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Equititrust?

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If the lies and deception from Equititrust were not highlighted on this website many more innocent Australians would have lost their retirement savings... The only delusional one here is Mark McIvor in having the temerity to go to the Australian Public looking to raise more money whilst his company collapsed around his ears...
 
If this thread is only part of the picture, then is seems to have the attention of all of the players involved including the media... Sure Equititrust would have loved to have ambushed this site with their false postings but they failed. Their deception was caught out and even highlighted in the national media. It showed a desperate company trying to cover up the truth in it's dealings with the likes of "King Con".
 
ASICK said:
Wow! an interesting read.

Cash: $15,131 (page 10)
Receivables: $25,000 (page 10) - interestingly, a round number..
Total debt: $523,320 (page 10)

Loss: $102,716 (page 11)

Payments to suppliers and employees: $79,900 (page 12)

Investment in Heart Assist Technologies P/L: $3,040,800 (page 21) - however, note the second page of the auditor's report (page 24) under the heading "Uncertainty Regarding Valuations of Investments" whereby the auditor states that the $3,040,800 can only be regarded as speculative.

I'm not a wiz at these accounts, but I think it might be worth a good read by investors of your fund.
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No Trust said:
If this thread is only part of the picture, then is seems to have the attention of all of the players involved including the media... Sure Equititrust would have loved to have ambushed this site with their false postings but they failed. Their deception was caught out and even highlighted in the national media. It showed a desperate company trying to cover up the truth in it's dealings with the likes of "King Con".
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I wonder why a company with $15k in cash as at 31 December 2011 is even in the mix - why hasn't there been an uproar about it?

If the directors of the existing RE aren't going to make a hue and cry, then why aren't investors being provided with an independent expert report?

I really can't believe what's happening - actually, it's incredible.
 
kostag said:
you want these shares???
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ASICK said:
NSX - Ventureaxess Limited - half year to 31 December 2011:

http://www.google.com.au/url?sa=t&rct=j&q=ventureaxess%20group%20limited&source=web&cd=4&ved=0CEkQFjAD&url=http%3A%2F%2Fwww.nsxa.com.au%2Fftp%2Fnews%2F021724952.PDF&ctbs=ctr%3AcountryAU&ei=NZNhT-vXGpGyrAeKl9iuCA&usg=AFQjCNHf-q0T33WUW-ByTuXJasbKynd5vw&cad=rja
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It might be worthwhile to compare and contrast (1) Hickie's email and (2) the cited Ventureaxess return.

How about those $7,227,117 in retained losses?
and those Current Liabilites of $165,778?
and that Debt level of $523,320?

Not a good look at this time.

From the Hickie email:

(1) VAGL is a holding company for MSA and VAFM.

(2) MSA is a mezzanine investment company with a series of key investments in emerging technology companies.

I can't find this salubrious info in the 2012 mid-term report, but then again, I find such documents difficult to read. The email seems to be a lot more bouyant than the annual return seems to be (at least in my mind) - others might think differently.

They hold a AFSL - and so? :banghead: A wholesale ADVISORY Licence (perhaps now upgraded to a retail ADVISORY licence).
 
Did anyone read the ASIC disclosure on Lion Advantage Limited?

http://www.search.asic.gov.au/cgi-bin/gns030c?acn=088_638_911&juris=9&hdtext=ACN&srchsrc=1

ACN 088-638-911 "Strike Off Action in Progress"

It might be a good idea to buy a copy of the returns.

oh dear .. how about the previous name for Lion, Mercator Funds Mangement Limited?

A search reveals: http://www.asic.gov.au/asic/asic.nsf/byheadline/01%2F148+ASIC+unplugs+Telco+prospectus+and+locks+cash+box+in+moves+to+protect+investors?opendocument

"ASIC also placed a final stop order on the Mercator Pacific International Securities Fund prospectus that was lodged by Mercator Funds Management Limited. The prospectus was seeking to raise funds for a cash box, which would be used to purchase or develop unidentified hotels, resorts and/or commercial property.

