Storm Financial pair face $70k fines

The former directors of Storm Financial could be fined $70,000 each for giving inappropriate advice to vulnerable clients.

The company, run by Queensland husband and wife Emmanuel and Julie Cassimatis, collapsed in 2009 with debts of $88 million causing thousands, mainly retired or near-retired people with few assets and a limited income, to lose life savings and homes.

In handing down penalties judgment on Thursday, Federal Court Justice John Dowsett also indicated he would ban the pair from managing corporations for seven years, but the final penalty won't be known for at least a week.

AAP