Liam engaged a financial firm in 2016 to obtain brokerage advice and other ad-hoc financial services.  

Around this time, the firm presented Liam with an opportunity to invest almost $100,000 in a capital raising exercise, advising that the company would list on the Australian Stock Exchange (ASX) within 24 months. 

The 24-month period came and went, with no signs that the company would be listed on the ASX anytime soon. Liam approached the firm, asking them to buy back his shares; however, they didn’t enable this to happen. 

The firm advised Liam to find himself a buyer for the shares – something Liam knew would be verging on an impossible task given the company was still unlisted and the shares were illiquid.  

Liam lodged a complaint with AFCA and was issued a determination in his favour, ordering the firm to ‘buy back’ the shares from Liam for the amount he paid, plus CPI. 

Despite this determination and months of chasing the firm for payment, Liam never received his funds. 

“I was incredibly frustrated and thought that I was just going to have to accept the loss,” said Liam. 

As Liam was searching for ways to recover his funds, he stumbled upon the CSLR and lodged a claim in August 2025. 

It was when the CSLR approached the firm, advising that it intended to pay Liam compensation for the amount outlined in the AFCA determination, that Liam finally received what he was entitled to from the firm. 

*Name changed for privacy