ASIC was concerned that the prospectus did not meet the guidelines of adequate disclosure. These concerns included that:

information regarding the minimum amount required to be raised for a successful scheme commencement, and the directors' experience, was not disclosed;
the description of the fund did not reflect the purpose or the nature of the proposed investments;
the projections lacked a reasonable basis; and
the structure of the fund was impractical. It required investors to make their investments conditional on information that would be disclosed in a series of subsequent supplementary prospectuses."

All this took about 10 mins.
 
LION: we have all got to be kidding haven't we????

if ASIC let this lot anywhere near acting as RE of the EIF, they should be joined as a DEFENDANT in the CLASS ACTION.

Where does McIVOR find these cowboys?

ASICK said:
Did anyone read the ASIC disclosure on Lion Advantage Limited?

http://www.search.asic.gov.au/cgi-bin/gns030c?acn=088_638_911&juris=9&hdtext=ACN&srchsrc=1

ACN 088-638-911 "Strike Off Action in Progress"

It might be a good idea to buy a copy of the returns.

oh dear .. how about the previous name for Lion, Mercator Funds Mangement Limited?

A search reveals: http://www.asic.gov.au/asic/asic.nsf/byheadline/01%2F148+ASIC+unplugs+Telco+prospectus+and+locks+cash+box+in+moves+to+protect+investors?opendocument

"ASIC also placed a final stop order on the Mercator Pacific International Securities Fund prospectus that was lodged by Mercator Funds Management Limited. The prospectus was seeking to raise funds for a cash box, which would be used to purchase or develop unidentified hotels, resorts and/or commercial property.

ASIC was concerned that the prospectus did not meet the guidelines of adequate disclosure. These concerns included that:

information regarding the minimum amount required to be raised for a successful scheme commencement, and the directors' experience, was not disclosed;
the description of the fund did not reflect the purpose or the nature of the proposed investments;
the projections lacked a reasonable basis; and
the structure of the fund was impractical. It required investors to make their investments conditional on information that would be disclosed in a series of subsequent supplementary prospectuses."

All this took about 10 mins.
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Lying ???

The company should be renamed what it actually is... "Lying To Take Advantage"

Good try guys but investors nor ASIC is that stupid...
 
Good work by ASICK by the way in exposing these shonks for what they really are...

The Dodgey Brothers strike again...
 
If any of you check out the facts and find them of concern, then I advise each of you who find concern to make a complaint to ASIC via ecomplaint. (https://www.edge.asic.gov.au/008/complaintV005?get/complainant/t=b050109d407cc987b3d33c1f69f7804b40779b84)

Even letters/emails to Mr. Whyte or the Chairman of the board of Equititrust Limited might be useful - a letter to the board of Equititrust, ironic, isn't it?

If any of you assume that ASIC is roving around looking for problems to solve, then you might be sorely dissappointed.

If any of you think that you can't do worse than your present sitution, then you might be very much mistaken.

When anyone comes sniffing at your fund, you should look past the credentials to their performance, and if possible, get hold of an up-to-date financial statement.

Sometimes there is only disclosure of the 'good guff' with no voluntary disclosure of the negative aspects of their businesses.

Anyway, that's my view - a view learnt from experiences I would have rather not suffered.
 
ASIC ASIC ASIC.....

this WEB SITE has virtually handed you your brief..... the LION deal is just more LYIN' ....

you cannot sit back and allow EQUITITRUST and some cooked up deal with conflicted Directors, insolvent ENTITIES and compromised ADVISERS get pushed passed desperate and ill-informed (or more to the point, ill-equipped) retirees .... it is not right!

ACT NOW!!!

MEDIA: where are you? this is a prime story and rivals the BERNIE MADOFF scandal.

NICK NICHOLS - why dont you knock yourself out on this one...... surely, even you have seen the light

SYDNEY MORNING HERALD: Colin Kruger: looks like it might be up to you.
 
ASIC

If ASIC does nothing then its like lambs to the slaughter...

