A FINANCIAL planner who earned steep upfront commissions for investing his clients' funds into Great Southern, the agribusiness that collapsed amid irregularities in its accounts, is fighting in court to stop Bendigo and Adelaide Bank from putting his clients' details on a credit agency blacklist.
The Australian Financial Review reports that Stephen Navra, of Navra Financial Services, has asked the NSW Supreme Court to prevent Bendigo Bank from telling credit agencies that 273 clients of his financial planning firm have stopped repaying their bank loans.
The loans were taken out to invest in Great Southern's managed investment schemes but the collapse of the agribusiness means many investors have stopped paying.
Mr Navra's lawyers will argue the bank loans are unenforceable because they are tainted by misrepresentations made by Great Southern.
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