Storm Financial Group

[maccka]

Re: Storm Financial Group Class Action

This type of financial advisory failure appears on a regular basis and is usually successful at attracting people immersed in their career, family and life. Usually they neither have the time, expertise nor in many cases the will to follow the disciplines of investment. They rely in sanguine naivety on the presentation of the cohort of advisory types in the community for guidance and then as a backup believe that the government with their sophisticated financial regulatory infrastructure will come to their aid when the bubble bursts.
Sadly that is not true; what does occur is immense pressure on the individual’s career and family to the extent that break-up, job loss, chronic depression and even suicide results. The initial reaction is disbelief and turmoil. What to do? It is a sad picture but may I say that in this situation you are not alone.
Having been through such a firestorm may I offer you the following simple response that worked for our group some years ago resulting in cash investments recovered and directors jailed.

You are not a lone individual in this situation, you are part of a large group and your aim should be to take advantage of that fact and build the group into a cohesive force against those that caused your situation and took fees/profits for so doing. Also Australia has a great legal system.

A class action is required; that is the most effective tool for a group of individuals wiped out financially by investment failure. Legal action can be undertaken utilising a litigation funding company or alternatively in some cases larger corporate legal firms will act on the basis of nil up front and a 30% trailing fee if they think you have a case.
The group needs to assess the situation and organise a lead administrative volunteer team and agenda; this should be done at a series of coordinated meetings facilitated by a strong chairperson. You will need to create a structure of sub group organisers to make sure information and responses are free flowing to all group members in their specific areas and towns. The first obvious major task is to access a list of all those investors involved.
The down side is that this takes time (seven years for our group-although it was complex) and personal effort; the initial major hassle is cohesion of the group both practically and legally. Expect no help from the government or industry agencies whilst they make the laws and regulations they are not very effective at policing them for the individual.
With modern communications and your assets/house at stake you will be surprised how easy it becomes after the initial shouting dies down.
Good Luck.
This post is my opinion only; it remains your call as to your actions. :swear:

Another interesting post from late 2008/early 2009. I wonder if this was the group formed after the foreign loans scandals of the 80's when banks were involved in another attempt to ride roughshod over individual investors and then try to cover up their dirty laundry(letters).

It only takes a few letters to get loose before someone can follow the stench back to the source.

Glad this time around we have a strong group of people prepared to stand up, tell their stories and constantly niggle/nag at the people responsible (when they have the evidence to do so - evidence can be found in all sorts of places and is constantly coming forward). There has been a much faster response this time and because the new action group has been able to stand on the shoulders of other brave and resilient groups we have learnt their lessons and used them to get faster results.

Cheers
Maccka

 

[maccka]

Julia,

No I'm not affected by this but I have been affected by something much bigger than this, and I'm still here.

There are only two options...
You either give in and die or fight to survive.

The choice is yours.

I made the active choice to choose to survive.
Was it easy...no.
Did it happen overnight...no.
Was it hard...you bet it was.
What did it feel like when I beat my challenges....
Like winning 10 gold medals at the Olympics.

Somebody offered me a little advice about how to eat an elephant.
Of course it's one bite at a time.
We all have our own challenges or "elephants to eat".
Sometimes it is better to remind ourselves to "eat" them one
bite at a time.

I avoided negative people & influences.
I met people that were also facing huge challenges in their life as well.
And I met those who had survived the most unbelievable things you could imagine. To put it in perspective living on welfare would have been a luxury to them. Most of them survived, some you will see even see in the media today, some you may pass in the steet and have no knowledge of what they experienced.

You say you have no idea how people will start again in there 70's, then I suggest you ask them, or maybe offer to help them.

If you are in your 70's and believe you are finished because of the Storm experience, then you ARE finished.

There are always choices....always alternatives.....as long as you are breathing there is always another way out. But you must NEVER lose the momentum or the will to change your circumstances and seek a way to better your position.

There are no excuses....there are only choices.

Some good advice for life worth repeating from someone everyone on this thread respects.

Thanks Solly.

Cheers
Maccka

 

[maccka]

17th January 2009 Garpel Gumnut responding to Jifromoz

...

It is a classic remake of many other financial disasters.

Rescue fantasies on the part of advisers is the last thing these people need.

They need to start a class action and go for the culpable with the biggest pockets.
...

gg

Isn't that what people are doing here? The "culpable with the biggest pockets" (with money in them - not stretched empty saggy ones) who are at this point proven to be so are a certain bank in some cases. And in my opinion it is likely that they are soon to be followed by other banks.

cheers
Maccka

 

[Pindibog]

Some good advice for life worth repeating from someone everyone on this thread respects.

Thanks Solly.

Cheers
Maccka

Thanks Macca. I have been reading this site since Dec. 08 and probably read both the posts. It is good to get a refresher!!!

