Storm Financial Group

[Solly]

"Storm Financial investors forced back to work""

"AN action group for former Storm Financial investors estimates half of its members will have to sell their homes to clear debts and a quarter will be forced to rely on Centrelink benefits."

See more by Emma Chalmers in The Courier-Mail here;

http://www.news.com.au/business/story/0,27753,25895238-462,00.html

 

[Ironhalo]

'Hey guys I'm a former Storm employee who after pocketing a few years of bonuses, have now seen the light and am standing up for my clients rights and justice and stuff!

In an effort to ease my middle class guilt about my dispicable efforts to rip off my clients, I am now campaigning hard to show my former clients that I am in no way responsible for their distress....I lost my multi-million dollar properties in Redcliffe, I am destitute! I can't even gaffaw at the end of year party at the Bullivant's Redcliffe mansion anymore!?!

Bring the banks down, bring them all down! They were solely responsible for our misfortune, how dare the ASX reduce in value so much! CBA are to blame for hundreds of my clients signing loan documents! It wasn't our gross incompetence and greed, honest I swear!'

Screw you ex-Storm employees.

 

[stormedup]

Ironhalo

How succinct, hit the nail right on the head

 

[Solly]

"ASIC calls for a debate on its role"

"WHERE was ASIC? It has been a recurring cry following a series of spectacular failures that have followed last year's market crisis: financial planners Storm Financial..."

More by Ruth Williams in The Age;

http://business.theage.com.au/business/storm-damage-a-haunting-presence-20090807-ed1h.html

 

[Solly]

"Storm damage a haunting presence"

"A STORM Financial sign is still lighting up the sky on a building in Sydney, and it's visible from the house of the departing chief executive of the Investment and Financial Services Association, Richard Gilbert."

Read more by Ruth Williams in The Age;

http://business.theage.com.au/business/storm-damage-a-haunting-presence-20090807-ed1h.html

 

[Solly]

"Storm clients outraged over doctored files"

"Files contained blacked-out sections.
Storm clients reveal details of mix ups over loan files and doctored client files."

Read more by Kate Kachor in Investor Daily here;

http://www.investordaily.com.au/cps/rde/xchg/id/style/7118.htm

 

[Solly]

"CBA ramps up internal reviews"

"To go beyond regulatory requirements.
CBA has used its submission to the parliamentary inquiry to voice the lessons learned from the Storm collapse."

More by Kate Kachor in Investor Daily here;

http://www.investordaily.com.au/7111.htm

 

[Solly]

"More tickety boo boo than tickety boo"

"Even with modern communication, sometimes the message doesn't get through. The Commonwealth Bank's helpful media unit obviously wasn't getting the memos early this year about Storm Financial."

Read more in AFR Prince in The Australian Financial Review Saturday, 08 August 2009.

 

[Solly]

"Planners eye revamp"

"The licensing regime for financial planners might need to be overhauled, said Bernie Ripoll, the Labor MP overseeing the parliamentary inquiry into financial products and services."

Read more on Page 7 of The Australian Financial Review by Sally Patten.

 

[Solly]

Another three submissions of interest to

Inquiry into Financial Products and Services in Australia;

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub253.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub264.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub267.pdf

 

[Solly]

"CBA Storm deal 'confusing'"

"The Storm Investors Consumer Action Group (SICAG) says many former Storm Financial clients are still confused about the proposed settlement deal from the Commonwealth Bank."

More from Niki Lyons on the ABC;

http://www.abc.net.au/news/stories/2009/08/07/2648792.htm

 

[chrisgee]

ive just read the sub no 253-this is just so dam sad- i jsut couldnt help but get a lump in my throat when i read what happend to this lady-how could this be allowed to happen to a 66 year old widowed pensioner- not in my country-we dont live in some back woods in a land of scammers- this is australia- what the hell has gone wrong???? as you can tell im fired up a bit today- i think its because we just dont really know what is going to happen- come on banks shows some compassion for those of stumbled into this mess-we all have friends and family that will be your customers now and in the future- i know one bloke who wont go near one bank beacuse of whats happened to his mates in this debacle-we wont ever go near a financial advioser again- no never ever - we will work it all out ourselves- it looks like it cant be too hard considering some of the numbskulls in the game- i wonder what is going to happened to mr c's mob- we are all waiting for the answers- still not a word -not a peep- i suppose there is going to be a lot of ducking and weaving by everbody in this mess-thats ok i willing to wait to see- just as long as they get to bottom of what farked up!

 

[Anastasia]

ive just read the sub no 253-this is just so dam sad- i jsut couldnt help but get a lump in my throat when i read what happend to this lady-how could this be allowed to happen to a 66 year old widowed pensioner- not in my country-we dont live in some back woods in a land of scammers- this is australia- what the hell has gone wrong????...

