Can Anyone shed some light on who (in my opinion this dispicable character )
Craig White is cnsulting for.We need to warn people who and what white is all about.
Wellington Capital PIF/Octaviar (MFS) PIF
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Can Anyone shed some light on who (in my opinion this dispicable character )
Craig White is cnsulting for.We need to warn people who and what white is all about.
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Who's in favour of a Class Action against ASIC? Enough is enough!
But not before they secure for PIF a recovery of $147.5 mil in their ongoing action against MFS directors.
Any progress news on that front???
Regards,
m c king,is next I believe to be interrogated by the liquidators. Lets wait to here what the leader of the pack has to say re all the fraudulent transactions that have taken place within MFS and the PIF.
Surely all this evidence that is now being exposed is assisting our C A and Carneys.
I must admit that I am shattered to think that the board members of mfs were party to all this fraud and the auditors did not once express an opinion on these matters.One begs the answer what did the auditors get paid for.
Thanks Gardie for your previous response.
What a joke this from the MFS PIF Product Disclosure Statement 2007:
WHY DOES THE FUND HAVE A COMPLIANCE PLAN?
The Compliance Plan sets out the processes we apply to ensure that the
operations of the Fund are conducted in accordance with our AFSL, the
Constitution, the Corporations Act and other applicable legislation. The
Compliance Plan is independently audited.
The Compliance Plan and the documents controlled through it establishes
practices that help us manage risk management, record keeping,
accounting and audit functions, lending policies, complaints handling and
other aspects of the operation of the Fund.
Copies of the Compliance Plan have been lodged with ASIC and are available
for inspection at any MFSIM offi ce during business hours.::
At least Craig White appears to have a better recollection of events in relation to the 'swindle' than David Anderson!!! It would be interesting to know just who of Michael Kings loyal staff members were privvy to the swindle/theft/missapropriation/fraud or whatever you like to call it.(All of which were not listed as key risk factors in the PDS!!) Since when did this type of behaviour become an acceptable accreditation on a resume to become a 'consultant'?
Seamisty
What a joke this from the MFS PIF Product Disclosure Statement 2007:
WHY DOES THE FUND HAVE A COMPLIANCE PLAN?
The Compliance Plan sets out the processes we apply to ensure that the
operations of the Fund are conducted in accordance with our AFSL, the
Constitution, the Corporations Act and other applicable legislation. The
Compliance Plan is independently audited.
The Compliance Plan and the documents controlled through it establishes
practices that help us manage risk management, record keeping,
accounting and audit functions, lending policies, complaints handling and
other aspects of the operation of the Fund.
Copies of the Compliance Plan have been lodged with ASIC and are available
for inspection at any MFSIM offi ce during business hours.::
At least Craig White appears to have a better recollection of events in relation to the 'swindle' than David Anderson!!! It would be interesting to know just who of Michael Kings loyal staff members were privvy to the swindle/theft/missapropriation/fraud or whatever you like to call it.(All of which were not listed as key risk factors in the PDS!!) Since when did this type of behaviour become an acceptable accreditation on a resume to become a 'consultant'?
Seamisty
I refer to the the auditors Price Waterhouse Coopers ,Independence decleration to the financials review of the PIF dated 31 December 2007. and I quote
" I declare that to the best of my knowledge and belief there have been
B) no contraventions of any applicable code of professional Conduct in relation to the review.
Signed by a Mr.Timothy J Allman
Partner
Price Waterhouse Coopers.
Bit of a worry, I see that in today's notice of substantial shareholding change, Alfie obtained another 33852 shares ($2,268 worth).
If my calculations are correct, that means that if they continue at this rate, in the year 2051 they will have achieved their 90% acceptance.
.............................much as I am against their bid, I would love to live long enough to see them achieve it!!! -
If my calculations are correct, that means that if they continue at this rate, in the year 2051 they will have achieved their 90% acceptance.
.............................much as I am against their bid, I would love to live long enough to see them achieve it!!! -
Not sure if this is another Jenny Hutson cut and paste job but I bet this ASX announcement will make all WELLINGTON CAPITAL PIF holders furious!!
Dividend ::
G8 Education announced its dividend policy on 27 May 2010. Dividends are expected to be payable toshareholders quarterly.
Whilst the actual level of dividends paid is at the discretion of the Board, it is the Directors’ current intention that G8 Education Limited will be paid quarterly. Dividend payments are anticipated to commence in the second half of this 2010 calendar year. Dividends will be franked where possible.
