AMI Partner Linked To Super Theft: Report

A silent partner in collapsed medical services firm Advanced Medical Institute Pty Ltd (AMI) has been linked to the disappearance of $118 million in superannuation finds to a Caribbean bank account, according to a Fairfax Media report, the Business Spectator reported. According to the report, American born Hong Kong trader Jack Flader controls a group with a 50 per cent interest in AMI. Mr Flader is allegedly the mastermind behind collapsed firm Astarra Strategic Fund, part of the Trio Capital group based in country New South Wales. He is accused of encouraging Australians to invest in Astarra and then funnelling the money through Hong Kong to a British Virgin Islands company. AMI is being sued by the consumer watchdog for allegedly misdiagnosing patients. The Australian Competition and Consumer Commission (ACCC) began legal proceedings against Sydney-based company and its subsidiary AMI Australia Holdings Pty Ltd, its chief executive Jacov Vaisman and two doctors in the Federal Court in Melbourne last week. Lawyers for AMI, which is in voluntary administration, were informed of the proceedings the same day Mr Vaisman and one of the doctors were served with court documents, the ACCC said. Read more. (Registration required.)