ASIC cancelled Berndale Capital Securities Pty Ltd’s Australian financial services licence on 22 November 2018. The Melbourne-based retail over-the-counter derivatives issuer held AFSL 290108 and operated under ACN 113 616 032.
The cancellation followed an administrative hearing and was based on several compliance failures—not just late accounts. ASIC cited concerns about client-money reporting, financial and human resources, internal dispute resolution, supervision of representatives, audited financial reporting and Berndale’s ability to provide financial services efficiently, honestly and fairly.
What ASIC cancelled
The affected licence belonged to Berndale Capital Securities Pty Ltd. “Berndale Capital” is commonly used as a shortened name, but it is not the company’s complete legal name.
| Detail | Information |
|---|---|
| Licensee | Berndale Capital Securities Pty Ltd |
| AFSL number | 290108 |
| ACN | 113 616 032 |
| Business | Retail over-the-counter derivatives issuer |
| Cancellation date | 22 November 2018 |
| Public announcement | 30 November 2018 |
ASIC’s decision was separate from its action against former director Stavro D’Amore. ASIC banned D’Amore from providing financial services for six years and described him as Berndale’s sole responsible manager and key person on the licence.
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Why ASIC cancelled Berndale’s licence
ASIC identified multiple failures under the obligations applying to an Australian financial services licensee. Its stated reasons included that Berndale:
- failed to take reasonable steps to ensure a representative complied with financial-services laws;
- did not have adequate financial and human resources;
- failed to maintain an appropriate internal dispute-resolution system;
- failed to provide financial services efficiently, honestly and fairly;
- did not comply with client-money reporting requirements;
- failed to lodge annual financial statements and audit reports; and
- was likely to contravene its general obligations as an AFS licensee.
This matters because an AFSL is not simply a registration allowing a business to sell financial products. A licensee must maintain suitable systems, people, records and controls. For a retail derivatives provider, controls over client money and dispute handling are especially important because customers can have funds and open positions with the issuer.
The cancellation did not end every obligation immediately
ASIC restricted the licence’s remaining operation to specific transitional purposes. Berndale could not continue ordinary licensed operations, but the licence remained in force for limited tasks:
- Until 20 December 2018: Berndale could finalise existing client trading accounts.
- Until 23 May 2019: Berndale could maintain its dispute-resolution scheme, deal with Australian Financial Complaints Authority disputes and address applicable compensation requirements, including professional indemnity insurance.
That distinction is important for former clients. Describing the matter as an immediate termination of every residual obligation is inaccurate. The main business authority was cancelled, while specific protections and wind-down responsibilities continued for a limited period.
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What happened to Berndale’s appeal?
Berndale applied to the Administrative Appeals Tribunal for review of ASIC’s cancellation decision. The application did not result in the licence being restored.
On 4 October 2019, the AAT dismissed the review application after Berndale withdrew it. It is therefore wrong to say that Berndale won an appeal or that the AAT overturned ASIC’s decision.
Federal Court freezing orders
On 5 December 2018, the Federal Court made interim orders freezing bank accounts and restricting dealings with property belonging to Berndale, associated entities and D’Amore. ASIC announced the orders on 20 December 2018.
ASIC said it was concerned about possible breaches of client-money obligations and other laws. The freezing orders were separate court action following the licence cancellation; they were not the cancellation itself.
Receivers were appointed in 2019
On 26 April 2019, the Federal Court appointed Rachel Burdett-Baker and Bruno Secatore of Cor Cordis as joint and several receivers of:
- Berndale Capital Securities Pty Ltd;
- Berndale Capital Securities Management Pty Ltd; and
- Algoplus Pty Ltd.
ASIC said the application was driven by concerns about Berndale’s financial records, its handling of client money, the adequacy of client-money reconciliation reports and client money allegedly being held outside Australian authorised deposit-taking institutions, contrary to legal requirements.
Berndale Capital Securities Management and Algoplus had been former authorised representatives of Berndale. ASIC alleged that their financial affairs were extensively intermingled with Berndale’s affairs.
Winding-up of the companies
On 11 October 2019, the Federal Court ordered the winding up of Berndale Capital Securities, Berndale Capital Securities Management and Algoplus. The court found Berndale and Berndale Capital Securities Management insolvent. It ordered Algoplus’ winding up because its affairs were interconnected with those of the other companies.
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Burdett-Baker and Secatore were appointed joint and several liquidators. ASIC’s later enforcement material said the Berndale liquidation remained ongoing as at its latest published update located for this matter.
How much did former clients lose?
ASIC’s 2025 account said the liquidators’ investigations identified more than $8.9 million owed to former Berndale clients.