Chairperson Jenny Hutson said ‘Our team delivered a result 42.8% ahead of the forecast EBIT for the 6 months ended 30 June 2010. An additional 51 centres will soon be part of our portfolio. As demonstrated by our guidance, the 2011 year is set to deliver an exceptional outcome for all stakeholders.’
ENDS
Jenny Hutson
Chairperson
P: 07 3009 9800
E: jhutson@wellcap.
Beware G8(GEM)education shareholders!!! Premium Income Fund unit holders were promised a quarterly distribution nearly 2 years ago by the same person and still have not received a brass razoo and the value of our Fund has been decimated by approx $150million under the management of Jenny Hutson and her experienced team!!
Seamisty
Dividend ::
G8 Education announced its dividend policy on 27 May 2010. Dividends are expected to be payable toshareholders quarterly.
Whilst the actual level of dividends paid is at the discretion of the Board, it is the Directors’ current intention that G8 Education Limited will be paid quarterly. Dividend payments are anticipated to commence in the second half of this 2010 calendar year. Dividends will be franked where possible.
Chairperson Jenny Hutson said ‘Our team delivered a result 42.8% ahead of the forecast EBIT for the 6 months ended 30 June 2010. An additional 51 centres will soon be part of our portfolio. As demonstrated by our guidance, the 2011 year is set to deliver an exceptional outcome for all stakeholders.’
ENDS
Jenny Hutson
Chairperson
P: 07 3009 9800
E: jhutson@wellcap.
Beware G8(GEM)education shareholders!!! Premium Income Fund unit holders were promised a quarterly distribution nearly 2 years ago by the same person and still have not received a brass razoo and the value of our Fund has been decimated by approx $150million under the management of Jenny Hutson and her experienced team!!
Seamisty
MFS considered early liquidation, court told
Teresa Ooi From: The Australian August 19, 2010 12:00AM
THE former deputy-CEO of the failed MFS Group said board advisers had raised the option of placing the company into voluntary liquidation.
The advice was given seven months before it collapsed in September 2008 with debts of $2.5 billion, the NSW Supreme Court heard yesterday.
When asked by Adam Bell SC on behalf of MFS liquidator Bentleys Corporate Recovery whether advisers Korda Mentha and 333 Capital raised the option of placing MFS into voluntary adminstration, Craig White said: "Voluntary administration was considered at meetings discussing insolvency."
Full Article:http://www.theaustralian.com.au/bus...ation-court-told/story-e6frg8zx-1225907023187
Teresa Ooi From: The Australian August 19, 2010 12:00AM
THE former deputy-CEO of the failed MFS Group said board advisers had raised the option of placing the company into voluntary liquidation.
The advice was given seven months before it collapsed in September 2008 with debts of $2.5 billion, the NSW Supreme Court heard yesterday.
When asked by Adam Bell SC on behalf of MFS liquidator Bentleys Corporate Recovery whether advisers Korda Mentha and 333 Capital raised the option of placing MFS into voluntary adminstration, Craig White said: "Voluntary administration was considered at meetings discussing insolvency."
Full Article:http://www.theaustralian.com.au/bus...ation-court-told/story-e6frg8zx-1225907023187
Sound familiar??
http://www.abc.net.au/news/stories/2010/08/19/2987689.htm?section=business
Storm Financial report has stalled: economist
By Penny Timms
A north Queensland economist says a report into the failed Storm Financial still has not been released, six months after the Australian Securities and Investments Commission (ASIC) was to complete it.
Formerly Townsville-based Storm Financial collapsed last year, owing millions of dollars to investors.
Economist Carey Ramm has been working with former Storm clients and says the report appears to have stalled.
"If you take a look at what's occurred in the US, basically, a lot of the people that were involved in the Global Financial Crisis in the US, they're in jail, they've already been sentenced and they're actually doing their time," he said.
"The way ASIC is going, we might see Bernie Madoff and those sorts of people being released before ASIC releases this report."
ASIC says it is committed to the investigation and recovering compensation for investors.
http://www.abc.net.au/news/stories/2010/08/19/2987689.htm?section=business
Storm Financial report has stalled: economist
By Penny Timms
A north Queensland economist says a report into the failed Storm Financial still has not been released, six months after the Australian Securities and Investments Commission (ASIC) was to complete it.
Formerly Townsville-based Storm Financial collapsed last year, owing millions of dollars to investors.
