A series of separate legal proceedings have been filed against Commonwealth Financial Planning on behalf of clients who lost money due to the advice of one of the advisory group's authorised representatives.
Legal firm Maurice Blackburn is acting for seven individuals who lost a combined total of $4.3 million as a result of advice given by former Commonwealth Financial Planning adviser Don Nguyen.
Of the seven individuals, one husband and wife pair lost $2.5 million and one self-managed super fund lost $1 million.
"The investors allege they were required to sign blank financial needs analysis forms, which were filled in later on. They were incorrectly categorised as aggressive investors and their money was invested in high-risk portfolios," Maurice Blackburn partner John Berrill said.
