Storm Financial Group

[Ironhalo]

Another sign of Manny's arrogance. That he would try and offer $1 million (despite saying, 'I am financially devastated!') under the table to make it all go away.

Good try. And the advisers complicit in all this are about to realise they aren't in the clear yet either.

 

[Monario]

Another sign of Manny's arrogance. That he would try and offer $1 million (despite saying, 'I am financially devastated!') under the table to make it all go away.

Good try. And the advisers complicit in all this are about to realise they aren't in the clear yet either.

Thanks for the updates Ironhalo!!!! Was there any mention of what might be coming in regards to Macquarie BOQ etc....

 

[Ironhalo]

I asked them about that and they said 'not at this stage'. BoQ will be under the pump very soon, but they are holding out.

The biggest catalyst for all of this I think is that Storm Townsville was filled with ex-CBA staff who exploited the systems knowledge/relationships that they had with existing CBA/Colonial staff.

I am stoked, my Colonial index shares were sold from under me (I wasn't even remotely near margin call) one month after they granted us the loan (and also despite having extra cash in the accelerator account to react to any market drops), costing me to the tune of 11k so I am hoping to get some of this back.

Can't wait to see what happens to Manny.

 

[Monario]

I asked them about that and they said 'not at this stage'. BoQ will be under the pump very soon, but they are holding out.

The biggest catalyst for all of this I think is that Storm Townsville was filled with ex-CBA staff who exploited the systems knowledge/relationships that they had with existing CBA/Colonial staff.

I am stoked, my Colonial index shares were sold from under me (I wasn't even remotely near margin call) one month after they granted us the loan (and also despite having extra cash in the accelerator account to react to any market drops), costing me to the tune of 11k so I am hoping to get some of this back.

Can't wait to see what happens to Manny.

Great to hear, I am happy for you, lets hope the other banks come out of the woodwork now.

Yes, Sc#$w Manny, I hope he gets all and more than he deserves, I spoke with him personally a few times close to the end, and the assurance he gave me, well I dont need to go there again..... E&J Cassimatis can rott in hell for the things they have done, I bet Manny's first wife Eleni is laughing riht now!!!

 

[-Bevo-]

4. Slater and Gordon indicated that 'Manny' will be found fully culpable for fraudulent business practices, and will be pursuing him in court. At this stage they are looking to 'take Manny to the cleaners.' Apparently Manny offered S&G $1 million to make the legal pursuit problems 'go away'. He was told in no uncertain terms to get stuffed. The insurers are being pressured as well legally.

This was in yesterdays Townsville Bulletin,

http://www.townsvillebulletin.com.au/article/2009/08/13/70935_hpnews.html

Financial Planning Association is pursuing charges of professional misconduct against three of Storm's former advisers.
Anyone happen to know who the three adviser's are?

 

[Judd]

This was in yesterdays Townsville Bulletin,

http://www.townsvillebulletin.com.au/article/2009/08/13/70935_hpnews.html

Financial Planning Association is pursuing charges of professional misconduct against three of Storm's former advisers.
Anyone happen to know who the three adviser's are?
My guess is Manny might possibly be one which means he's going to cop it from all directions.

Bit of a joke in someways. Had dinner with my former accountant last night. (Yeah, she is a good sort but I'm married. End of that story.) She also has qualifications as a financial planner. Obviously, the Storm situation was raised as it is a pretty hot topic in the financial planning industry at the moment. She indicated to me that the Storm model was well known, and generally derided, to a number of FP groups and was also known to the FPA.

She gave a wry laugh when she said watch the FPA try to distance itself from this fiasco.

And just as an aside, while some, especially those affected by the events, consider it the issue of the millennium, probably the vast majority of the general population are unaware of it and if they are couldn't give a toss.

 

[Farencue]

Colour me surprised too Ironhalo.
How extrememly interesting that SICAG is giving some of its members the boot!
Wonder what Big Max is up to?

 

[DocK]

In the absence of Solly, the submission from CHOICE makes a lot of sense to me

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub361.pdf

 

[Ironhalo]

And just as an aside, while some, especially those affected by the events, consider it the issue of the millennium, probably the vast majority of the general population are unaware of it and if they are couldn't give a toss.

For some of the retirees who have lost their houses and super (and trust me, they are to blame as well as Storm and the banks), it is their biggest issue.

It's like the outbreak of AIDS in Africa, it's possibly one of the biggest epidemics in the world at the current moment, but noting I don't have AIDS, I don't give two hoots, and neither do you.

Harsh human nature I am afraid.

 

[bunyip]

Another sign of Manny's arrogance. That he would try and offer $1 million (despite saying, 'I am financially devastated!') under the table to make it all go away.

Good try. And the advisers complicit in all this are about to realise they aren't in the clear yet either.

If he has in fact offered $1 million to make it all go away, it would be desperation more than arrogance. He's arrogant as well, but at present he must be desperate man who's staring at the prospect of criminal action and a possible jail term.
I'm surprised he hasn't cracked under the pressure, had a heart attack or ended up in hospital with a stress-related illness.

