19 July 1923. It was unveiled on 25 April 1924 ( ANZAC Day ) by the Queensland Governor , Sir Matthew Nathan . The rural land surrounding the city
5488-766: The first time. In 1993, the New South Wales Rugby League announced that a team from Townsville would be admitted to the expanded, nation-wide competition, and the North Queensland Cowboys made their debut in the 1995 ARL season . In October 2000, a Solomon Islands Peace Agreement was negotiated in Townsville. In February 2019, Townsville experienced a major flood event , which caused five deaths. Floodwaters damaged approximately 3300 homes and about 1500 homes were rendered uninhabitable. Inner-city high-density development has also created population growth and gentrification of
5586-598: The last few years, with a number of new highrise buildings, both commercial and residential, constructed. In the short term, much of the urban expansion will continue to the west and the north, in the former City of Thuringowa. The most significant of these is North Shore Estate, a new A$ 1 billion 5,000-lot housing estate, located close to the Bruce Highway , just north of the Bohle River . Medium-term city expansion will be focused on two major urban developments that have started in 2017 and 2018. Elliot Springs,
5684-522: The major port and service centre for the Cape River , Gilbert, Ravenswood , Etheridge and Charters Towers goldfields. Regional pastoral and sugar industries also expanded and flourished. The Alligator Creek meatworks was established in 1879. Up to 1500 workers, many who resided in Townsville would work at the factory. It helped to build up the economy of Townsville. Jack Flowers was a local of Townsville and started working at Alligator Creek when he
5782-524: The many allegations of blackbirding and slave conditions relating to the recruitment and employment of South Sea Islanders in Queensland are baseless, and without foundation in fact or reliable historical evidence. Townsville's population was 4,000 people in 1882 and grew to 13,000 by 1891. In 1901 Lord Hopetoun made a goodwill tour of northern Australia and accepted an invitation to officially open Townsville's town hall, occasioning
5880-726: The material elements of its business model. In addition, Ms Koromilas from ASIC, informed Storm that ASIC wished other advisors had procedures and processes that were as good as Storm's. Summary When the officers of ASC and ASIC conducted their reviews and audits they had complete access to all of the documents used by Storm in giving financial advice to clients, including practice and procedure manuals, advice templates, cash flow analyses, client financial profiles, Storm's Financial Services Guide and Statements of Advice. The ASC and ASIC often required individual client files to be ready in advance of their visits. The ASC and ASIC thereby became familiar with all aspects of Storm's business relevant to
5978-405: The metropolitan area; it typically ranges from 1,136 millimetres (44.7 in) at central Townsville City to 853 millimetres (33.6 in) at Woodstock , a southwestern suburb. The wettest 24 hours on record was 11 January 1998, with 548.8 millimetres (21.61 in) falling mostly in a 12-hour period after dark, which has since been dubbed the "Night of Noah" by Townsville residents. December
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#17327977930756076-470: The military. Slit trenches were dug in many places, and 18 concrete air-raid shelters were built, six of them in Flinders Street. The first bombing raid on Rabaul , in Papua New Guinea, on 23 February 1942 was carried out by six B-17s based near Townsville. Some of the units based in Townsville were: In July 1942, three small Japanese air raids were conducted against Townsville, which
6174-421: The officers from ASIC: i) the substance of Storm's advice model; ii) the substance of Storm's client education process; iii) an explanation of how the Storm's internal software system interacted with the services Storm provided to clients; iv) responses to all other matters about which they enquired; and following the meeting on 13 November 2007, ASIC was satisfied that Storm's prospectus accurately set out
6272-565: The official ceremony and being introduced to the official party. Their Royal Highnesses first appear in the film at 6:06 minutes. On Christmas Eve 1971, Tropical Cyclone Althea , a category 4 cyclone, battered the city and Magnetic Island, causing considerable damage. In 1973, Indigenous activists Eddie and Bonita Mabo established the Black Community School in Townsville, where children could learn their Indigenous culture rather than white culture. Eddie Mabo worked as
6370-522: The original wharves and port facilities, has some old buildings mixed with the later modern skyline. However, the central city is dominated by the mass of red granite of Castle Hill , 286 metres (938 ft) high. There is a lookout at the summit giving panoramic views of the city and its suburbs, including Cleveland Bay and Magnetic Island . There are a number of parks scattered throughout the city, including three botanical gardens — Anderson Park , Queens Gardens and The Palmetum . Townsville has
