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National law firm Slater and Gordon is investigating possible legal action over the collapse of Sonray Capital.
This follows approaches from angry Sonray clients whose funds have been frozen by the administrator.
Slater and Gordon Practice Group Leader David Andrews, who conducted the Opes Prime class action, attended today's creditors meeting on behalf of clients.
He described the Sonray operation as a debacle.
"This was a backyard operation masquerading as a sophisticated investment platform.
"It appears there were failures at every level, with the company continuing to compound the effects of unauthorised trading early in 2008 with poor accounting and poor record keeping.
“Now some 4000 account holders face uncertainty over their financial future, with a reported $30 million in funds and shares frozen, and an estimated $46 million shortfall.
“The parallels with Opes Prime are uncanny."