financial collapse

Sonray Capital collapsed last month owing 4000 investors about $47 million. Named using the last three letters of its co-founders surnames, Russell Johnson and Scott Murray - "son" and "ray" -- the firm was set up in 2003 as the sharemarket was starting to fire. It is understood that the pair drew salaries of $120,000 a year each, but the company had a high staff turnover rate.

Commonwealth Bank (CBA) has agreed to pay Storm Financial victims more than $200 million. Storm Financial was a Townsville-based financial planner which in 2008 was placed into liquidation after a collapse of their business model which involved investors withdrawing equity from the value of their homes to invest into the (then) booming share market.