Australian (ASX) Stock Market Forum

Storm Financial Group

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I heard they will start up again under the name of Tsunami Traders. Greed is a powerful force, If Townsville is down 500M then there will be a few here in Redcliffe out of pocket as well one of the directors has house on the Canal blocks and a few properties around the other is on the board of the Leagues club so there will be a few more getting flushed out.
 
lol it was just another ponzi scheme, how can people invest in these things with handouts like the following quote happening and not ask serious questions ?




The company is also famous for its free-spending approach toward staff and client relations. Earlier this year the company hosted about 600 of its clients on a group holiday at a Sun City resort in South Africa and last year it took 400 clients on a Mediterranean trip with Emmanuel and Julie Cassimatis.
Click to expand...

http://www.smartcompany.com.au/Free-Articles/The-Briefing/20081212-Queenslands-Storm-Financial-Group-under-pressure.html
 
Case Two

Retirees in their sixties.

A seven-figure superannuation balance in conservative portfolio in November last year and owned their own home worth upwards of $500,000

Quite conservative and needing income of around $45,000 per annum in retirement. Took a while to invest but invested all the same in March 2008.
Click to expand...
Why this couple would want to expose themselves to the sort of risk they did with that asset base and a requirement for just $45,000 p.a. is beyond me.
Damn stupid imo.
 
Julia said:
Why this couple would want to expose themselves to the sort of risk they did with that asset base and a requirement for just $45,000 p.a. is beyond me.
Damn stupid imo.
Click to expand...

agree Julia, but these folk are simple hardworking people. they were probably given a good spiel and trusted the advice.

the word in townsville is that it will have the same effect on the economy here as if the tourism dollar stopped tomorrow.

Losses of half to one billion$ are being discussed.

gg
 
doctorj said:
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Click to expand...

Thanks doctorj and my apologies.

the following is part of an article and the link to the full article on the latest on Storm Financial., from Michael West at the SMH.

Taken by Storm
Michael West
December 16, 2008 - 7:04PM

Page 1 of 2 Single page view

The stories are flooding in from Storm Financial clients in shock. Very sad stories. Storm founders and directors remain bunkered down with crisis management PRs batting off the media.

Regulators and politicians are still nowhere to be seen.

After consultations with Colonial - which ran the Storm-branded index funds and pulled the plug on Storm last week then hit its clients with margin calls - the Financial Planners Association (FPA) has organised a panel of advisory firms which Storm clients can contact for an independent view of their plight. We will deal with some feedback on specific clients in a tick................

http://business.smh.com.au/business/taken-by-storm-20081216-6zq4.html


gg
 
I lived in CQ for about a month, and the television was spammed with cheesy Storm ads. Cassimatis was jiving like a white-shoe wearing transplant from the '80s. Not exactly the type of people you'd entrust with your life savings.

Fools are easily parted of their money, but they're also quick to whine and blame somebody else. Will Rudd step in and save the day?
 
Latest news on the ground is that many canefarmers in the Burdekin and around Ingham ( south and north of Townsville) have been caught up in this fiasco.

Poor buggers, they had to put up with weather, greenies, futures markets and now this.

gg
 
Colonial (CBA) should have raised the alarm bells with so much leverage being allocated but then again greed is above all a dominant human trait. Its a pity that the poor investor continues to be duped by high commission salesman!
 
Sports stars have also been caught up

http://business.smh.com.au/business/storm-catches-symonds-20081218-71cx.html

But what amazes me is John Buchanan's (Australia's cricket coach)
------------------------------------------------------------------------
The firm, founded by Townsville-based husband and wife team Emmanuel and Julie Cassimatis, has a ''winning'' formula says Buchanan, which he likens to the leadership of Australian cricket captains Ricky Ponting, Steve Waugh and Mark Taylor.

''So for me, when looking for an investment company with similar qualities as the Australian cricket team, I continue to be very happy with Storm Financial,'' he says.
-----------------------------------------------------------------------
:confused: Symonds loses heaps of money and his coach praises the people who did it. I don't even care that this is PR on Buchanan's part. It's just wrong.
 
Apparently there will be a story on The 7:30 Report tonight on them, could be worth watching for anybody interested.
 
Talk around town (Townsville) is that CBA and Bankwest could be dragged into this.

Many big names down the East Coast including high profile sportstars are in for losing the lot.

Many small folk have lost 70-100K and should hold on to their houses.

Anyone who went on a free trip with Storm financial to Suncity in Southern Africa last year as a reward for being good sophisticated investors are possibly burnt toast.

I'm going out on the town tonight so will keep the thread posted.

gg
 
Ignorance

Upon recently stumbling across this web site I was pleasently surprised, although reading some of the recent postings on your site regarding Storm Financial I have found that most of your members seem to be ill informed. I have been an investor with Storm for the last 4 years and have found this company to be nothing less than fantastic. Anyone that finds themselves invested in the stock market in these economic times will be finding it difficult, some more than others. Whilst reading some of the comments made by members of this site it sickens me to think that you can be so ignorant to the facts in this matter. Throughout this ordeal we have been in constant contact with Storm with updates on ours and their postion. I'm sure if you asked Coloniel lending some of the tougher questions being thrown Storms way you would have a greater understading of the mess in which Storm finds themselves. As for Storm taking it's clients on a fully paid for overseas holiday to Africa, this is nothing but utter rubbish. Anyone who choose to go on this trip was self funded. Remember not everthing that the media writes is gosspel. We should all be aware of the gossip mongering that has been created throughout this controversay. I, as a client of Storm Financial will be with them all the way.
Here's to a better economic year ahead!:)
 
Re: Ignorance

pennywise said:
...... I, as a client of Storm Financial will be with them all the way.
Here's to a better economic year ahead!:)
Click to expand...

Why are there so many facing margin calls, losing houses and ruin?
Are you saying it's all Colonial's fault?

My Financial Adviser isn't making headlines in the media......

I suggest you seek another opinion from another financial professional.
 

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