Storm Financial's investment scheme was not necessarily problematic until it was broadly applied to a wide range of clients, the federal court has heard.

The Australian Securities and Investments Commission began civil proceedings against Emmanuel and Julie Cassimatis in 2010, alleging that as the executive directors of Storm Financial Ltd they breached their fiduciary duties under Australian corporate law.

Emmanuel and Julie Cassimatis, of Storm Financial, pictured in 2009. Credit:Glenn Hunt

The Townsville-based company's strategy backfired badly on thousands of customers during the global financial crisis with many losing their entire life savings and homes.

Its client base included a number of sports stars, including cricketer Andrew Symonds, who was reported to have lost $1.5 million.