Economist Carey Ramm has been working with former Storm clients and says the report appears to have stalled.
"If you take a look at what's occurred in the US, basically, a lot of the people that were involved in the Global Financial Crisis in the US, they're in jail, they've already been sentenced and they're actually doing their time," he said.
"The way ASIC is going, we might see Bernie Madoff and those sorts of people being released before ASIC releases this report."
ASIC says it is committed to the investigation and recovering compensation for investors.
ASIC is letting us down
A very interesting read.
http://www.townsvillebulletin.com.au/article/2010/08/19/164091_opinion.html
A very interesting read.
http://www.townsvillebulletin.com.au/article/2010/08/19/164091_opinion.html
I think this article below may go some way to explainig the mindset of D' Aloisio the previos Chairman of the ASX when it comes to transparent investigations.
IF Storm victims can not get any jusice , what chance do we have?
What seems to have slipped under the proverbial radar here is this:
The son of the ASX Chairman, Maurice newman obtained a Financial Services Licence. But this particular licence " ... included a nominee company called Green Frog Nominees. By having its own nominee company, Nexus was in a position to hold its own clients' securities and to run its lending practices away from the gaze of the ASX."
Did you get that ..."A-W-A-Y from the gaze of the ASX"
Why?
Why would a respectable entity need to conceal anything at all from the ASX?
Because even if there was something sinister about it, it remains doubtful, history has shown, whether the ASX would want to disturb the status quo which allows it to be the regulator and at the same time, P-R-O-F-I-T from the activities of those whom it is charged to R-E-G-U-L-A-T-E.
Did you understand that? The regulator is also involved in profiting from the activities, but to this day, D-E-N-I-E-S and conflict of interest.
Am I stupid, blind, or what?
Did I misunderstand that you can be both Judge AND defendant?
Last law book I read said there needs to be uninvolved parties before an impartial judgement can be passed down by any regulator ... but hey! What the fique would I know?
So here is a little family secret ... Dad arranges for Son to obtain Licence, which is held for a little while as a 50% partner ... then quietly on-sold to form a company which would NEVER otherwise have gotten through the regulator.
And here it is, operating under the nose of ASIC, with the full blessing of none other than the Chairman of the ASX, no less, who vicariously needs to be held accountable because this arrangement has come about with not only his full knowledge, but quite possibly his active participation in the application for the Licence in the first instance.
Was the licence obtained for a mate with the intention of later selling the half-share to allow the formation of Opes Prime?
Unless I am getting too old to read the public domain reports on this, it seems so to me.
But then, I am from Frog's Hollow, and what the fique would I know - we are all too naive over there, and far too trusting.
Now the innocent investors with Opes are going down with the guilty, and that is N-O-T freaking F-A-I-R. (We do not use expletives in Froggy)
Would someone please tell me where one can still invest safely in this country, and have that fact overseen by a RESPONSIBLE, IMPARTIAL and HONEST entity?
I would say more, but the legal implications involved in calling the contemptible to account are far too big for Froggy people, and the management of T$ would also prefer NOT to have a libel suit to wear
IF Storm victims can not get any jusice , what chance do we have?
What seems to have slipped under the proverbial radar here is this:
The son of the ASX Chairman, Maurice newman obtained a Financial Services Licence. But this particular licence " ... included a nominee company called Green Frog Nominees. By having its own nominee company, Nexus was in a position to hold its own clients' securities and to run its lending practices away from the gaze of the ASX."
Did you get that ..."A-W-A-Y from the gaze of the ASX"
Why?
Why would a respectable entity need to conceal anything at all from the ASX?
Because even if there was something sinister about it, it remains doubtful, history has shown, whether the ASX would want to disturb the status quo which allows it to be the regulator and at the same time, P-R-O-F-I-T from the activities of those whom it is charged to R-E-G-U-L-A-T-E.
Did you understand that? The regulator is also involved in profiting from the activities, but to this day, D-E-N-I-E-S and conflict of interest.
Am I stupid, blind, or what?
Did I misunderstand that you can be both Judge AND defendant?
Last law book I read said there needs to be uninvolved parties before an impartial judgement can be passed down by any regulator ... but hey! What the fique would I know?
So here is a little family secret ... Dad arranges for Son to obtain Licence, which is held for a little while as a 50% partner ... then quietly on-sold to form a company which would NEVER otherwise have gotten through the regulator.
