Accountant Phillip Hunt’s tax agent registration terminated due to Stonepoint lawsuit
A Mosman accountant whose registration as a tax agent was terminated after investors sued him and his co-director for losing millions of their dollars is still working at an accounting firm.
A Mosman accountant whose investment fund collapsed owing tens of millions of dollars is still working for a tax firm despite his registration being terminated over a Supreme Court lawsuit by investors.
Phillip Hunt and his Gold Coast colleague Scott Schade were previously directors of Stonepoint Capital Management and its special investment vehicle Fortico Associates, which have collapsed into liquidation owing $34,839,202 and $39,961,577.67 respectively.
Mr Hunt – a well-known accountant at Hunt Wealth Partners – has now had his registration as a tax agent terminated by the Tax Practitioners Board due to a court action from investors attempting to recoup their funds.
The Daily Telegraph can reveal he is now working as a consultant at WLM Accounting, which bought his firm when it also folded in the wake of the Stonepoint collapse, despite being unregistered as a tax agent.
There is no suggestion this is unlawful or prohibited in any way.
Mr Hunt’s termination as a tax agent comes as liquidators investigate him and Mr Schade for possible offences, including breaches of their directors’ duties and by making loans to directors and related parties.
On Wednesday, a WLM Accounting spokeswoman said Mr Hunt was “not working as a director” and “not signing off on anything”.
“His role is not as a tax agent,” the spokeswoman said.
“(His role is) as a consultant.”
The Daily Telegraph earlier spoke to Mr Hunt at the WLM Accounting office, where he initially walked away and closed the door in response to questions about the Stonepoint collapse.
Subsequently, Mr Hunt said “the matter was before the court” before once again declining to answer follow-up questions.
Within minutes, Mr Hunt’s LinkedIn profile was deleted.
“Industry and client experience spans high net worth individuals, property development and investment, financial services, hospitality, manufacturing, and professional services,” Mr Hunt’s LinkedIn stated before it was deleted.
“Open to connecting with individuals and businesses seeking trusted, technically strong, and client-focused accounting and advisory support.”
On November 7, Mr Hunt also posted about joining WLM Accounting.
“Excited to join WLM Accounting and already enjoying the great culture we have here,” Mr Hunt said.
“I even managed to pick up the best dressed award at our Melbourne Cup celebration earlier this week.”
The action brought by Garan Holdings in the NSW Supreme Court is part of investors’ efforts to recoup more than $30m of their funds after the collapse of Stonepoint and Fortico Associates.
The matter is due for a hearing in May 2026 and there have been no findings against Mr Hunt, Mr Schade or the corporate defendants.
Documents from liquidators appointed to Stonepoint Capital Management and its associated investment vehicle Fortico Associates reveal allegations from investors that Stonepoint failed to act in their best interests by loaning their money to other companies they directed.
Early investigations indicate Stonepoint collapsed when its major asset – an agreed $29.3m loan to Fortico Associates – was unable to be serviced due to losses on foreign exchange trading.
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Originally published as Accountant Phillip Hunt’s tax agent registration terminated due to Stonepoint lawsuit
