Equititrust?

[No Trust]

Shareholding Scam

Equititrust is effectively finished ... Let’s face the facts; a share swap is an outright scam on the investors who put their trust and hard earned savings in Equititrust only to be betrayed by foolhardy and unbelievably reckless loans to "King Con" of all people. The largest loan in the loan book was to him. Mindboggling..

As ASICK has outlined it has not worked in the past with other Gold Coast Mortgage Funds which have hit the wall and it won’t work here..

The best course as Olman has put it, is to wind up the funds and be done with it because it won’t get any better in the future. One has to remember that every single bank wants out from Equititrust and they will never get another investor to invest with them after this disaster. Now think, is this the kind of company you want shares in ?? I THINK NOT

 

[No Trust]

Quotes and Hot Air

As for the quote

"... Mark will leave you with a quote from Apple founder, Steve Jobs:
“Innovation is the ability to see change as an opportunity, not a threat.” ..."

I mean seriously, is this guy "delusional" this is not change it is a catastrophic disaster where investors stand to lose tens of millions of dollars. His luxurious waterfront / beachfront lifestyle will not change, however the lives of innocent retiree investors will...

Nice quotes and changing the name of the company won't add value to the already heavily degraded assets. Selling some personal assets to cover the losses of innocent retiree investors might go some way in at least reducing the losses. Don’t however expect this magnanimous gesture. Directors fronting up and paying for the mistakes made with "innocent retiree investors’ money" will have to be forced by a court order.

It might be time for the management of Equititrust to sit in a witness box and be cross examined just like the formers directors and management of MFS, Could be "déjà vu" for some...

 

[kostag]

WIND UP THE FUND - PIPER ALDERMANN

Piper Aldermann have targetted areas where they can attack. Any of who are unsure, should jump on their web site and make ourselves known to them. There is power in numbers - united we shall prevail, divided , we all lose, big time.

There are substantial assets held by Directors outside the EIF. We must attack those. As shareholders we have a) no right to a return of capital b) no right to a dividend c) lose our rights against mis-management of the EIF.

Why would any of us be so stupid as to vote for this?

So that the same mob who lost our money get another go at the same money? this time with less restrictions on them? Yuu are kidding aren't you?

 

[ASICK]

Re: WIND UP THE FUND - PIPER ALDERMANN

Piper Aldermann have targetted areas where they can attack. Any of who are unsure, should jump on their web site and make ourselves known to them. There is power in numbers - united we shall prevail, divided , we all lose, big time.

There are substantial assets held by Directors outside the EIF. We must attack those. As shareholders we have a) no right to a return of capital b) no right to a dividend c) lose our rights against mis-management of the EIF.

Why would any of us be so stupid as to vote for this?

So that the same mob who lost our money get another go at the same money? this time with less restrictions on them? Yuu are kidding aren't you?

No doubt about it, members of this forum have access to information - but those who do not seek out some information (for whatever reason) will be more inclined to live in hope and support the manager.

There is no point having information and not informing the broader unitholding.

You will be surprised just how naive investors are. You may even be surprised how stupid many can be. You'll be surprised just how many blindly follow the manager's directions/suggestions (useful idiots).

 

[kostag]

MOVE TO CHANGE EQUITITRUST AS RESPONSIBLE ENTITY OF THE FUND

under ASIC rules it only requires 100 unit holders to call the MEETING - if that meetign gets called, we can win this......

email your support to dholland@piperalderman.com.au

we can make the change - we have it in our power...... act now

 

[kostag]

what are our rights.... knowledge is power

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/info111-information-for-investors-in-frozen-funds.pdf/$file/info111-information-for-investors-in-frozen-funds.pdf

''....What rights do investors have?

 

[kostag]

ASIC .... please, we're begging you!

see EQUITITRUST web site - there is some update with ASIC .... www.equititrust.com .... lets hope ASIC have the good sense to say 'not another share swap deal'..... please no more death by a thousand cuts, ASIC..... put in a new RE and give us all some proper independence and competency.

 

[kostag]

EQUITITRUST..... income solutions (?)

income solutions is their new by-line under the logo..... no doubt this is paramount... question is, after receiving no income for yonks....one has to ask...... whose income are they solving? .... presumably they all get paid, each and every week.......

 

[No Trust]

Another Promise Not Kept

Investors were meant to be briefed by the 31st of May. As we have come to expect nothing, just a brief message on their website saying the matter is now before ASIC. Why don't these jokers explain to investors "what is under review" with ASIC. The lack of respect for retire investors is beyond belief. ASIC needs to open it's eyes and see that this is a sinking fund that needs to be wound up. Equititrust are trying to pull the same old scams that the other failed Gold Coast Funds have tried. It's time for the regulator to say enough is enough and protect the investors for once. An investment with Equititrust has just ended in tears and heartache with absolutely no light at the end of the tunnel.

 

[Tysonboss1]

Re: Another Promise Not Kept

An investment with Equititrust has just ended in tears and heartache with absolutely no light at the end of the tunnel.

