A financial planning company in Brisbane with links to the failed debenture company Wickham Securities is fending off legal action by ASIC arising from the collapse.The Australian newspaper reports that the Australian Securities and Investments Commission has taken action against a company managed by Bradley Sherwin, 58, the founder of Brisbane-based Wickham Securities. Sherwin also runs Sherwin Financial Planners.ASIC is seeking an injunction to prevent money being moved around by Sherwin Financial Planners and other related defendants, including Deborah Sherwin, and seven other companies, including Wickham Capital, The Australian reports.ASIC alleges Brad Sherwin misled investors, made false representations and failed to issue a prospectus in relation to funds raised from investors, which, the regulator alleges, were improperly used by related property companies, according to Australian Financial Review reports.ASIC also alleges that "Brad Sherwin... improperly used his position... to gain an advantage for himself... [and] engaged in misleading and deceptive conduct or conduct likely to mislead or deceive," according to the AFR.The directors of Wickham appointed Grant Sparks and David Leigh, of PPB Advisory, in Brisbane, as administrators before Christmas. The firm has A$27 million in liabilities.