 

[SJG1974]

ahonner , I don't know what the Company's mission statement was but this link to an archive of the old website states to "expect the unexpected"....

http://web.archive.org/web/20080720070059/www.stormfinancial.com.au/ins_abo.php

If you are wondering what EC's personal publicly stated mission statement is, please refer to this post.

https://www.aussiestockforums.com/forums/showpost.php?p=493197&postcount=3667

I do not recall any public retraction or variation to this mission statement.

I believe that EC is a man of honour and is tirelessly burning the midnight oil seeking a positive resolution for all those negatively affected.

I believe that he would expect nothing less of himself.

Thanks for the links Solly. It is almost eerie looking through the old Storm Website and reading the spiel given what has transpired recently. Statements such as this:

"Analysis of the market by our exceptional research team provides the essential information we require every day to ensure that our service and our commitment to clients is of the highest calibre.

Our processes are transparent and we are accountable to all clients as we regularly monitor, measure and manage their portfolios."

http://web.archive.org/web/20080718233926/www.stormfinancial.com.au/ins_main.php

really highlight to me how much passing the buck is going on from those in charge at Storm who claim it is all CGI and the banks' fault. Anyone who has a television or the interent would have known what was going on with the Australian sharemarket, yet it is "fuzzy data" from CGI which is at fault along with the "black swan event" that was already 12 months old by the time Storm went t1ts up.

Advisers who were too busy worrying about where their next commission was coming from rather than worrying about the wellbeing of their clients.

I hope they rot.

 

[darkside]

I am familiar with the ramblings of Big Max, and no where did I see him state that his postings to this forum were as part of his paid duties to SICAG as has been suggested.I will of course re-read every post of his to check my facts

I note with interest that there have been postings by Financial advisors to this forum. Am I to assume that their postings are also part of their paid employment. Would someone like to tell me any of the legal implications this. Actually I'll just refer you to the ASIC Notice below, point 4. To suggest that someone who is employed by an agent is not able to participate in this forum is a little rich.Or to say that when they are contributing to this forum, they are doing it as part of their day job is also a stretch. .....And as for abusing all and sundry, he is certainly not the only participant here abusing people or attempting to defend others. All us "muppets" are guilty of that.....

And yes, any SICAG members who are concerned about the money, Im sure will or have sought clarrification. I suppose thats the point of many of my posts. If your a member of SICAG and have concerns that surely you would raise them. It is clear that much of the misinformation stated hear regarding SICAG is stated for no other purpose then malicious intent, rather then any attempt to enhance debate around the STORM issue, or as stated, to prevent this happening to others again.....

Specialed

Please re read my post , mainly the quoted part from big max,

Originally Posted by Big Max
Hey Darkside, when you're proven to be wrong, it's polite to apologise and important that you correct the record. I'll say it again . . . not only am I not a former Storm employee, I am not a former Storm client! I am a paid consultant to SICAG. Do the right thing.

 

[darkside]

The apology was sarcastic .What happened to sarcasm

 

[chrisgee]

ive been away working hard trying to keep everything together-again theres a hell of alot to get my head around-thanks everybody for all the posts esapecially those who are going through some rough times i know what its like- mr gg i know you sound angry sometimes but i really like the way you add the stark reality to whats going on-you really make me think about it all-yes people have been screwed over really big time-i really really hope that some justice is going to be done-i wish i was at the court to see it all in person but i cant if i dont work i dont eat-thanks again to everbody for all your help

 

[bunyip]

Thanks for the links Solly. It is almost eerie looking through the old Storm Website and reading the spiel given what has transpired recently. Statements such as this:

"Analysis of the market by our exceptional research team provides the essential information we require every day to ensure that our service and our commitment to clients is of the highest calibre.

Our processes are transparent and we are accountable to all clients as we regularly monitor, measure and manage their portfolios."

http://web.archive.org/web/20080718233926/www.stormfinancial.com.au/ins_main.php

really highlight to me how much passing the buck is going on from those in charge at Storm who claim it is all CGI and the banks' fault. Anyone who has a television or the interent would have known what was going on with the Australian sharemarket, yet it is "fuzzy data" from CGI which is at fault along with the "black swan event" that was already 12 months old by the time Storm went t1ts up.

Advisers who were too busy worrying about where their next commission was coming from rather than worrying about the wellbeing of their clients.

I hope they rot.

Here's another gem from the Storm website....

The Storm processes and systems are tried and true. The outstanding results achieved over 30 years demonstrate a proven formula, consistently applied, based on a rock solid foundation

Hmmm....those rock solid, tried and true Storm processes really did produce 'outstanding results' for clients in the end, didn't they!

I think I'd just about want to murder those bastards if they'd diddled me!

 

[bunyip]

And here's another cracker from the Storm website.....

Storm clients never quite know what we'll get
up to next, and the truth is, neither do we!

How accurate did that one turn out to be!

