Storm Financial Group

[Solly]

"Too little too late"

"Yes, Commonwealth Bank of Australia has formed its resolution scheme, though, by the sounds of things, this is merely a fancy way of forming a list of victims."

More by Kate Kachor in Investor Daily here;

http://www.investordaily.com/7485.htm

 

[Solly]

"CGI staffer allegedly sacked over Storm"

"Fallout continues...
A CGI staffer has allegedly been dismissed over his involvement with Storm Financial."

More by Kate Kachor in Investor Daily here;

http://www.investordaily.com/7472.htm

 

[Solly]

Whats the latest on Storm, Manny, SICAG moneyspiders and the rest of the motley crew?

Been away fishing.

Only been able to access Twitter from a Yankee mate's "cell".

Back in Townsville.

gg

gg, I've got a spare 850 Mhz Blackberry Bold with a 3db gain aerial that I must send you. U S WEST analogue has such sporadic coverable out this way. :

 

[Solly]

I've often wondered why Manny was most often seen/photographed in jeans and open-necked shirt, almost as if he was verbalising "look at me - I'm just an ordinary bloke, just like you". Maybe I was wrong, and he's just a slob instead? Very disrespectful to appear in court under-dressed like that - I'm surprised his high-priced legal-eagles didn't dress him better...

Blocker & Fatty weren't available for the next Lowes commercial...just speculatin'...

 

[Solly]

"Storm boss Emmanuel Cassimatis has memory problem"

"EMMANUEL Cassimatis has a reputation for being loquacious, but the head of Storm Financial had trouble recalling even basic details about the failed company at his first court appearance yesterday.

Mr Cassimatis gave long consideration to most questions he was asked in the Federal Court in Brisbane before replying, but invariably those replies were either "I can't remember", "I don't know", "Possibly", "That's likely", "Perhaps", or "That's possible".

About the only new piece of information to emerge yesterday was an admission that Storm did not have the capacity in its computer system to determine when a client was liable for a margin loan call."

More by Andrew Fraser in The Australian here;

http://www.theaustralian.news.com.au/story/0,25197,26138893-5006786,00.html

 

[Solly]

"Emmanuel Cassimatis testifies to Federal Court about briefings"

"EMMANUEL Cassimatis, co-founder of failed investment group Storm Financial, described in court yesterday how he had provided detailed briefings to the Commonwealth Bank about his firm's high-risk investment model."

More by Anthony Marx from The Courier Mail here;

http://www.news.com.au/couriermail/story/0,23739,26138538-3122,00.html

 

[Solly]

"Storm's computers lacked capacity to track margin calls, court told"

"STORM Financial's computer software did not allow the failed advisory firm to easily monitor which investors faced margin calls, a court has heard."

More by Daniel Hurst in The Age here ;

http://www.theage.com.au/business/storms-computers-lacked-capacity-to-track-margin-calls-court-told-20090928-g96s.html

 

[Solly]

"Storm founder unsure about methods"

"The co-founder of failed advisory firm Storm Financial, Emmanuel Cassimatis, has detailed how many clients were in negative equity and received margin calls last year as the global financial crisis took its toll on the company."

Read more by Michelle Singer in The Australian Financial Review of Tuesday, 29 September 2009.

 

[Quincy]

Storm chief's affidavit at odds with prospectus


THE chief of the failed Storm Financial told an inquiry it was not the company's role to monitor its clients' loan to value ratios, despite documents stating it would do so.

At an inquiry into Storm in Brisbane today, Craig Wilkins, counsel for the liquidators Ivor Worrell, revealed that Storm founder Emmanuel Cassimatis had testified in an affidavit that it was not the company's function to keep track of clients' loan to value ratios.

Yet a 2007 prospectus for a planned Storm float - which did not proceed - declared that client portfolios would be actively monitored.

By Anthony Marx - September 29, 2009 11:31am

http://www.news.com.au/couriermail/story/0,23739,26140812-3122,00.html

 

[Solly]

I have always found this website invaluable to peruse the day before a court appearance.

http://www.ehow.com/how_8979_dress-court-appearance.html

Going to court is a bit like doing examinations at school.

Its the preparation weeks before that gets one through, trying to cram the day before is useless.

So I always concentrate on my appearance particularly picking my suit and tie to give the appearance of one who takes the whole schamozzle seriously. (You usually find that anyone not wearing a Lowe's suit takes it seriously).

I usually wear one of my Giorgio Armani's.

(Note, Do not ever wear Banana Republic or Canali. I seen a guy do it once and he's still in Lotus Glen, and that was in the year of the Expo.)

Magistrates are always afraid of making mistakes and often deal with the unwashed, but Districk or Federal needs a certain sense of gravity.