6468-531: The parts of Australia north of the Sunshine Coast ). It is unofficially considered the capital of North Queensland. Townsville hosts a significant number of governmental, community and major business administrative offices for the northern half of the state. Part of the larger local government area of the City of Townsville , it is in the dry tropics region of Queensland, adjacent to the central section of
6566-487: The port. It is an increasingly important port due to its proximity to Asia and major trading partners such as China. Dominant sectors of its diverse economy include defence , administration , health and education , manufacturing , energy , transport and logistics . The city is a national hub for renewable energy , in green hydrogen and polysilicon , as well as the centre of CopperString 2032 being Australia's largest renewable transmission project. Townsville
6664-657: The public. The prospectus contained a detailed description of the Storm Business Model, and of the practices and procedures for the production of financial advice to clients. By an email dated 12 November 2007, ASIC notified Storm that three of its senior officers, namely: a) Deborah Koromilas, Assistant Director, Financial Services Compliance; b) Elizabeth Korpi, Lawyer, Capital Markets, Compliance; c) Belisa Jong, Manager, Capital Markets, Compliance, would visit Storm's Sydney office on 13 November 2007, and requested an explanation of Storm's advice model, including
6762-520: The purpose of setting a trial date with the Commonwealth Bank being the defendant . Storm being forced into administration by the Commonwealth Bank had the desirable outcome that the bank avoided trial. On 12 December 2008, the Australian Securities & Investments Commission began investigation of Storm Financial's margin lending and related advice. Storm Financial was placed in administration in January 2009. The company had A$ 88 million in debts at
6860-426: The quality of its risk disclosure to its clients. March 2005 routine ASIC audit of Storm In or about March 2005, ASIC conducted an audit on Storm. Again, ASIC raised no substantial objection to Storm's advice to its clients, or any other aspect of its business. November 2007 ASIC reviews Storm Education and Processes On 6 November 2007, Storm lodged with ASIC a prospectus for its offer of 160 million shares to
6958-480: The retiring Les Tyrell and defeating main opposing candidate Dale Last . Tyrell was the immediate past Mayor for 17 years of the former local government authority, the City of Thuringowa . The previous Mayor of Townsville for 19 years was Tony Mooney ( Australian Labor Party ). Hill faced a largely hostile chamber in her first term, with 'Townsville First' candidates winning the majority of divisions. When local government elections were held in March 2016, Jenny Hill
7056-523: The river essential to the nascent inland cattle industry. John Melton Black of Woodstock Station, an employee of Sydney entrepreneur and businessman Robert Towns , dispatched Andrew Ball , Mark Watt Reid and a detachment of 8 troopers of the Native Police under the command of John Marlow to search for a suitable site. Ball's party reached the Ross Creek in April 1864 and established
7154-466: The shores of Cleveland Bay, protected to some degree from the predominantly south-east weather. Cleveland Bay is mostly shallow inshore, with several large beaches and continually shifting sand bars. Magnetic Island lies 8 kilometres (5 mi) offshore, to the north of the city centre. It, together with Castle Hill in the town centre and Mount Stuart to the south of the city, form a large quartz monzonite igneous province. The Ross River flows through
7252-539: The significant losses that Storm clients suffered. On 8 December 2008, the Commonwealth Bank sent a letter to all of its Storm clients who found themselves in negative equity (according to CBA data which was faulty) as a consequence of falling markets and the banks failure to issue clients with a margin call notice. The lack of information meant that clients were unable to transact on their portfolios with confidence consequently resulting in significant losses. The CBA letter to Storm clients further incorrectly states that Storm
7350-532: The sugar cane, turtle, trochus , beche de mer , and pearling industries. With the introduction of the White Australia policy , the demand for Japanese workers decreased, causing the consulate to finally close in 1908. At the beginning of 1942, Townsville had 30,000 inhabitants and between 5,000 and 7,000 of them voluntarily evacuated to other places. During the Second World War , the city
7448-740: The time of Storm Financial's proposed listing on 17 December 2007 Storm Financial had over 146 employees in 13 offices in Queensland, New South Wales and Victoria . Storm Financial was financial planning business which gave advice across the broad spectrum of financial products including advice on, but not limited to, investments, unit trusts, superannuation, life insurance and associated traditional and margin loans . Storm had approximately 13,000 clients across Australia with $ 4.5 billion of funds and loans under advice (FLUA) as at June 2007. Of Storm's 13,000 clients, approximately 3,000 (23%) had some form of gearing associated with their portfolios and recommended by Storm. A cornerstone of Storm's business model