 

[Harleyquin]

What proof does Big Max have that he is a paid employee of SICAG. It's a volunteer group set up to help and support victims. We've all paid a small fee to cover essential costs however there wouldn't be enough money in the kitty to pay wages to anyone so it's my guess that somebody called BM is having you on. I don't care what he says on the ASF until I see proof of his ''wages'' I don't believe him.

I cannot understand anyone saying SICAG should 'go after' anyone it was never their role to 'go after' anyone. That's the role of ASIC and the parliamentary inquiry. SICAG as a group can work to try and negotiate an outcome for victims which is something that would be very difficult for hundreds of individuals to do and the Committee irrespective if they approve of or disapprove of the storm model, are no doubt committed to working on all victims behalfs to try and talk to / negotiate with legal and other experts involved in this case, and then report back to all members.

So far the SICAG Committee have done an amazing job. Where else do victims of fraud go in need of help. Victims of storm haven't just lost money they have lost everything they owned and many still have a debt , they have been left with nothing. Generations of work and savings gone on the advice of a financial planner and backed by the major banks it appears.

 

[Big Max]

The apology was sarcastic .What happened to sarcasm

I'll accept a sarcastic apology - it's better than nothing.

 

[darkside]

What proof does Big Max have that he is a paid employee of SICAG. It's a volunteer group set up to help and support victims. We've all paid a small fee to cover essential costs however there wouldn't be enough money in the kitty to pay wages to anyone so it's my guess that somebody called BM is having you on. I don't care what he says on the ASF until I see proof of his ''wages'' I don't believe him.

I cannot understand anyone saying SICAG should 'go after' anyone it was never their role to 'go after' anyone. That's the role of ASIC and the parliamentary inquiry. SICAG as a group can work to try and negotiate an outcome for victims which is something that would be very difficult for hundreds of individuals to do and the Committee irrespective if they approve of or disapprove of the storm model, are no doubt committed to working on all victims behalfs to try and talk to / negotiate with legal and other experts involved in this case, and then report back to all members.

So far the SICAG Committee have done an amazing job. Where else do victims of fraud go in need of help. Victims of storm haven't just lost money they have lost everything they owned and many still have a debt , they have been left with nothing. Generations of work and savings gone on the advice of a financial planner and backed by the major banks it appears.

Harleyquin.

I tend to agree with you, even Specialed has confirmed the ramblings of Big Max and i do believe that no organisation that touts itself as volunteer and there to help victims would condone or ever tolerate someone masquerading as a paid consultant come on a Forum and abuse anyone who dares question their motive.

As a rule members question motives and morals as a way of protecting others or confirming authenticity. If GG had started this forum a few months earlier we may have saved a lot more from being "stormified"

 

[darkside]

I'll accept a sarcastic apology - it's better than nothing.

Max.

It will come when you apologise to the rest of ASF for your evening of either alcohol or drug induced abuse !!!!!!!!

 

[darkside]

And here's another cracker from the Storm website.....

Storm clients never quite know what we'll get
up to next, and the truth is, neither do we!

How accurate did that one turn out to be!

HAHA, how true is that, see , at the end of the day , they delivered what they promised. !!!

 

[Garpal Gumnut]

gg

Got the bugger.

The one on the sicag site is a stand in.

gg

 

[darkside]

GG,

We can only hope that is going to become your new Avatar.

You have to let it loose on "twitter"

 

[Garpal Gumnut]

GG,

We can only hope that is going to become your new Avatar.

You have to let it loose on "twitter"

Is it a moneyspider or an ant?

gg

 

[darkside]

Is it a moneyspider or an ant?

gg

Don't be silly and get us into your sick little games , you know exactly what it is.

Arachnid-Moolah Spondoolies ,commonly known as the money spider

 

[Mindstorm]

It's an ant gg, we are all busy little ants!

Many of us have been busy finding the information that will prove that we were 'done over' by Storm, our 'advisers', the banks, whoever!

I have to admit that I have had a good few laughs, considering the awful position that I have put my family in, reading again and again, you call the SICAG site 'money spider central'.

Not too sure of this, but I'm sure that if I am wrong, that you, gg, will be the best person to put me right. Spiders 'stalk' their prey. Ants just 'run around madly' looking for anything they can prey on.

I have to say too, that if it were not for the six guys who are the SICAG committee then we storm clients would just have 'disappeared' way back in January of this year.

Think of them what you will, but without those six men, and their dedication to help themselves whilst helping others, we 'clients' would not be in the place that we find ourselves now.

Please note that I have put that they were first helping themselves. I've done this, not because I think that they put themselves before the rest of us, or me, (because I have personally experienced them putting me before themselves), but more to diffuse any derogatory comment that you might feel that you have to make against these men.

You are obviously a very clever man gg. I, on the other hand, am and have been a very stupid one.

Stupid or not? I have never tried to gain 'kudos' or 'points' by deriding another person, their beliefs, or their actions.

Is it a moneyspider or an ant?

gg