Storm Financial Group

[Solly]

SICAG Model (noun) a system of actions performed by SICAG

1. To blame the banks/ASIC solely for the implosion of Storm Financial, at the exclusion of anyone who was also responsible, thereby attempting to ensure questions are not asked of people who are morally bankrupt (see also: Emmanuel Cassimatis and Storm Employees) "SICAG is about getting a decent outcome for all its members and furthermore ensuring that both the banking and financial services industry act ethically and can be held responsible for their actions. Additionally, we here in Australia need to be confident that the regulators are doing their jobs and not simply sitting on their hands."
2. To provide a means of moral support to victims and their families.
3. While doing a good job at the above, sadly concurrently dodging questions pertaining to links and conflict of interest between key SICAG members and ex-Storm employees responsible for skimming clients while driving them into financial ruin. (see also: hypocrisy, Ron Jelich and Andrew O'Brien)

Hope that is of assistance.

Ironhalo, Macquarie is your friend....

http://www.macquariedictionary.com.au/anonymous@9c97492388912/-/p/dict/addaword_blurb.html

 

[Pindibog]

"Storm and bank staff face inquiry"

"However, the chances of Storm founders Emmanuel and Julie Cassimatis coming before the inquiry are fading.

Lawyers for the couple are negotiating terms which are understood to include that the taking of any evidence be closed to the public."

More by Tony Raggatt in the Townsville Bulletin here;

http://www.townsvillebulletin.com.au/article/2009/09/01/75855_news.html

There is a vacant spot on Thurs morning for 1 1/2hrs. I assumed that was for them.

 

[Harleyquin]

I see that Gus Dalle Cort is still defending Storm's debt-focused investment model....another clown who can't seem to face up to reality.

Here's portion of an email from one of Dalle Cort's ex clients after hearing his comments at yesterday's inquiry in Cairns.

Funny Gus Dalle Cort told us that they were talking to the banks daily - or perhaps it was 'in contact with the banks daily'. Gee if he was the biggest loser in Cairns don't know what other clients with $millions margin loans lost - I know what I lost....... sounds like they are all suffering from selective memory losses.

Here's the direct link to the parliamentary inquiry submissions. Gus Dalle Cort's is No. 153. Some others of interest are 357 -CBA, 369 -Levitt/solicitors and 386 -Carmela R and Kristy D -two former CBA employees who worked for storm.



http://www.aph.gov.au/Senate/committee/corporations_ctte/fps/submissions/sublist.htm

See there are almost 400 submissions on there now and if you add the supplementaries there is a lot of reading to be done. There's a lot of people out there who have lost everything and don't have the know how to put a submission in which is a real shame as the submissions only represent a small part of the thousands who have been financially ruined but they certainly give an insight into the collapse from all the players. Apart from Ron Jelich and Gus Dalle Cort doesn't look like any other advisors put in a submission unless they have marked them as confidential.
[
COLOR="Black"]We're all hoping that the truth comes out over the coming months and we can all move on. We're tired, sick and broke, but still in there fighting and ANGRY and for those of you who believe we are also to blame, we do blame ourselves for being sucked in and not knowing how to do our research properly.[/COLOR]

 

[Harleyquin]

Ironhalo, Macquarie is your friend....

http://www.macquariedictionary.com.au/anonymous@9c97492388912/-/p/dict/addaword_blurb.html

That's an interesting site Solly. I can think of a few I'd like to put in there but I don't think they'd pass the PC test.

 

[Harleyquin]

This is getting like the Scahpelle Corby thread, there are so many new posters in the last few days.

Refreshing to get folk out from behind their curtains and give their views.

Storm will be up front in the media over the next few weeks.

Let us hope the truth will out.

Manny's site is still down. The "Crusade" foundered.

gg

I've only just discovered this site GG and I see where you've started it and not so long ago either considering the length some of them have been on the go. If I'd known it existed before I would have been on here long before this bashing everyone's ear. It's a great site and I'm interested not only in seeing some sort of resolution and a successful outcome for all victims/survivors of this calamity but finding a way forward, it's not so easy when retirement is just around the corner.

