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Markets investigation

Background

Sonray is a financial services group specializing in online and advisory services in global equities, futures, contracts for difference and margin foreign exchange. Sonray encouraged investment in "Contracts for Difference" (CFDs), a type of investment product now banned for retail clients in the USA.

Usually, Sonray operated accounts holding its clients' funds. As these funds were originally provided by Sonray's clients, it is likely that clients will have assumed the contents of these accounts were wholly theirs.

However, Sonray's Terms and Conditions and Product Disclosure Statement confirmed (in the "fine print") that clients' funds ultimately may be held in pooled accounts, with the funds to be treated as the legal and beneficial property of Sonray. In essence this means Sonray's clients will be unsecured creditors of the company following the appointment of administrators on Tuesday 22 June 2010

The Administrators estimate that Sonray has debts in the tens of millions of dollars. They have closed all the open positions in client accounts, freezing the accounts of Sonray's 3000+ clients.

Slater and Gordon is investigating the collapse of Sonray and the potential losses sustained by clients of Sonray, including the viability of a class action on behalf of Sonray clients.

More information

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