The Trustees Executors and Agency Company was the first company formed in Australia to provide professional management of the estates of widows, orphans, and other dependent persons. Its outstanding reputation and close regulation by government resulted in its attracting investments from a variety of other interests as well. In the 1970's, the company was tempted by the property boom in Australia and shifted from its traditionally conservative investments to massive investments in large development projects. In 1982, the property market began to falter, and the company soon went bankrupt, costing investors substantial losses. An investigation revealed substantial irregularities in the management and oversight of the company. Subsequent law reforms require increased disclosures and restrictions on certain types of investments. 21 reference notes.