7546-435: The time showed Storm to not be in default. The banks acceptance of non-default was evidenced by the banks approval to Storm for a $ 30 million loan facility on 24 October 2008, the banks funding of a $ 10 million facility to Storm on 29 October 2008 and a new loan facility of $ 4.725 million on 5 December 2008 for the purchase of a new building. Whilst in the past the Commonwealth Bank sent margin call notices out to Storm clients,
7644-535: The time. The company was placed in liquidation by a Federal Court decision on 26 March 2009, putting asset recovery in the hands of liquidators Worrells Solvency and Forensic Accountants. Investors in Storm Financial were expected to face large losses, possibly getting none of their funds back. Many of Storm Financial's clients were expected to face economic hardship; a survey of one group of 400 clients indicated two thirds would be unable to purchase
7742-492: The victims of the company's collapse, blamed poor banking practices for the collapse and were disappointed that the inquiry did not bring bankers to task for their mismanagement. Townsville Townsville is a city on the north-eastern coast of Queensland , Australia. With a population of 179,011 as of the 2021 census , it is the largest settlement in North Queensland and Northern Australia (specifically,
7840-439: The year. Townsville, however, lies on a section of coastline that turns east/west, so the lifting effect is not present. As a result, winter months are dominated by blue skies, warm days and cool nights, although at times significant rainfall may occur. The average annual rainfall is 1,095 millimetres (43.11 in) on an average 61 rain days, most of which falls during the six-month "wet season" from November to April. Because of
7938-464: Was 13 years old (in 1913). He worked there for 58 years and would walk from Townsville to Alligator Creek. In 1915 the train line extended from Townsville out to Alligator Creek and in 1946 there was a dispute with workers who left work 15 minutes early to catch the 4:30pm train back to town and the factory threatened to sack 340 workers reporting that it wasn’t 15 minutes but some had stopped working at 3:45 or 4pm. On 8 July 1866 Robert Towns imported
8036-414: Was a fee-for-service structure consisting of a relatively higher upfront fee and lower ongoing trail commission . The alternative option had a nil upfront fee component with higher ongoing trail commissions, similar to traditional financial advice models. Storm's Statement of Advice indicated that, on average, the cost of the two fee options to the client converged after a period of approximately four and
8134-549: Was also affected by the 2019 Townsville flood , the convergence of a monsoon and a slow-moving tropical low. Townsville has offices of many State and Federal Government agencies, such as Centrelink and the Australian Taxation Office . Townsville is governed by a City Council , comprising an independently elected Mayor and 10 Councillors who each represent a separate division within the local government area. Following local government reform undertaken by
8232-411: Was also found to be deceptive and misleading by the Federal Court of Australia. On 17 December 2008, the Commonwealth Bank sent a generic letter to all its Storm clients further reinforcing the banks message of 8 and 9 December 2008 that Storm was the sole manager of the clients margin loan and further adding that Storm was "completely responsible for your [the clients] financial position…". Once again,
8330-523: Was by then the most important air base in Australia. On 25 July 1942 two Japanese Kawanishi Flying Boats dropped 15 bombs which landed near the mouth of the Ross River, only 370 metres (400 yd) east of oil tanks in the harbour. On 28 July, one Japanese plane dropped eight 230-kilogram (500-pound) bombs near the Garbutt airfield . On 29 July 1942, a single "Emily" Flying Boat dropped one bomb at
8428-820: Was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the Australian Securities and Investments Commission Act 2001 . ASIC, which reports to the Treasurer , is responsible for the administering the following legislation: Additionally, ASIC is also responsible for administering parts of the following legislation: ASIC maintains Australia's company and business name registers, which can be searched online. The types of organisations that can be searched online include companies, registered bodies, foreign companies, associations, managed investment schemes and non-registered entities. The information that
8526-465: Was established. In March 1962, first year university students painted the stick figure depicting The Saint on Castle Hill as a prank. In 1971 Cyclone Althea with flooding slowed progress of infrastructural building, but by 1972 James Cook University was established, with ecru academic gowns, quite different to those of older universities. From 1961, only the first years of studies for Medicine and for Veterinary Sciences were offered in Townsville, but