I am sorry to say, But if an "investment" has ended in "Tears and heartache" what you were doing when you thought you were investing your money was speculating.

As an investor allocating capital the Buck stops with you.

It is your responsibility to allocate your capital in such a way that you will never suffer a permanent loss large enough to unsettle you.

No investment can ever offer a 100% guarantee that it will not end badly, For this reason your money especially if you are a novice investor should be spread accross a number of different asset classes and spread across a number of investments in each asset class and deployed overtime so as to dollar cost average.

Using this sort of diversification limits the risk of disasters, and should one investment go bad you may only lose 5% of your total networth, which would be made back in several months through the interest, dividend and rental yield from you other assets.

 

[ASICK]

Re: Another Promise Not Kept

I am sorry to say, But if an "investment" has ended in "Tears and heartache" what you were doing when you thought you were investing your money was speculating.

As an investor allocating capital the Buck stops with you.

It is your responsibility to allocate your capital in such a way that you will never suffer a permanent loss large enough to unsettle you.

No investment can ever offer a 100% guarantee that it will not end badly, For this reason your money especially if you are a novice investor should be spread accross a number of different asset classes and spread across a number of investments in each asset class and deployed overtime so as to dollar cost average.

Using this sort of diversification limits the risk of disasters, and should one investment go bad you may only lose 5% of your total networth, which would be made back in several months through the interest, dividend and rental yield from you other assets.

Most of the investors in managed fund were retirees and they tended to put their 'nest egg' (cash) into what they regarded, and was held out to be, safe investments in property. None of them thought they were 'speculating', but rather receiving an increased interest rate not too far above bank interest. Most are aged and very, very trusting - cleary they are not as astute as you are.

Investors caught up in these nasty funds don't need to be put down by telling them what they should have done, they know they shouldn't have invested as such.

The comment 'no end in sight' is one directed to the realization that getting out of this mess is not going to be easy.

If you take a good look at the litigation relating to managed funds you'll note that the failures of many funds wasn't totally attributable to market forces but rather to management not complying with the law.

 

[kostag]

Re: Another Promise Not Kept

TYSON

on the face of it - your advice is very wise - spread your risk - BUT the real issue is here is that the PUBLIC are entitled to rely on statements made by approprialtely licenced persons..... now, if the natural market forces cause loss - we are all big boys and we can take that loss....if the loss results from recklessness, irresponsible practice and or deception..... then, we are not really to blame and ASIC must bring to book those who misled.... surely? otherwise, none of us can walk out the front door in the morning with any surety of safety and protection and that is what a proper regulated society is surely about - can we trust a Bank? yes - and why? because we know that there are rulkes in palce and we rely on APRA and others to enusre that the Banks comply - we have to be able to rely on systems, checks/balances and institutions to function honestly, surely?

I am sorry to say, But if an "investment" has ended in "Tears and heartache" what you were doing when you thought you were investing your money was speculating.

As an investor allocating capital the Buck stops with you.

It is your responsibility to allocate your capital in such a way that you will never suffer a permanent loss large enough to unsettle you.

No investment can ever offer a 100% guarantee that it will not end badly, For this reason your money especially if you are a novice investor should be spread accross a number of different asset classes and spread across a number of investments in each asset class and deployed overtime so as to dollar cost average.

Using this sort of diversification limits the risk of disasters, and should one investment go bad you may only lose 5% of your total networth, which would be made back in several months through the interest, dividend and rental yield from you other assets.

 

[kostag]

what is happening at CHEVRON ISLAND?

any one been past the offices lately?

I understand that the place is wound down to just a few staff.

Is Landsolve - the much heralded cure-all - operating?

 

[ASICK]

Re: Another Promise Not Kept

Investors were meant to be briefed by the 31st of May. As we have come to expect nothing, just a brief message on their website saying the matter is now before ASIC. Why don't these jokers explain to investors "what is under review" with ASIC. The lack of respect for retire investors is beyond belief. ASIC needs to open it's eyes and see that this is a sinking fund that needs to be wound up. Equititrust are trying to pull the same old scams that the other failed Gold Coast Funds have tried. It's time for the regulator to say enough is enough and protect the investors for once. An investment with Equititrust has just ended in tears and heartache with absolutely no light at the end of the tunnel.

Wouldn't it be ASIC's M.O. to put a stop to a re-financing deal but then go ahead to allow an equity swap which would really separate you all from your right to redeem?

The "market force" which really puts investors at risk is ASIC itself.

 

[kostag]

ASIC

I agree - as long as the boxes get ticked - ASIC will let it happen - like lambs to financial slaughter.... they know the likley outcome, we all can see the train crash coming....... they can say, well, we dont interfere in the free markets etc...... saves them having to do a damned thing ...... they know this has been a jolly-rogering of the retired, un-employed and poorly informed.... those with no poltical or electoral muscle..... they wont say a thing and even if they did, who hears and who bothers..... ASIC - you go after the small fish , look at your own web site of "wins" - like a storm in a teacup...... name one major scalp???? even the MFS big wigs are walkign around trading again..... David Kennedy the ex MFS CEO is now running the Equititrust outfit....... no-one else anywhere in the world would beleive that this is happening..... if it wasn't for this web site and the media , it would be effectively covered up..... shame ASIC, shame!!!
\

Wouldn't it be ASIC's M.O. to put a stop to a re-financing deal but then go ahead to allow an equity swap which would really separate you all from your right to redeem?