Chrisgee, I too read this submission and totally agree with you...it is indeed a sad day when something like this is allowed to happen. But I also believe that ever person one day has to meet their "Maker" (even if justice is served in this lifetime), and this certainly includes the greedy who prey on the innocent. So bring on ASIC, the Senate inquiry, civil action, criminal action.... and then when all is done, one day the "Maker".....hell has not gone wrong.... it is just in waiting.

 

[bunyip]

'Hey guys I'm a former Storm employee who after pocketing a few years of bonuses, have now seen the light and am standing up for my clients rights and justice and stuff!

In an effort to ease my middle class guilt about my dispicable efforts to rip off my clients, I am now campaigning hard to show my former clients that I am in no way responsible for their distress....I lost my multi-million dollar properties in Redcliffe, I am destitute! I can't even gaffaw at the end of year party at the Bullivant's Redcliffe mansion anymore!?!

Bring the banks down, bring them all down! They were solely responsible for our misfortune, how dare the ASX reduce in value so much! CBA are to blame for hundreds of my clients signing loan documents! It wasn't our gross incompetence and greed, honest I swear!'

Screw you ex-Storm employees.

Indeed......screw the ex-Storm employees, particularly those who are now portraying themselves as independent seekers of justice for ex-Storm clients.
No wonder the composition of the SICAG committee has raised more than a few eyebrows and prompted 'conflict of interest' comments from thinking people.

 

[Julia]

Have also read Sub. 253 but honestly don't find it any more sad than any of the others. They are all miserable stories.

In this instance, the lady concerned was aware that more borrowings were being layered on top of one another, despite her minimal income.

Didn't she say to herself: "this just can't be the sensible thing to do: my income can't service these loans"?

I'm in no way excusing the woeful behaviour of the so called adviser.

 

[-Bevo-]

Indeed......screw the ex-Storm employees, particularly those who are now portraying themselves as independent seekers of justice for ex-Storm clients.
No wonder the composition of the SICAG committee has raised more than a few eyebrows and prompted 'conflict of interest' comments from thinking people.

Not sure if you guys have seen this article its from afew months ago, its about a former credit manager to Storm Financial and a right-hand man to salesman Mannie.

http://www.townsvillebulletin.com.au/article/2009/03/21/45981_hpnews.html

Its a complete joke ex-storm adviser now apparently has the needs of the Storm Financial clients at heart.

 

[Pindibog]

Have also read Sub. 253 but honestly don't find it any more sad than any of the others. They are all miserable stories.

In this instance, the lady concerned was aware that more borrowings were being layered on top of one another, despite her minimal income.

Didn't she say to herself: "this just can't be the sensible thing to do: my income can't service these loans"?

I'm in no way excusing the woeful behaviour of the so called adviser.

She was probably fed the portfolio is making enough money to cover these expenses!

 

[jmac2005]

This is the same chap we saw in the car park at Vincent Village a few weeks back, carrying bulk toilet paper (wondered if that was to mop up the b/s that he spun us), took all of my intestinal fortitude not to give him a "Gibbs smack" to the back of the head", but maybe he did a good thing and had our marin loan with BT Financial, who knows, signed the deal, Commonwealth bank still stuffing up, interesting how they said they didn't give financial advice - I know this is hearsay from a solicitor's office, but apparently some storm clients were going to the bank and showing what they were offered and the bank warmed them off storm - did they just give this advice to selected clients or should they have given that across the board... just a thought.
jmac

 

[Judd]

This is the same chap we saw in the car park at Vincent Village a few weeks back, carrying bulk toilet paper (wondered if that was to mop up the b/s that he spun us), took all of my intestinal fortitude not to give him a "Gibbs smack" to the back of the head", but maybe he did a good thing and had our marin loan with BT Financial, who knows, signed the deal, Commonwealth bank still stuffing up, interesting how they said they didn't give financial advice - I know this is hearsay from a solicitor's office, but apparently some storm clients were going to the bank and showing what they were offered and the bank warmed them off storm - did they just give this advice to selected clients or should they have given that across the board... just a thought.
jmac

That is NOT financial advice. I am now going to warn you about the dodgy used car dealer just down the road. He is a bit dodgy, mate, so be careful. That is not telling you not to go to that car dealer or what car to buy. All your choice. But having said that, the bank staff, while probably trying to be helpful, should have just shut up and said "No comment." Big trouble with we humans: we're always way too eager to give our view to someone else.

Just like this post.

 

[Solly]

"Too many cooks"

"In what could well be classed as the most thorough investigation of the past 12 months, yet another industry player has turned detective in an attempt to solve the mystery of Storm Financial."

More by Kate Kachor in Investor Daily here;

http://www.investordaily.com.au/cps/rde/xchg/id/style/7129.htm