Sonray collapse

[Yazza56]

Hello first timer here.

Question does anybody know if Sonray was or is covered by SIPC????, if not
Why was it given what ever licence it did have without being covered by
SIPC????. Also would Saxo bank have SIPC cover???

All Sonray Global Investors Should Take Actions Now

Sonray Action Group has been formed for Sonray Global investors to take actions to get their money back (http://groups.google.com/group/sonrayinvestors).



I talked to quite a few Sonray clients. Some of them have money in both Sonray Trader and Sonray Global. Among them, some have more money in Sonray Trader than they do in Sonray Global, and believe they should not be part of Sonray Action Group, as they might get less money back overall if they get money back first from Sonray Global. This kind of the thinking could well be wrong. The scenario can only be true if there is money left in Sonray Trader after Saxo Bank’s claim and other expenses.

Saxo Bank has claimed to be a secured creditor for a substantial amount of money. If its claim is successful, the money left in Sonray Trader may not be enough to meet the claim, and Saxo Bank may want to have its hand on the money of Sonray Global. In this circumstance, all Sonray Global investors would be better off to claim their assets in Sonray Global first.

The whole process of getting our money back will be lengthy and costly. It is imperative for us to get as much money out and as early as possible.

I believe Sonray Global investors have strong legal ground to claim the money back in full.

It is for the best interest of all Sonray Global investors to take actions now, no matter how small is the portion of your Sonray Global account in your overall investment.

Join Sonray Action Group: http://groups.google.com/group/sonrayinvestors

The strategies of our actions:

We now kwon that our account value shown on Sonray Trader are incorrect. Sonray Trader uses the platform of Saxo Bank. Serious questions should be asked about the role Saxo Bank played in the collapse of Sonray.

But it is not wise for us to pursue the case against Saxo Bank before the realization of the value of the trading platform.

We should now:
Try to get as much money out as possible and as early as possible;
Get the public and media attentions;
Seek government and ASIC actions to recover the assets of Sonray;
Write to candidates of major parties to get political support; and
Ask for the possible extension of government guarantee of deposits in financial institutions to Sonray clients.

After the sale of the trading platform:
We should take class actions against Saxo Bank for the full amount of our Sonray Trader accounts and damages caused. And
Seek government and ASIC actions against Saxo Bank.

We should also take actions at anytime against any claim by Saxo Bank to the assets of Sonray or Sonray client account.

 

[Ruby]

Hello first timer here.

Question does anybody know if Sonray was or is covered by SIPC????, if not
Why was it given what ever licence it did have without being covered by
SIPC????. Also would Saxo bank have SIPC cover???

Isn't SIPC an American organisation? Sonray is an Australian firm and has (or had) and AFS licence. I am afraid that having a licence does not stop people from dipping their fingers in the till - which is, it seems, what happened at Sonray. SOMEBODY used client money to trade - and lost it!

 

[Ruby]

All clients (or former clients) of Sonray Capital Markets need to be aware that they have until Tuesday 31st August to register with Slater & Gordon for "no win, no fee" class action.

The investigation will focus not only on Sonray and its directors, but also on others who recommended their products and services.

 

[Ruby]

Co-founder of Sonray Capital Markets, Scott Murray, has admitted in the Supreme court of Victoria that he and partner Russell Johnson helped themselves to hundreds of thousands of dollars of clients' money for their own personal use, persuading themselves that they were somehow 'entitled' to it. Interesting article!

http://www.theage.com.au/business/sonray-used-clients-money-20100923-15ouq.html

 

[skc]

Co-founder of Sonray Capital Markets, Scott Murray, has admitted in the Supreme court of Victoria that he and partner Russell Johnson helped themselves to hundreds of thousands of dollars of clients' money for their own personal use, persuading themselves that they were somehow 'entitled' to it. Interesting article!

http://www.theage.com.au/business/sonray-used-clients-money-20100923-15ouq.html

Absolutely disgraceful. A bunch of thieves.

At least now these are pretty clear criminal acts and they should receive their rightful punishments.

 

[SilverRanger]

Another interesting read on where the money has gone to:
http://www.smh.com.au/business/sonray-funds-went-on-school-fees-20100929-15xfl.html

 

[Ruby]

It would appear that the problems have little to do with CFDs being dangerous instruments to trade (as was first suggested), and everything to do with pure and simple theft - two owners of a company entrusted with their clients' money just blatantly helping themselves as and when they felt like it. What low-life they are! As a result of their outrageous greed and complete disregard for the property of others, people have lost substantial amounts of money. In some cases it could represent a large part of their life-savings, or even their superannuation.

Though it may not help those whose accounts were emptied out, I hope Murray and Johnson do long stints in jail. Words can't express the scorn and derision I feel for such people.

 

[artist55]

I don't care whether or not they go to jail, although of course they deserve the maximum sentences that can be given. I just want my money back, and these two bastards should have everything taken from them - their houses, their money, their artwork, their valuables, everything should be given back. The father-in-law should also be made to pay back what he owes.

Of course, we can guess what will happen. They've gone and spent a lot of our money, haven't they? Are the schools going to pay back their school fees donated by us? Their bills have been taken care of and of course the crooks will say they have nothing left. Everything will be in their wives' and kids' names so of course they won't have to pay back much, and even if they did, Ferrier Hodgson and Slater and Gordon, and whoever else will become pigs at the trough leaving us a few scraps if we're lucky.

It's very unfair and infuriating, but what can we do?

 

[Tukker]

Dear Creditor/Investor,

The Administrators of Sonray intend to send a report to creditors/investors on Tuesday 19 October 2010 providing an update on the progress of the administration and calling the second meeting of creditors for 27 October 2010 pursuant to Section 439A of the Corporations Act 2001. The report is voluminous and will be a large expense to the administration if it is required to be printed and posted.

Pursuant to Regulation 5.6.11A of the Corporations Regulations the Administrators are permitted to distribute the report to creditors/investors electronically where the creditor/investor has elected to receive correspondence and notices via email.

Accordingly, should you wish to receive the report and all future correspondence regarding Sonray via email, please respond to this email with your Sonray account name and preferred email address as soon as possible, and by no later than 10:00am Monday 18 October 2010.

Creditors/Investors who do not respond to this email will receive a copy of the report via ordinary mail.

Should you have any queries, please contact Mr Ben Kite on (03) 9604 5166.



Regards

SONRAY GROUP

ADMINISTRATORS APPOINTED

I got this on email today. No Ferrier Hodgson letterhead and no reference to them either. The E-mail address looks legit but I have seen scams like that before (HSBC).

I have sent an email to Hodges for confirmation, awaiting reply. Interesting that it was sent on a Friday evening with a deadline Monday morning.

Tukker

 

[tinydrip]

Just an outsider looking in.

[FONT=&quot]I find it quite surprising how ASIC can allow the website for this 'robbers den' remain up when the company is in administration, or at least have something in the home/splash page advising of administration status. Are they really looking out for us?[/FONT]

 

[Ruby]

ASIC seems to be a bit of a paper tiger. Fraudulent financial services companies continue to flourish unfettered by ethics, morality or (it appears) laws! Forums like this play an important part in exposing these unscrupulous practices.

 

[Tukker]

1: Kisses money had with Sonray goodbye
2: Condemns Hometrader for promoting these criminals from the start
3: Becomes a criminal - they live the good life

 

[RT14]

Surely they will be back....?