Follow this formula and you have at least a fifty fifty chance of getting through with the minimum sentence, if they can prove on the evidence or plant it on you.

And you will get off if its a matter of your word against theirs.

gg

gg, no tie again on EC this morning. I don't think he's heeding your advice.

 

[Solly]

"Storm was given six minutes notice by Commonwealth on fund closure, court told"

"STORM Financial was given just six minutes notice by Commonwealth Bank that the bank was closing down its fund, joint managing director Julie Cassimatis has told a Brisbane court.'

More by Andrew Fraser in The Australian here;

http://www.theaustralian.news.com.au/business/story/0,28124,26141431-20501,00.html

 

[Solly]

'We were blind': Storm boss

"Failed advisory firm Storm Financial was "blind" to the true state of its clients' investments late last year because a major bank was providing faulty data, the company's co-founder has claimed.

The court hearing was adjourned early this afternoon after Worrells' lawyer Craig Wilkins lost his voice."

More by Daniel Hurst in Business Day on brisbanetimes.com.au here;


http://www.brisbanetimes.com.au/business/we-were-blind-storm-boss-20090929-gasi.html

 

[Solly]

"Storm boss blames banks for margin calls"

"Storm Financial's founder has denied the failed advisory firm justified its large upfront fees by promising clients ongoing monitoring of their investments."

More by Daniel Hurst in Business Day on brisbanetimes.com.au here;

http://www.brisbanetimes.com.au/business/storm-boss-blames-banks-for-margin-calls-20090929-ga4h.html

 

[Solly]

"Storm Financial co-founder Emmanuel Cassimatis faces tough questions"

"A LAWYER heading the public examination of failed Storm Financial turned the screws on co-founder Emmanuel Cassimatis yesterday by exposing inconsistencies over the advisory firm's obligation to monitor client portfolios."

More here by Anthony Marx In The Courier Mail

http://www.news.com.au/couriermail/story/0,23739,26144459-3122,00.html

 

[Solly]

"Storm couple wined, dined CBA staff"

"COMMONWEALTH Bank staff who had to form a business relationship with Storm Financial were wined and dined at the lavish Townsville home of company founders Emmanuel and Julie Cassimatis.

Julie Cassimatis yesterday told a Federal Court hearing in Brisbane that the bank had close knowledge of Storm's controversial financial model."

More by Andrew Fraser in The Australian here;

http://www.theaustralian.news.com.au/story/0,25197,26144511-5006786,00.html

 

[Solly]

"Cassimatises wined and dined bank staff"

(Mrs Cassimatis) "said that whenever there had been a change in bank management they had briefed the new person on their financial model, and sometimes this was done through formal meetings, but more often it was done socially."

More in the Townsville Bulletion here;

http://www.townsvillebulletin.com.au/article/2009/09/30/83021_news.html

 

[Solly]

"Storm over six-minute loan call"

"The co-founder and former managing director of failed advisory firm Storm Financial, Julie Cassimatis, has blamed the Commonwealth Bank of Australia for providing incorrect market data in October and November last year, which had meant Storm was flying blind and could not warn its clients about pending margin calls."

Read more by Michelle Singer in The Australian Financial Review of Wednesday, 30 September 2009.

 

[shibby]

Well how interesting the gutless ba***rds!!! I don’t remember, is that a legitimate defence? Does that mean we will neve know the truth? What a pair they are.
It is well known that like minded people find each other well here is a perfect example, they are both tarred with the same brush, no ethics.
I hope questions are going to be asked also about Macquarie Bank how and why they did not react as well, did they have a dodgy system too.
I also hope the question will be put to them - isn’t it the truth that you thought more about those trailing commissions than the welfare of your clients?
Another question that should be asked - what about the people who were monitoring their portfolios and were not allowed to be sold up?
And the piece de resistance, the photo of the two, arm in arm outside the courthouse, is that a smile or a smirk, it appears that both of them are very pleased with themselves.
For heavens sake – whoever has the power out there, don’t let these dreadful people get away with it.

 

[Smiley]

The Cassimati knew that all the clients had lost everything by Oct. All they needed to do was look at the market level - the all ords as listed in the media or in myriad sites online. With clients signing those the letters to sell up to 100% of the portfolio the first week of Oct, & being promised action would happen within 24 hours, and nothing being done for weeks, they are very culpable. Perhaps EC was too busy buying properties and getting still loyal clients to borrow huge amounts of $ - duh let's blame the banks, the software . . . EC and JC knew all was lost months before CWB gave them "6 mins notice" . . . and their attitude was "ah well". . . . still is . . .

 

[TOBAB]

Surely they don't believe anyone (at all!) is buying this rubbish. The mkt completely tanked and blind freddy knew those with high LVR margin loans were in strife.