That figure should not automatically be read as the final amount recovered, or as the total value of every creditor claim. The available ASIC material does not establish that former clients have been fully repaid.
ASIC directs Berndale creditors and clients to contact the liquidators:
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Level 29, 360 Collins Street
Melbourne VIC 3000
Attention: Catherine Torres
Email: [email protected]
Telephone: (03) 8320 5646
Former customers should keep account statements, deposit and withdrawal records, correspondence, complaints and any proof of identity when contacting the liquidators. The liquidators—not ASIC’s licence register—are the relevant contact for creditor and client claims in the liquidation.
Later criminal proceedings
The licence cancellation was a regulatory decision in 2018. Later criminal proceedings against former directors are separate matters and should not be treated as findings already established when ASIC cancelled the licence.
Daniel Kirby
Former director Daniel Kirby pleaded guilty to dishonest conduct in relation to a financial service, dishonest use of his position as a director and providing false or misleading information to an auditor.
On 10 July 2025, the Federal Court sentenced Kirby to two years and 11 months’ imprisonment. He was to be released after 12 months on a $1,000 recognisance, subject to good behaviour for a further three years.
ASIC said the offending involved transfers of Berndale company funds for the benefit of Kirby, associates and related entities, including transfers made shortly before and immediately after the licence cancellation.
Stavro D’Amore
D’Amore was charged alongside Kirby in 2023. ASIC alleged that the pair unlawfully transferred more than $1 million in Berndale company funds and submitted false or misleading information concerning overseas accounts said to contain Berndale funds.
ASIC’s 1 May 2026 release said D’Amore pleaded guilty to three rolled-up charges involving dishonest use of his position as a director, dishonest conduct in carrying on a financial-services business and authorising a false or misleading statement in a document submitted to ASIC. The release said the charges involved the transfer of $681,496.98 in company funds between 2017 and 2018, which D’Amore knew were primarily derived from retail client deposits.
That release listed sentencing for 2 July 2026. The latest official ASIC material located for this article does not provide a subsequent sentencing result.
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Key dates
| Date | Event |
|---|---|
| 22 November 2018 | ASIC cancelled AFSL 290108. |
| 30 November 2018 | ASIC publicly announced the cancellation and D’Amore’s six-year ban. |
| 5 December 2018 | Interim Federal Court freezing orders were made. |
| 20 December 2018 | Transitional permission to finalise existing trading accounts expired. |
| 26 April 2019 | Receivers and managers were appointed. |
| 23 May 2019 | The transitional period for AFCA, compensation and professional-indemnity matters expired. |
| 4 October 2019 | The AAT dismissed Berndale’s review application after withdrawal. |
| 11 October 2019 | The Federal Court ordered the companies’ winding up. |
| 2 June 2023 | ASIC announced criminal charges against D’Amore and Kirby. |
| 16 September 2024 | Kirby pleaded guilty; D’Amore was committed to stand trial. |
| 10 July 2025 | Kirby was sentenced. |
| 1 May 2026 | ASIC announced D’Amore’s guilty plea involving $681,496.98 in transferred company funds. |
FAQ
Why was Berndale Capital’s AFSL cancelled?
ASIC said Berndale Capital Securities Pty Ltd failed in several areas, including client-money reporting, financial and human resources, internal dispute resolution, representative supervision, audited reporting and the obligation to provide financial services efficiently, honestly and fairly.
What was Berndale Capital’s licence number?
Berndale Capital Securities Pty Ltd held Australian financial services licence number AFSL 290108.
Did the AAT overturn ASIC’s cancellation?
No. Berndale withdrew its review application, and the AAT dismissed it on 4 October 2019. The cancellation was not overturned through that process.
Can former Berndale clients still make a claim?
The companies were placed into liquidation. ASIC directs creditors and former clients to Cor Cordis, Level 29, 360 Collins Street, Melbourne VIC 3000, email [email protected] and telephone (03) 8320 5646.
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ASIC said the liquidators’ investigations identified more than $8.9 million owed to former clients. This is not necessarily the final amount recovered, and ASIC’s material does not establish that all clients were fully repaid.
The Bottom Line
ASIC cancelled Berndale Capital Securities Pty Ltd’s AFSL 290108 on 22 November 2018 after identifying a broad set of licensing and client-money concerns. The licence retained narrow wind-down functions until December 2018 and May 2019, but the AAT did not reverse the cancellation. Freezing orders, receivership and liquidation followed, with ASIC later reporting more than $8.9 million owed to former clients. Anyone seeking money from the failed businesses should contact the Cor Cordis liquidators and retain all supporting account records.
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