And here it is, operating under the nose of ASIC, with the full blessing of none other than the Chairman of the ASX, no less, who vicariously needs to be held accountable because this arrangement has come about with not only his full knowledge, but quite possibly his active participation in the application for the Licence in the first instance.
Was the licence obtained for a mate with the intention of later selling the half-share to allow the formation of Opes Prime?
Unless I am getting too old to read the public domain reports on this, it seems so to me.
But then, I am from Frog's Hollow, and what the fique would I know - we are all too naive over there, and far too trusting.
Now the innocent investors with Opes are going down with the guilty, and that is N-O-T freaking F-A-I-R. (We do not use expletives in Froggy)
Would someone please tell me where one can still invest safely in this country, and have that fact overseen by a RESPONSIBLE, IMPARTIAL and HONEST entity?
I would say more, but the legal implications involved in calling the contemptible to account are far too big for Froggy people, and the management of T$ would also prefer NOT to have a libel suit to wear
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Good day Jadel,
We hear, we hear!!
As the name of Maurice Newman is resurrected in my memory; I go back some 2.5 years ago when in my initial stupor and frustration I lashed out at the Office of this "paragon" of public leadership to vent my already formed damnation of the MFS clique for their ruining of many.
And the "paragon" replied without missing a beat with a long, formulated proforma letter that, in condensing, would translate to "them are the breaks". Nick Sherry style.
He did not proffer, by way of a meaningful sympathy, the sort of a break his son got from the inside. Perhaps an invite to join ranks, an apprenticeship at the trough?
That is reserved for the deserving cadres of the Aussie aristo-elite with Feigan's pedigrees.
In solidarity, regards
Indeed Simgrund
You were lucky to get a reply from Nick Sherry my letter never even got through the backroom staffers.
The paragon of non virtue that we both refer to is a creature permeated with the greed and avarice of the financial system his is supposed to IMPARTALLY REGULATE . It would appear that certain corporate transgressions are regarded as no more than an acceptable family social pastime. However Simgrund ,I must admit to being more worried about Nepotism than Feiganism per se ,when it comes to people who hold high government office
Recently I heard the paragon give an interview in his current role as Chairman of the ASIC. You would think he would be referring to initiatives that ASIC have taken to improve the Regulatory system. and protect investors who have had their lives devastated by dishonest director’s after the recent turmoil in the markets..Instead he was full of the fact that the ASX gone from 10.000 trades a day to 40.000 trades a day as a measure of financial health.
We can only imagine the tensions in ASIC whereby a senior Barrister is prepared to immediately resign when a carefully prepared brief is totally ignored on behalf of desperate. Investors (many elderly pensioners) who were conned into putting their very houses as equity now face eviction and ruin
In our case the unlawful activities perpetuated against the PIF were so obvious that ASIC were forced to take action. And even with these blatant abuse ASIC had to be hand fed data concerning these fraudulent activities with constant requests for some justice. over many years. I can still vividly recall a personnel appointment wit an ASIC analyst 2.1/2 years ago where I was informed that was mistaken in my belief that the 200 million was illegally talent out of our fund ,and that something was terribly wrong. I was informed instead,that this money was simply a loan to the GEO property trust. The fact of the matter it took took almost the complete destruction of our assets before ASIC were prepared to act.
I find it difficult to imagine ASIC ever interceding on our behalf in our current deplorable situation.
O
.
Indeed Simgrund
You were lucky to get a reply from Nick Sherry my letter never even got through the backroom staffers.
The paragon of non virtue that we both refer to is a creature permeated with the greed and avarice of the financial system he is supposed to IMPARTALLY REGULATE . It would appear that certain corporate transgressions are regarded as no more than an acceptable family social pastime. However Simgrund ,I must admit to being more worried about Nepotism than Feiganism per se ,when it comes to people who hold high government office
Recently, I heard the paragon give an interview in his current role as Chairman of the ASIC. You would think he would be referring to initiatives that ASIC have taken to improve the Regulatory system. and protect investors who have had their lives devastated by dishonest director’s after the recent turmoil in the markets..Instead he was full of the fact that the ASX gone from 10.000 trades a day to 40.000 trades a day as a measure of financial health.
We can only imagine the tensions in ASIC whereby a senior Barrister is prepared to immediately resign when a carefully prepared brief is totally ignored on behalf of desperate investors, (many elderly pensioners) who were conned into putting their very houses as equity and who now face eviction and ruin.
