Storm Financial Group

[Ironhalo]

My family in QLD do mate, I'll check with them.

 

[Solly]

Ironhalo - do you really have a SOA signed by the great man Ron Jelich and in what capacity did he sign????

Wasn't RJ the National Development Manager for Storm ?
Is RJ a qualified Fin Planner ?

 

[-Bevo-]

Sorry to go off track here but found this article today

http://www.smh.com.au/business/retirees-investing-way-out-of-their-depth-20091104-hy1f.html

Its not about Storm but the story has alot of similarities to storm fiasco except they were using Options, clients not aware of risks, we are going to sue, did not tailor its investment strategies to their individual needs, its everbody else's fault.

 

[Ironhalo]

RJ (from what I gather) co-owned Jelich-Jones in Redcliffe, and had a really good name and relationship with their clients.

They then sold their soul to Storm and with the sellout went all ethics and cultivated trust as the money spiraled in. I believe RJ was promoted to National Development Manager while concurrently overseeing the Redcliffe branch.

 

[bunyip]

Sorry to go off track here but found this article today

http://www.smh.com.au/business/retirees-investing-way-out-of-their-depth-20091104-hy1f.html

Its not about Storm but the story has alot of similarities to storm fiasco except they were using Options, clients not aware of risks, we are going to sue, did not tailor its investment strategies to their individual needs, its everbody else's fault.

The clients say they did not understand the implications of the more aggressive strategy. Ord Minnett denies these allegations. It says it has yet to receive "a full and proper account of the particulars of the breaches that have been alleged".

"We have undertaken a comprehensive review of the trading undertaken by the plaintiffs and we have confirmed that they at all times personally directed the trading and appeared to be fully cognisant of the implications of the trading strategy they employed," it says.


After reading through that article about Ord Minnett wiping out the accounts of their clients by using high risk options strategies, I think the clients might be battling to get any compensation.
I'm pretty sure they would have signed an authority for the broker to trade on their behalf. What normally happens is the broker calls them and tells them of the proposed trade, and the client then gives the go ahead for the broker to initiate the trade on the clients behalf. Or the client can say no to the trade if they're not comfortable with it.
At least, that's what happened with four or five people I've known over the years who opened 'managed' options accounts with brokers.
One of my mates with such an account saw a 50% increase in his account in one month, followed by a 75% drawdown in the next month. He immediately closed the account, realising that such wild performance swings indicated that the broker was flying by the set of his pants by using risky strategies that were almost certain to wipe out his account sooner or later.

I notice that the Ord Minnett broker was using 'naked' options......an absolute death trap for those who don't understand them and the enormous risks involved.

Anyone who's on the verge of being lured by potentially amazing returns into opening a managed account with a broker to trade futures, options or anything else, should ask themselves two questions.....

1. Do the potential returns sound too good to be true? (high profit potential is commensurate with high risk potential)

2. If these characters can make me so much money, why are they working on wages in the nine to five grind five days a week instead of sitting in the comfort of their home offices, making a fortune in their own accounts?

Loved the name of the private client adviser in charge of the options accounts - Ben Leedon!
If I came across a broker with a name like that, my alarm bells would just about start ringing straight away! lol

 

[Solly]

Some updates from afar..

"Storm Financial founders experience memory loss in court"

"Storm Financial co-founders Emmanuel and Julie Cassimatis seemed to be suffering from a bout of absent mindedness in the final days of hearings into the company’s collapse. Storm Financial co-founders Emmanuel and Julie Cassimatis seemed to be suffering from a bout of absent mindedness in the final days of hearings into the company’s collapse"

More by Caroline Munro in Money Management;

http://www.moneymanagement.com.au/article/Storm-Financial-founders-experience-memory-loss-in-court/504543.aspx


"Storm boss's short memory"

"Storm Financial founder Emmanuel Cassimatis had few answers for disgruntled investors at the Federal Court in Brisbane yesterday, the final day of scheduled hearings into the company's spectacular collapse."

More by Daniel Hurst in The Age here;

http://www.theage.com.au/business/storm-bosss-short-memory-20091104-hy3o.html

 

[Cosgrove Fenton]

Wasn't RJ the National Development Manager for Storm ?
Is RJ a qualified Fin Planner ?