Not only interested in the Storm thread either. Looks like we can learn a thing or two about trading ourselves. Don't have the confidence or the money to try it just yet but will keep working on it. Don't think I'll bother going through the experts who don't know what to do or how to monitor anyone's portfolio again. I apologise to all those genuine financial people out there but once bitten twice shy.

Have been looking at the newbie thread and some of the others. If anyone has any super duper advice on exactly where we go and what we do I'll gladly accept your advice we all need to move forward....but I'll try to do my research before I do it...might need some helpful advice there too. No good sitting here on the fence or going backwards forever.

GOOD LUCK TO ALL YOU EX-STORMIES OUT THERE -GO GET 'EM- AND LET'S CONTINUE TO STICK TOGETHER AND FIGHT THIS THING TO THE BITTER END.

 

[Ironhalo]

You've got a great attitude Harley, good to have you aboard mate.

 

[Pindibog]

Here's portion of an email from one of Dalle Cort's ex clients after hearing his comments at yesterday's inquiry in Cairns.

Funny Gus Dalle Cort told us that they were talking to the banks daily - or perhaps it was 'in contact with the banks daily'. Gee if he was the biggest loser in Cairns don't know what other clients with $millions margin loans lost - I know what I lost....... sounds like they are all suffering from selective memory losses.

Here's the direct link to the parliamentary inquiry submissions. Gus Dalle Cort's is No. 153. Some others of interest are 357 -CBA, 369 -Levitt/solicitors and 386 -Carmela R and Kristy D -two former CBA employees who worked for storm.




http://www.aph.gov.au/Senate/committee/corporations_ctte/fps/submissions/sublist.htm

See there are almost 400 submissions on there now and if you add the supplementaries there is a lot of reading to be done. There's a lot of people out there who have lost everything and don't have the know how to put a submission in which is a real shame as the submissions only represent a small part of the thousands who have been financially ruined but they certainly give an insight into the collapse from all the players. Apart from Ron Jelich and Gus Dalle Cort doesn't look like any other advisors put in a submission unless they have marked them as confidential.
[
COLOR="Black"]We're all hoping that the truth comes out over the coming months and we can all move on. We're tired, sick and broke, but still in there fighting and ANGRY and for those of you who believe we are also to blame, we do blame ourselves for being sucked in and not knowing how to do our research properly.[/COLOR]

I have sent you a private email please check your inbox.

 

[bunyip]

I addressed that question in an earlier post of mine when I stated I absolutely never gave storm the authority to act on my behalf in any way with my margin lender -


I personally want to see Emmanuel & Julie answer the questions I posed. I'm sure most of us are quite aware of the reasons for most of their actions - I want to see them have to stand in front of a room full of ex-clients and account for themselves. I have a cynical feeling that this enquiry may amount to little more than satisfying politician's desire for currying favour with the public in a "let's be seen to be doing the right thing" way - and for all the hype it may actually achieve very little. I hope not. At the very least I dearly wish to see E & J try to justify what we all know is unjustifiable.

Petty of me, but I want something for my fees

Sorry Dok - I obviously missed your answer that you never gave Storm authority to act on your behalf with your margin lender.

Yes, it'd be good to see EC and JC trying to defend themselves in front of a room full of ex-clients. But their answers would probably be just a rehash of the drivel and evasive waffling they gave on their website when confronted with hard questions from angry ex-clients.

I share your concern that this enquiry will achieve little more than to make some politicians look like they care.
It will also highlight what we already know - that incompetence and unprincipled behaviour were rife in both Storm and their lenders.
But I'm doubtful that incompetence and unprincipled behaviour will be considered sufficient grounds for criminal charges to be laid.

My guess is that Storm and their advisers will come out of this relatively unscathed, apart from personal financial losses.
I think we'll find some of the banks partly compensating some clients. But overall I think Stormers might end up being disappointed with the final deal that's negotiated with the banks.

 

[chrisgee]

wish i could get to the enquiry-good luck to everybody that is appearing-give it your best-the truth has got to somehow come out-we are really proud of all of your efforts-go give it to them straight!!!!!!
dont let any of the buggers get away with anything-we know something smells rotten we just have to find were the stench started-
GO BERNIE GO !!!!

