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.
Contact us to register
We encourage Sonray clients to register their interest in any future class action with Slater and Gordon. While we are investigating Sonray, we will keep you informed about our investigations as they progress, but you will not be obliged to join a class action, become a client of the firm, or pay any legal fees.
If our investigations demonstrate that there are viable clauses of action on your behalf, we will send you information about retaining Slater and Gordon at that time.
To register, please telephone 1800 555 777 or send us an online enquiry.