Big nooooo on that one, that's why he has hang around and try and save his backside from the bighouse. All his ex footy mates have p**sed off to Infocus to over-gear and fleece the next lot of consumers aka "baby muppets". RJ is only angry cause Manny outplayed him!

Ironhalo you must know a different RJ to me if you think he had any moral prior to Storm..don't believe him fullstop

 

[Garpal Gumnut]

Some updates from afar..

"Storm Financial founders experience memory loss in court"

"Storm Financial co-founders Emmanuel and Julie Cassimatis seemed to be suffering from a bout of absent mindedness in the final days of hearings into the company’s collapse. Storm Financial co-founders Emmanuel and Julie Cassimatis seemed to be suffering from a bout of absent mindedness in the final days of hearings into the company’s collapse"

More by Caroline Munro in Money Management;

http://www.moneymanagement.com.au/article/Storm-Financial-founders-experience-memory-loss-in-court/504543.aspx


"Storm boss's short memory"

"Storm Financial founder Emmanuel Cassimatis had few answers for disgruntled investors at the Federal Court in Brisbane yesterday, the final day of scheduled hearings into the company's spectacular collapse."

More by Daniel Hurst in The Age here;

http://www.theage.com.au/business/storm-bosss-short-memory-20091104-hy3o.html

There seems to be a tendency on this thread to ignore the enormous burden that Manny and Julie Cassimatis must be bearing at present, so it may be worthwhile as the SICAG model has not, to try and get inside the thinking of this pair of financial wizards both during the bull market and also in the final denouement.

Firstly lets quote from the SICAG model at http://sicag.info, who have not recently been in any way supportive of Manny and Julie and have hidden the friendship that exists between some of their members and the Cassimatis at the end of a long blank page, to the left and under the money spider.



During the ascendancy, ordinary unsophisticated and sophisticated investors were paying Manny 7% on most investments they had with Storm. In a bull market they must have been swimming in money. Mansions would have been a doodle for them, they always increase in value and usually can be flogged at a higher price without capital gains.

Now why wouldn't Manny want a jet airplane?

There is a mean spirit going throughout the reports at the Federal court on his wish to own one.

He always wanted to!

Victims and commentators should get over it.

The next cruel comments are about his and Julie's lack of memory. This is very common in cases like this, when the tide turns and assets fall. Skase had it, Bondy had it. Why be surprised that the Cassimatis clan should not suffer from remembering trifles like a Liquidator visiting and what was discussed.

Liquidators visit businesses every day all over the country. Most folk would not remember one iota of what was discussed.

Victims and the press need to get over it

At least SICAG have been consistent in their model.

gg

 

[Cosgrove Fenton]

Gg so true, now I know this is a big Question but if Australia became a Republic do you think a poor memory would stop someone becoming President? And would it help if they already had their own jet?

 

[GumbyLearner]

There seems to be a tendency on this thread to ignore the enormous burden that Manny and Julie Cassimatis must be bearing at present, so it may be worthwhile as the SICAG model has not, to try and get inside the thinking of this pair of financial wizards both during the bull market and also in the final denouement.

Firstly lets quote from the SICAG model at http://sicag.info, who have not recently been in any way supportive of Manny and Julie and have hidden the friendship that exists between some of their members and the Cassimatis at the end of a long blank page, to the left and under the money spider.



During the ascendancy, ordinary unsophisticated and sophisticated investors were paying Manny 7% on most investments they had with Storm. In a bull market they must have been swimming in money. Mansions would have been a doodle for them, they always increase in value and usually can be flogged at a higher price without capital gains.

Now why wouldn't Manny want a jet airplane?

There is a mean spirit going throughout the reports at the Federal court on his wish to own one.

He always wanted to!

Victims and commentators should get over it.

The next cruel comments are about his and Julie's lack of memory. This is very common in cases like this, when the tide turns and assets fall. Skase had it, Bondy had it. Why be surprised that the Cassimatis clan should not suffer from remembering trifles like a Liquidator visiting and what was discussed.

Liquidators visit businesses every day all over the country. Most folk would not remember one iota of what was discussed.