How destructive is the combination of greed, arrogance and ego! Cassamatis had it all - now he's blown it because 'all' wasn't enough for him.

 

[Smiley]

See comments by Allan McDonald - ex-head of IT at Ozdaq and then Storm - a few insights in his statement about what it was like to be an employee there and how things were handled - parliamentary submission #376

 

[chrisgee]

this whole thing is getting crazier-after last night im not too confident that the little guy is every going to get everything back-everybodies trying to help but i really dont know who you can trust anymore- so cba has been a naughty boy- mr s says storm gave crumby advice- cba says its helping - but what about the others- my head is spinning with all of this- if you are pushing shait up hill with all of this dont let the buggers wear you down- its a freaking big job sorting this all out- sometimes you just feell like youve been suckered by them all-gee i hope if any fraud has been done they end up on the chain gang-yes mr gg i read yourpost about the prision it sounds like a bad place

 

[Judd]

this whole thing is getting crazier-after last night im not too confident that the little guy is every going to get everything back-everybodies trying to help but i really dont know who you can trust anymore- so cba has been a naughty boy- mr s says storm gave crumby advice- cba says its helping - but what about the others- my head is spinning with all of this- if you are pushing shait up hill with all of this dont let the buggers wear you down- its a freaking big job sorting this all out- sometimes you just feell like youve been suckered by them all-gee i hope if any fraud has been done they end up on the chain gang-yes mr gg i read yourpost about the prision it sounds like a bad place

Just keep on trusting your gut instinct, chrisgee, and keep on asking question after question until you nail it to your satisfaction.

I've been reading those submissions and, truthfully, it is hard going but not as hard for the individuals involved. While I have a view that people should watch over their own money, even if employing a financial adviser, it astounds me that these people were just treated as financial cannon fodder by the very people they trusted and dealt with on a frequent basis. I haven't the scope of words to express my distain for such individuals. Simply appalling.

 

[Ironhalo]

Chris, hang in there mate.

The thing is, you're not and never were going to get everything back. Some responsibility must rest on the shoulders of people who signed loan docs and knowingly saw the large six-figure sums they were asking for fromt eh banks to punt on the share market.

Make sure your stuff is into Slater & Gordon and you should be ok.

 

[Big Max]

My rellies in QLD have returned from the Slater and Gordon meeting held tonight in Redcliffe about half an hour ago. Some very interesting points have come out, with CBA senior staff in attendance that are heading up the Resolution Scheme:

1. CBA have acknowledged fault and mentioned that 'they will fix and compensate the actions they took', and will pay up to $8000 in legal fees per client to Slater & Gordan. CBA apologised to everyone present for their actions, and many people there appreciated the two young CBA guy's honesty and said they were genuinely shameful of the bank's actions.

2. Macquarie or any other banks are excluded for the time being. Anyone with a CBA/CGA loan will be eligible for financial compensation.

3. Storm advisers will be dealt with on a case by case basis and will be investigated and charged with fraud where applicable. S&G are being paid by the bank to pursue this, so guess who the banks will be chasing? Storm advisers are about to get their come-uppance.

4. Slater and Gordon indicated that 'Manny' will be found fully culpable for fraudulent business practices, and will be pursuing him in court. At this stage they are looking to 'take Manny to the cleaners.' Apparently Manny offered S&G $1 million to make the legal pursuit problems 'go away'. He was told in no uncertain terms to get stuffed. The insurers are being pressured as well legally.

5. SICAG have (and colour me surprised) dismissed EVERY ex-Storm affiliated member and associate ex-Storm employee as of this week noting the legal developments. There are un-substantiated claims that O'Brien may have left or been asked to leave SICAG noting the above.

6. ASIC's summary to Parliament to come at the end of Aug.

Stay tuned...very interesting times ahead.

I watch posts on this site with one eyebrow raised. Ironhalo is smoking something illegal or his rellies are. Wrong, mate. There have been NO sackings, movements, cleanouts etc at SICAG. It's business as usual. For the information of GG, Ironhalo and others whose ignorance of SICAG's REAL work astounds me, the organisation was praised at last night's meeting by Damian Scattini of Slater & Gordon for its exemplary work for its members. Damian's comments (shock, horror GG and Ironhalo) were met with spontaneous applause that quickly developed into a standing ovation that lasted at least a minute - long enough for me to pull out the camera and take a pic. Wanna see it? I'll bring it to Brisvegas next month GG and I'll show it to you over a beer while we discuss Manny's appearance in the Federal Court. As for you, Ironhalo, would a retraction be asking too much?

