LOST: Bundaberg investors in Wickham Securities have lost their money.
LOST: Bundaberg investors in Wickham Securities have lost their money. Max Fleet

Investors hurt in company collapse

UP TO 30 people in Bundaberg have lost their nest eggs after investing in failed property lender Wickham Securities.

And now they are being sought to sign up to a class action against the company over the $30 million collapse.

Shine Lawyers spokeswoman Jan Saddler said they were headed to Brisbane's Federal Court today on behalf of more than 100 former clients of Wickham Securities.

She said they were seeking access to documents that could uncover the evidence necessary to start a class action against the failed investment company.

Ms Saddler said Wickham was a debenture trust in which clients placed investments and were guaranteed a certain rate of return.

The company in turn lent the money to third parties to fund projects, usually property development, at a high interest rate.

She said Shine Lawyers had information Wickham Securities director Brad Sherwin often travelled to Bundaberg and other regional centres to speak to investors.

"I understand there were 25-30 investors in Bundaberg," she said.

But only a few have signed on to express their interest in pursuing a class action against the company.

Ms Saddler said investors in Bundaberg had invested from $50,000 to more than $1 million with the company.

"None of these people could afford to lose that money," she said.

Anyone interested in signing up to a possible class actions can phone Shine on 13 11 99 for an information pack.