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ASIC takes action against Quintis founder

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14.06.2018

The fight for justice just got a little tougher for Frank Cullity Wilson, the founder and former CEO of failed sandalwood oil maker Quintis.

The long arm of the corporate law tapped him on the shoulder on Thursday, with ASIC launching civil penalty proceedings against Wilson “for failing to discharge his duties as a director” during his time in charge.

Adam Gilchrist and Daniel Ricciardo, brand ambassadors for Quintis.

Where do we begin with this disaster that will leave investors - including its brand ambassadors, Formula One star Daniel Ricciardo and former test cricketer Adam Gilchrist - with nothing.

The trouble started in March last year when US activist short selling firm Glaucus released a research report that accused the company of being a Ponzi scheme. The stock got smashed.

Wilson abruptly quit that same month.

Frank Wilson

Two months later, when the new Quintis boss got his feet under the big desk, the company announced the loss of a major contract with Nestle. The stock dropped 44 per cent on the news.

Quintis never recovered and finally crashed into administration this January in a manner that would have impressed Ricciardo.

ASIC is alleging that “by failing to disclose to the Quintis board” that a high-profile contract with Nestle........

© Canberra Times