The regulator needs to step in and put a stop to this idiotic charade...
 
ASIC Complaint

The link posted above by ASICK is a good starting point for investors outraged by the share scam...

Make a complaint, its a free country and it will cost you nothing

Many investors have already done so... ASIC may have another take on the share scam and intervene where unsophisticated retiree investors are about to have something inequitable shoved down their throat's whilst having a gun held to their heads...

The tables should and will be turned on those trying to perpetrate this scam...

The regulator has a chance to do the right thing, if they don't then they have not protected the Australian Public

https://www.edge.asic.gov.au/008/co...nt/t=b050109d407cc987b3d33c1f69f7804b40779b84
 
If you want Scott Rochfort to have a look at any issue, then it's best to contact him directly by phone or email. If you don't have his direct number, then simply phone the Sydney Morning Herald and ask to be put thru to him. It's easier than you think.

Same goes with Nick Nichols. However, Rochfort will obviously have more impact than Nichols (IMO). Still, getting both on side would be a coup for investors.

It's the case that the media is not likely to come to you, so to increase your chances, you must necessarily go to the media: The media may not support you, but you'll never know until you give it a go.
 
SHONKY COMPANY OF THE YEAR!

The CHOICE Shonky for Warranty, Schmarranty

Goes to...

Equititrust capital warranty

“Earn 9.5% pa warranted,” the ad says. “You wouldn’t buy a telly without a warranty … so why would you invest without one,” the ad says. Don’t trust an investment offer that sounds too good to be true, CHOICE says. We guarantee that warranty is shonky.

Equititrust is a mortgage trust offering interest rates a bit above what you can get for bank deposits with similar terms. It uses the investors’ money for developer and other property loans. The marketing is centred around its supposed safety, but the $10 million the company has set aside for its “capital warranty” covers only about 2.4% of the mortgage trust’s value.

Now, most consumers understand warranties (such as for a toaster) to involve the replacement of the entire product should it prove defective. But there’s no such promise for this investment.

What’s more, the product disclosure statement quite clearly details the higher risks of investing in Equititrust compared with banks: for example, it’s not as strict as banks when assessing the borrowers’ capacity to repay their loans and accepts higher risks, and some loans are secured by developments that have yet to be built.

So despite advertising a warranty, Equititrust itself admits that “there can be no guarantee of a return of capital or incme”. As we said: why would you?
 
AND... MCIVOR GETS THE SHONKY PERSON OF THE YEAR AWARD.

Taking money from the poor and giving it to himself landed Mr Mcivor the Shonky Man of the year Award.

I think Dudley should give up his title of King Con and transfer it to Mcivor.
 
Re: AND... MCIVOR GETS THE SHONKY PERSON OF THE YEAR AWARD.

Maybe a new award category should be announced "Shonky Con" or "King Shonky" either way we know who would take the title...



zencorp said:
Taking money from the poor and giving it to himself landed Mr Mcivor the Shonky Man of the year Award.

I think Dudley should give up his title of King Con and transfer it to Mcivor.
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Re: AND... MCIVOR GETS THE SHONKY PERSON OF THE YEAR AWARD.

What is clear though, is the fact that retiree investor money has been squandered on the likes of "King Con" but McIvor has benefited via managements fees etc... Management fees for doing an appalling job and he still has the gall to ask for over $2M in management fees he previously agreed to waive due to the massive impairments...

David Whyte has had a taste of McIvor's dodgey antics and unkept promises, which he has detailed in his reports to investors...

zencorp said:
Taking money from the poor and giving it to himself landed Mr McIvor the Shonky Man of the year Award.

I think Dudley should give up his title of King Con and transfer it to Mcivor.
Click to expand...
 
Despicable Fraud on the Elderly

The Share scam is nothing more than a despicable attempt to trick the weak and elderly. The perpetrators should be locked up...
 
Share Scam

It appears that the perpetrators of the share scam have had a spanner thrown in their devious plans.. The revelations seem to have caused shock and awe... Deer in the headlights it seems...
 
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