Former MP sold his Firepower shares to young family
Abstracted from The West Australian TOP News
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The Spectators
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Western Australian (WA) couple Alana and Mark Kay invested in fuel technology group Firepower on the advice of financial adviser Quentin Ward. Ward told the couple they could buy shares through Seaswan, the company of former WA police minister Gordon Hill for $A0.50 per share. The Kays borrowed $A50,000 to invest and had spent almost $A230,000 on Firepower shares by 2007. Alana Kay said Hill's involvement provided the investment opportunity with legitimacy. Perth litigation funder Hugh McLernon has said he will consider a class action for investors wanting to take legal action against advisers and other involved in the sale of Firepower shares