In our case the unlawful activities perpetuated against the PIF were so obvious that ASIC were forced to take action. And even with these blatant abuse ASIC had to be hand fed data concerning these fraudulent activities with constant requests for some justice. over many years. I can still vividly recall a personnel appointment with an ASIC analyst 2.1/2 years ago where I was informed that I was mistaken in my belief that the 200 million was illegally talent out of our fund ,and that something was terribly wrong. I was informed instead,that this money was simply a loan to the GEO property trust. The fact of the matter is that it took took almost the complete destruction of our assets before ASIC were prepared to act.
I find it difficult to imagine ASIC ever interceding on our behalf in our current deplorable situation.
O
.
Just to add insult to injury on the failure of ASIC to intervene to date on the behalf of long suffering PIF investors ::http://www.smh.com.au/business/asic-to-support-probe-into-alleged-allco-breaches-20100822-13asf.html
what a pity we didn't amalgamate with all the other people who have had money misappropriated like we have to formed some kind of political splinter group targeting politicians.
who knows with a hung parliament maybe someone from both sides would of been willing to actually get off their fat behinds and act on our behalf when its glaringly obvious how totally incompetent and arrogant asic is.
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Greetings Jadel,
Slight correction. The reply was from the "paragon"; the virtuous Maurice Newman did the replying.
Nick Sherry followed some time later with well publicised "caveat emptor" flippancy in the public pages.
Neither you, Zixo nor any of us need to despair about non-amalgamation.
Come the time of CA, and the reply from Maurice Newman and many other damning pieces out there will find their way into the hands of the lawyers this side of Justice.
And isn't ASIC already interceding by having started the $147.5 mil. recovery action on our behalf?
There should be an update on this somewhere?
Regards,
zixo Depending on what ASIC does or does NOT do relating to PIF legal intervention, repatriation of misappropriated funds, current RE issues re conflict of interest and poor performance etc. etc. after the hundreds, more likely to be in the thousands of complaints it has received from unithloders well in excess of two years, I think the following article could well set a precedent for future actions.
Seamisty
Ariff shows ASIC's ineptitude August 24, 2010::
'THE arrest of banned liquidator Stuart Ariff on 19 fraud-related criminal charges three years after his outlandish conduct was first raised in the media is a sad indictment on our regulatory system.
While Ariff's arrest has been welcomed by the many victims who lost money, there is a bitterness and frustration that won't go away. It is bitterness born out of the knowledge that if the Australian Securities and Investments Commission and the insolvency lobby group, the Insolvency Practitioners Association, had listened to their complaints earlier and acted sooner, they might have got back some of the millions of dollars they are owed.
Instead, ASIC acted when it was all too late. Documents have gone missing, Ariff is bankrupt and there is no money left to investigate whether they can retrieve any of the millions of dollars that have disappeared.'
'It showed letters it had sent to ASIC in 2005, with receipts and invoices to support its allegations that Ariff had kept the once-listed CarLovers in administration for three times longer than necessary.
ASIC fobbed it off with a standard letter.'
'Not surprisingly, many of Ariff's victims, including Bill Doherty, Robbie Fong and Martha Tsamis, are investigating launching a class action against ASIC.'
Full article:http://www.smh.com.au/business/ariff-shows-asics-ineptitude-20100823-13ipa.html
You mean there are two paragons in the family?
Yes Sigmund ,ASIC is taking action to recover 147.5 million dollars. However our assets should never have been firesaled in the first instance.
ASIC were able to discover that the transaction was backdated and fraudulent, therefore it is reasonable to assume that a competent RE ,with all the documents at their fingertips should have been able able to uncover this fraud and fight a legal action against RBOS to prevent the firesale of our assets .
One would think that you would be able to mount a legal case against WC for negligence on this issue alone.
Also ,it appears, with the recent revelations from Bentleys ,that the fraudulent activity extends well beyond the sum of 147.5 million
Further to this, remaining assets have been sold off, and continue to be sold, to fund the very existence of WC as RE.
As has been previously pointed out our Fund is not a liquid entity under the definition of the Corporations ACT
Every promise made to investors by WC has been shamelessly broken.
We were informed the NSX listing was introduced for liquidity
When in fact it is a place where desperate people who have lost all hope are forced to sell at a pittance
We can only assume that we are dealing with a incompetent RE that lacks any form of conscience
You could almost class what has happened to our fund as a crime against humanity.
That is why I think the current situation is deplorable .