The "market force" which really puts investors at risk is ASIC itself.

 

[No Trust]

Investors Misled

It’s all well and good to preach about diversification of investment portfolios, however who on earth could have possibly thought that a fund manager would have lent innocent retiree investors’ money to "King Con". The largest loans were made to him all under the watchful eye of the founder Mark McIvor... It is no wonder that he is now in the crosshairs of the national media, investors and more importantly the class action lawyers..

Equititrust has proven itself to be nothing more than another spivvy mortgage fund from the Gold Coast that has lost tens of millions of dollars of investors’ money through the incestuous lending practices common on the Gold Coast. All the usual developer / bankrupt suspects were there.. How these guys can walk around the Gold Coast with their heads held high and sleep at night beggars belief... Sell some of your "squirrelled assets" and pay back the investors for your reckless folly...

As for ASIC, maybe they should be looking at the issue of solvency when it comes to Equititrust as this ship is well and truly below the waterline…

 

[Tysonboss1]

Re: Investors Misled

It’s all well and good to preach about diversification of investment portfolios, however who on earth could have possibly thought that a fund manager would have lent innocent retiree investors’ money to "King Con".

As I said, Even the investment that seems the safest can go bad, So you need to hold a spread of assets because you can never be sure that any one asset doesn't go sour and when (not if) it does go sour you want it to have a limited effect.

 

[Tysonboss1]

Re: Another Promise Not Kept

TYSON

on the face of it - your advice is very wise - spread your risk - BUT the real issue is here is that the PUBLIC are entitled to rely on statements made by approprialtely licenced persons..... now, if the natural market forces cause loss - we are all big boys and we can take that loss....if the loss results from recklessness, irresponsible practice and or deception..... then, we are not really to blame and ASIC must bring to book those who misled.... surely?

When trusting your money to the management of others, the risk that they may do somthing stupid or immoral is a real one. This risk is added on top of the risk of market forces.

By all means if the Manager of the fund has operated outside the law or the rules of the fund, Then yes all attempts should be made to bring the person to justice and seek compensation for your losses.

But this does not take away the real cause of your situation which was your own capital allocation stratergy.

For example if you started with $1M spread accross 10 assets and you equititrust investment of $100K went bad, you would be OK. Offcourse you would still ask questions and if need take part in any litergation, But you wouldn't lose sleep.

However, if you trusted the whole $1M, you would be absolutely devastated, Your wiped out,

Now the reason you lost money might be the mangers bad actions, But the reason you got wiped out is because of your poor capital allocation, and the fact you were speculating when you thought you were investing.

 

[No Trust]

The Investors are Innocent

The majority of Equititrust investors are innocent retiree investors, not sophisticated fund managers. The marketing which Equititrust employed was scrutinised by Choice Magazine in 2008 as well as ASIC which reprimanded the company.

The innocence of retiree investors looking to get a simple return on their life savings was severely taken advantage of in that Equititrust recklessly lent money to the likes of King Con... This was a disgusting abuse of investor trust no matter how the founder Mark McIvor likes to pretty it up... At the investor briefing investor’s jaws dropped at his cavemanlike explanation about hurting them (borrowers) more than they can hurt us analogy. The only people that are being hurt now are the innocent retiree investors who have lost tens of millions of dollars at the hands of Equititrust. It seems that McIvor’s idiotic hurt them more than they can hurt us philosophy has well and truly blown up in his face and good old King Con is the one doing the hurting….

How Cosy Was The Relationship

What does need investigation though is the duration and closeness of the business relationship between Equititrust and King Con and whether investors interests were sacrificed in favour of this "special relationship" which has now led to tens of millions of dollars of losses… I am sure the Class Action Lawyers will be having a very very close look at this as it seems there is more to this than meets the eye...

Investors Are Not To Blame For This Disaster​

 

[Tysonboss1]

Re: The Investors are Innocent

Investors Are Not To Blame For This Disaster​

As I said they are not to blame for the outcome of that investment, But they are to blame for the outcome it had on their situation.

You keep saying "innocent Retirees" as if the laws of common sense don't apply to them.

I mean you can't say they didn't grow up hearing cliches like "Don't put all your eggs in one basket"

I few people have pointed out that the "Investors" (if you can call them that), should not have been expected to diversify because they lacked sophistication when it comes to investing, But if you lack skill you should be taking an approach that involves huge diversification, and if you don't thats your risk that you have to live with.

Please understand I am not saying that the managers did not do any thing wrong, They may have. If they did break the law they should be convicted. All I am saying is that simple diversification protects people from such things which unfortunatly are bound to happen.