 

[Ironhalo]

Face Townsville and hold your nose to the air. That's where the source of the pestilence is coming from.

There's also a miasma of filth hanging over the Brisbane suburb of Belmont too.

 

[Julia]

Ironhalo, you have provided a good summary of the Storm and SICAG models.

This, from the Courier Mail, is just a breathtaking statement imo:

Storm investors group co-chairman Mark Weir, who founded the action group, said there was no point now blaming Storm because it had been totally obliterated by the Commonwealth Bank.

This from Mr Weir confirms the aspersions cast on SICAG throughout this thread.

The other thing I will never understand is how Storm investors who were already well set up for retirement, more than adequately funded for same,
risked at least some of this with such massive borrowing to make even more
money.

It seems enough would never have been enough.

 

[Ironhalo]

Julia you have to be bloody joking, he said that!?!

I am speechless. Well, would it be considered a conspiracy theory to state that we now know where the true allegiances lie?

It makes me sick.

Do you have a link? I'd love to read the whole article.

 

[simcat]

Has Mr Weir ever heard of the concept of 'justice'? Blame should be levelled at the parties responsible for causing this mess, irrespective of whether victims can receive money out of them.

If it so happens that some of the parties responsible also have the funds to make reparations ie the banks, then all the better but the principle of justice needs to be upheld, NOT the immoral act of 'let's forget about who is actually the major cause' ie Storm and it's dodgy advice.

 

[cuttlefish]

From Julia's post:

Storm investors group co-chairman Mark Weir, who founded the action group, said there was no point now blaming Storm because it had been totally obliterated by the Commonwealth Bank.

That statement by Mark Weir, if true, is astounding Julia

Its all well and good for SICAG and some ex-stormers to blame the banks but this mess would never have occurred in the first place if:

* Storm had tailored financial plans to suit the individual clients stage of life, personal goals and personal risk appetite

* Storm had not participated in the misrepresentation of clients income streams or asset values and/or aggressively encouraged clients to misrepresent their income streams and asset values to the banks.

* Storm had not formed innappropriate relationships with their banking partners and arguably crossed boundaries of due process in dealing with the banks. (e.g hiring of ex-bank staff etc.).

* Storm had not encouraged the banks into providing high risk lending products to clients that they were aware were not of the calibre or sophistication to understand these products or equipped to service the debt requirements in the event of asset price collapses.

* Storm had not failed to adequately monitor clients investments and take appropriate risk mitigation measures to prevent loss of clients investments.


Storm is the biggest cause of this problem as far as I can see.

The whole ludicrously risky investment model was formulated by Storm and then aggressively pedalled as a one size fits all investment model.

There are plenty of submissions and anecdotal evidence that Storm advisors knowingly participated in or encouraged the misrepresentation of income streams. If Storm were a responsible financial advice firm they would not have allowed CBA to make these sorts of loans to their clients even if CBA were aggressively pushing the loans onto the clients. Instead in fact Storm was actively encouraging CBA to provide these products and encouraging their clients to take them up. Storm was the middle man acting irresponsibly to both parties (the clients and the banks).

Storm can't have it both ways. If they were the financial advisor then their job was to know a clients financial circumstances and thus recommend AGAINST taking out these high risk loans for people that were not at a stage of life or of the financial means or sophistication to understand them or service them.

Had Storm acted responsibly in the first place when advising and dealing with clients then the entire snowball effect of stock price collapses, banks making ill timed margin calls and the other 'big bad bank' problems that have been harped on about simply would not have occurred.

 

[Solly]

I look forward to gg's commentary on today 's developments....

 

[donteventryit]

I look forward to gg's commentary on today 's developments....

I look forward to commentary from the following:

Big Max
Mindstorm
Specialed
Maccka
Mash
Even what Harleyquin thinks after giving SICAG a big wrap earlier on page 151.

So, what's the agenda of SICAG again?

Yes, agreed they have helped support and console etc. However, their agenda to steer the blame to the banks and away from EC & JC and the adviser's is becoming crystal clear.

 

[darkside]

Ironhalo, you have provided a good summary of the Storm and SICAG models.