8624-476: Was host to more than 50,000, and Townsville Naval Section Base . American and Australian troops and air crew, and it became a major staging point for battles in the South West Pacific . A large United States Armed Forces contingent supported the war effort from seven airfields and other bases around the city and in the region. Many buildings, schools and 177 private houses were commandeered for use by
8722-844: Was initially managed by the Thuringowa Road Board, which eventually became the Shire of Thuringowa . The shire ceded land several times to support Townsville's expansion. In 1986 the Shire became incorporated as a city, governed by the Thuringowa City Council . The cities of Townsville and Thuringowa were amalgamated into the "new" Townsville City Council in March 2008, as part of the Queensland state government's reform program. In 1896, Japan established its first Australian consulate in Townsville, primarily to serve some 4,000 Japanese workers who migrated to work in
8820-464: Was known at the time) regulations when he wrote to the ASC to express concern and receive clarification about pending regulatory changes. The ASC replied to these concerns with advice and copies of ASC practice notes relating to sections of Corporations Law. 8 October 1993 the ASC queries Storm on advice On 8 October 1993 the ASC wrote to Storm requesting clarification about Storm's advice strategy as espoused by Storm's principal Emmanuel Cassimatis in
8918-904: Was originally formed as the Australian Securities Commission (ASC), established on 1 January 1991 by the (then) ASC Act 1989. The purpose of ASC was to unify corporate regulators around Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices of the states and territories. The corporate regulator became the Australian Securities and Investments Commission (ASIC) on 1 July 1998, when it also became responsible for consumer protection in superannuation, insurance and deposit taking. It has since gained further responsibilities: in 2002 for credit,
9016-563: Was re-elected as Mayor of Townsville. She was re-elected in the 2020 Queensland local government elections. In the unicameral Queensland Parliament five electorates cover the Townsville Region: The majority of the population of Townsville is represented in the Australian House of Representatives by Phillip Thompson of the Liberal National Party , reelected as the member for the Division of Herbert at
9114-581: Was relinquished consequent to trademark objections from the Nasdaq stock exchange in the United States. The company then traded as Storm Financial Pty Ltd from 2 February 2004 until 14 June 2007 at which time the company became an unlisted public company and continued trading as Storm Financial Ltd from 15 June 2007 in preparation for making an initial public offering (IPO) in December 2007. This IPO
9212-417: Was set up into the death of an Islander working on one of Towns' plantations. A pharmacist attending was of the opinion the death was caused by a lack of proper nourishment, the Islanders receiving only cornmeal for food. Other evidence was given by employees of the plantation company who claimed the labourers were treated well and a verdict of death by natural causes was declared. Recent research has shown that
9310-432: Was subject to a Storm Financial Prospectus which was dated 14 November 2007 and lodged with the Australian Securities & Investments Commission (ASIC) on the same date. Storm Financial Ltd continued to trade until external administrator Worrells Solvency and Forensic Accountants were appointed on 9 January 2009. The main creditor Commonwealth Bank appointed receivers and manager KordaMentha on 15 January 2009. At
9408-473: Was the sole manager of the clients margin loan throughout the period. On 24 December 2008 the Federal Court of Australia found that Storm had proved, to the requisite standard of proof for interlocutory injunction , that the CBA had engaged in conduct that was, in contravention to the Corporations Act 2001 , misleading or deceptive or likely to mislead or deceive. The Commonwealth Bank then issued
9506-526: Was to acquire and aggregate other financial planning businesses into a single conglomerate whose practices, quality control and the manufacturing mechanics of the advice was consistent. In August 2008, Storm Financial's clients had A$ 4.8 billion invested in the Storm-branded index funds that were managed by Colonial First State and Challenger and other non-Storm-branded funds. By October 2008, that had dropped to A$ 3.5 billion, primarily as
9604-435: Was well known for its proactive approach to understanding and desiring to comply with Corporations Law. 1 October 1993 Storm queries the ASC re upcoming regulations Evidence emerged from as early as 1 October 1993 when Storm's (then Emmanuel Cassimatis & Assoc Pty Ltd ) CEO and managing director Emmanuel Cassimatis demonstrated a diligent approach in complying with the upcoming Australian Securities Commission's (as ASIC
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