Training company with links to the Wolf of Wall Street collapses into liquidation
Monday, April 18, 2016/
A training company that hosted workshops by the man dubbed the “Wolf of Wall Street” has collapsed into liquidation.
According to notices from the Australian Securities and Investments Commission, Face to Face Training Services called in external managers on March 1, with Anne Marie Barley from WRA Insolvency acting as voluntary administrator.
Last Thursday, a special resolution was passed to wind up the Queensland-based company, meaning it is now in liquidation.
The appointment comes after the Queensland government previously withheld millions of dollars in funding from Face to Face Training Services.
The state government withheld the funds after a report from 60 Minutes in October 2015 broadcasted allegations the company used high-pressure sales tactics to sign-up students and took a “tick and flick” approach to qualifications.
Back in February, Face to Face Training Services owner Paul Conquest wrote on Facebook that the Queensland government had “disregarded” the Brisbane-based company’s rights.
“Not only did they cease us from trading, they also withheld our payments to the value of $4.8 million,” Conquest wrote.
“Be mindful this money doesn’t represent company profit but was necessary to pay the hundreds of people forced out of work on the lead up to Christmas, a knee-jerk reaction from a 60 Minute hatchet job with no real regard to the actual truth.”
Face to Face Training Services owes more than $5 million to almost 100 creditors, along with an additional $380,000 to employees for their outstanding entitlements, according to The Courier Mail.
Last year, The Courier Mail revealed how Face to Face Training had hosted two workshops by Jordan Belfort.
Belfort is known as the “Wolf of Wall Street” and was sent to jail in 2003 for securities fraud and money laundering.
Face to Face Training’s website says it is “currently under construction”.
SmartCompany contacted WRA Insolvency for comment but did not receive a response prior to publication.
SmartCompany has attempted to contact Face to Face Training owner Paul Conquest.