 

[Garpal Gumnut]

this whole thing is getting crazier-after last night im not too confident that the little guy is every going to get everything back-everybodies trying to help but i really dont know who you can trust anymore- so cba has been a naughty boy- mr s says storm gave crumby advice- cba says its helping - but what about the others- my head is spinning with all of this- if you are pushing shait up hill with all of this dont let the buggers wear you down- its a freaking big job sorting this all out- sometimes you just feell like youve been suckered by them all-gee i hope if any fraud has been done they end up on the chain gang-yes mr gg i read yourpost about the prision it sounds like a bad place

Yes Chris,

Prison is a very, very nasty place. awful, violent and dangerous.

All lower ranking Storm advisers would be well advised to come clean with all they know at the Inquiry.

Rich people have good lawyers, who can wriggle out of punishment for crimes.

The only way for Storm advisers to get on with their lives, is to tell all, and in all likelihood, should they do, they will escape gaol.

gg

 

[GumbyLearner]

Yes Chris,

Prison is a very, very nasty place. awful, violent and dangerous.

All lower ranking Storm advisers would be well advised to come clean with all they know at the Inquiry.

Rich people have good lawyers, who can wriggle out of punishment for crimes.

The only way for Storm advisers to get on with their lives, is to tell all, and in all likelihood, should they do, they will escape gaol.

gg

A royal commission may help.

 

[Garpal Gumnut]

I watch posts on this site with one eyebrow raised. Ironhalo is smoking something illegal or his rellies are. Wrong, mate. There have been NO sackings, movements, cleanouts etc at SICAG. It's business as usual. For the information of GG, Ironhalo and others whose ignorance of SICAG's REAL work astounds me, the organisation was praised at last night's meeting by Damian Scattini of Slater & Gordon for its exemplary work for its members. Damian's comments (shock, horror GG and Ironhalo) were met with spontaneous applause that quickly developed into a standing ovation that lasted at least a minute - long enough for me to pull out the camera and take a pic. Wanna see it? I'll bring it to Brisvegas next month GG and I'll show it to you over a beer while we discuss Manny's appearance in the Federal Court. As for you, Ironhalo, would a retraction be asking too much?

Mate, this is exactly the sort of emotion that got you guys in to this mess in the first place.

You are followers of anyone, who promises a solution.

You do not examine evidence objectively.

Perhaps all at last night's meeting now might go on a feelgood holiday to South Africa or Mauritius to solidify the feeling. Ask Manny along.!!

SICAG with ex Storm Insiders on board is not an objective instrument.

gg

 

[Ironhalo]

Big Max, leave your emotion at the door.

I am only going off what my mother and sister told me while they were driving home. Again, and for the record, I totally agree with what SICAG is doing. I again, applaud SICAG for what you have done for the families affected. Good on SICAG for working with Slater and Gordon, it is appreciated by all involved.

What isn't appreciated are the Ron Jelich and friends who stood by and did nothing but count their bonuses, and accepted world trips as they geared their middle-aged and retiring clients to the wall. I KNOW there are prominent people in Redcliffe who were hospitalised and lost everything in this debacle. Guys like Ron Weir seem down the line. Unfortunately for you Big Max, you admit you worked for Storm in some fashion (it has been mentioned you were an ex-adviser?) so understandably you might be a little riled up to learn that perhaps you and you ex-colleagues may be found responsible in part for all this to some degree. I don't know your involvement with Storm/Ron Jelich (as there is conflicting info) so I won't jump to a conclusion.

I was told (as I indicated, I wasn't there) that from the words of a SICAG person there, that some members (re: not committee members per se) in SICAG who were of Storm affiliation were told to step down and keep away. And last time I checked, SICAG wasn't 'employing' people so the word 'sacked' seems a little over the top.

I won't retract anything. SICAG doing it's best for people (as it is doing) is to be applauded. Mate, I'll sit there and giggle like a schoolgirl when Manny is led into the docks, or his home at Belmont is sold from under him. Same for the advisers involved.

But if you think myself or other people affected are willing to let ex-Storm employees who for a long time benefited from their own negligence/stupidity/deceit, suddenly jump on the 'fighting for justice for the Storm clients bus', then you are terribly mistaken. SICAG doesn't offend me, I find them to be of noble intent and again (I don't know how many times I have to say it) I appluad what they have achieved. However, the grubs who have decided to cling onto the SICAG train who were responsible for the mess in the first place offend me to my core, and I can't wait to see these people get the born-again 'justice' they are so desperately suddenly seeking.

After 12+ years as a military officer, I have found it's in my best interests to remain unbiased, and to form analytical decisions based on the evidence at hand. The world isn't all roses as I have found, and people on this Earth are not all full of good intentions.

 

[darkside]

Ironhalo, i am with you , friends of mine who were "shafted" by the whole storm debarcle were assured last night that all the ex storm advisers were no longer in the drivers seat of "money spider central" or were even allowed to be part of the operation as it would be a conflict of interest, (no **** Sherlock) .

They actually asked the question as i had told them about the advisers holding roles in the operation and they were quite disturbed about that, it's now apparent that they were at the other meeting.

How about a retraction, or at least fess up ......BigMax