This, from the Courier Mail, is just a breathtaking statement imo:



This from Mr Weir confirms the aspersions cast on SICAG throughout this thread.

The other thing I will never understand is how Storm investors who were already well set up for retirement, more than adequately funded for same,
risked at least some of this with such massive borrowing to make even more
money.

It seems enough would never have been enough.

You've got to be kidding me, when a few of us even mentioned that "Storm" was at best highly negligent and anyone not preaching that were less than responsible, we were accused of being on a witch hunt and had mob mentality. In fact you could say we were hammered to the max for it.

Nice work Julia, you have now found the bullets to fill the rest of GG's clip with this one.

And for the record , the word was gambled , although your diplomacy chose risked.

 

[Ironhalo]

I am really bloody seething with anger over that statement.

In my mind (and no doubt Big Max will be here to tell me off), this is the surest sign that SICAG is Emmanuel-friendly. I'm not talking about the poor members who attend their meetings, I'm talking about the very committee itself.

I can understand their anger towards the banks, but if they were really after justice, they would have been gunning for Manny/Julie and the reprehensible satellite regional Storm directors as well.

If SICAG were serious about taking this all the way, they'd be looking at pointing the finger of blame at those mostly responsible. Instead, they are filling the devout Cassmiatis congregation with anti-bank creed. Why will SICAG not admit Storm was in the wrong here as much as the banks and had a hand in this?!? WHY? It doesn't effect the class action to admit this.

It disgusts me on so many levels to think that the person in charge of seeking justice for Storm clients apparently stands so ready to deflect all blame from his puppet master. Perhaps the reason we haven't heard anything from the Cassimatis' of late is because their fan club is doing an admirable job of representing them as is?

Which brings me to another bone of contention that I discovered in previous threads....

Not only am I not a former Storm employee, I am not a former Storm client! I am a paid consultant to SICAG. Do the right thing.:nono::nono::nono:

Quite an interesting development. Now can you explain to me Big Max why SICAG 'is paying to employ you?' If you're not an ex-Storm employee, not an investor, then why do you come in here questioning MY motives as to why I won't join SICAG? I was the one who got screwed over, not you evidently. I can only hazard a guess and say that you might have had family in Redcliffe who got done over? If so, go knock on Ron Jelich's door for answers.

From the website, I was under the impression that SICAG was meant to be a volunteer organisation made up of people that had been screwed over by Storm, and not a self-licking icecream involving 'jobs for the boys'? Happy to stand corrected of course.

Oh and also, can you just for once say 'Emmanuel/Julie Cassimatis and their partners/ex-employees are both guilty of negligence AS WELL AS the banks?' I dare you.

 

[darkside]

I look forward to commentary from the following:

Big Max
Mindstorm
Specialed
Maccka
Mash
Even what Harleyquin thinks after giving SICAG a big wrap earlier on page 151.

So, what's the agenda of SICAG again?

Yes, agreed they have helped support and console etc. However, their agenda to steer the blame to the banks and away from EC & JC and the adviser's is becoming crystal clear.

Ok , go easy on Max , he is not here to defend himself, he even had the decency to apologise to me a few posts ago for being wrong.!

Hey Darkside, when you're proven to be wrong, it's polite to apologise and important that you correct the record. I'll say it again . . . not only am I not a former Storm employee, I am not a former Storm client! I am a paid consultant to SICAG. Do the right thing.:nono::nono::nono:

And i also believe he included as part of the apology, correcting the record, so i have a lot of respect for someone who can admit when they are wrong.

A paid consultant to SIGAC , silly me , i thought it was a volunteer organisation , how did i get such a dumb idea in my head . !!

I am the Media Director for SICAG (Storm Investors Consumer Action Group). Mark Weir and his fellow committeemen may not be perfect but I can assure forum watchers these are men of honour who have committed thousands of voluntary man-hours fighting for their members. History will be kind to them.

christ i hope history is kind to them , makes me feel all warm and fuzzy.
Halo , you stole my line. !!!!

Oh and also, can you just for once say 'Emmanuel/Julie Cassimatis and their partners/ex-employees are both guilty of negligence AS WELL AS the banks?' I dare you.

I double dare you with vanilla and choc coating !

 

[donteventryit]