Victims and the press need to get over it

At least SICAG have been consistent in their model.

gg

I'm rating that post with an Excellent. Great summary gg.

This has always been the problem with the peasants and their lack of understanding of the elite's relationship to the Crown. The peasants can never comprehend the requirements of the wealthy and the actual material vicissitudes of life that are necessary to maintain their exquisite art of bull****ing.

Of course as most enter their declining years they do suffer some memory loss. Others just appear in Penthouse or Playboy.

Maybe the Australian Film Commission could fund a production through Canberra entitled:

Hey dude where's my plane? ROFL

 

[Solly]

Big nooooo on that one, that's why he has hang around and try and save his backside from the bighouse. All his ex footy mates have p**sed off to Infocus to over-gear and fleece the next lot of consumers aka "baby muppets". RJ is only angry cause Manny outplayed him!

Ironhalo you must know a different RJ to me if you think he had any moral prior to Storm..don't believe him fullstop

That's right he did say at the examination that he did not have any tertiary qualifications. For some reason I thought he held the coveted "Masters".
There has been a lot going on over these last few weeks...

 

[Cosgrove Fenton]

That's right he did say at the examination that he did not have any tertiary qualifications. For some reason I thought he held the coveted "Masters".
There has been a lot going on over these last few weeks...

Now see Solly, here's the problem he said he'd like to go to the Masters (as in US Golf Masters of course) but people just hear what they want to hear!

Still if you would like an insight into his ego.....

http://www.ronjelich.com/Highlights.html

I note he is wearing stripes in the photo - perhaps a omen?

 

[Solly]

There seems to be a tendency on this thread to ignore the enormous burden that Manny and Julie Cassimatis must be bearing at present, so it may be worthwhile as the SICAG model has not, to try and get inside the thinking of this pair of financial wizards both during the bull market and also in the final denouement.

Firstly lets quote from the SICAG model at http://sicag.info, who have not recently been in any way supportive of Manny and Julie and have hidden the friendship that exists between some of their members and the Cassimatis at the end of a long blank page, to the left and under the money spider.



During the ascendancy, ordinary unsophisticated and sophisticated investors were paying Manny 7% on most investments they had with Storm. In a bull market they must have been swimming in money. Mansions would have been a doodle for them, they always increase in value and usually can be flogged at a higher price without capital gains.

Now why wouldn't Manny want a jet airplane?

There is a mean spirit going throughout the reports at the Federal court on his wish to own one.

He always wanted to!

Victims and commentators should get over it.

The next cruel comments are about his and Julie's lack of memory. This is very common in cases like this, when the tide turns and assets fall. Skase had it, Bondy had it. Why be surprised that the Cassimatis clan should not suffer from remembering trifles like a Liquidator visiting and what was discussed.

Liquidators visit businesses every day all over the country. Most folk would not remember one iota of what was discussed.

Victims and the press need to get over it

At least SICAG have been consistent in their model.

gg

gg, I agree that is an excellent post. I'm with a group tonight that have no knowledge of the Storm event. I have tried to give a brief overview, they are still shaking their heads. GL's idea of funding a production about the saga holds some merits. I'd really like to see the mini series, I wonder if the final episode will end up at The Creek ?

 

[Solly]

"It's a tough call, but someone has to make it"

"THE margin lender blames the financial planner. The financial planner blames the margin lender. The regulator says if it's allowed by the contract, the margin lender can probably do whatever it likes."

By Stuart Washington and Clancy Yeates in The Age

http://www.smh.com.au/business/its-a-tough-call-but-someone-has-to-make-it-20091105-i0bu.html

 

[Solly]

"Banks, Storm at impasse over margin call responsibility"

"BANKS, the regulator and Storm Financial's founders are at a roadblock about who should be accountable for the failure of margin calls to reach margin loan borrowers."

By Stuart Washington and Clancy Yeates in The SMH

http://www.smh.com.au/business/banks-storm-at-impasse-over-margin-call-responsibility-20091105-i0ad.html

 

[Solly]

"No joy expected for Storm victims"

"Clients and creditors of collapsed financial advisory firm Storm Financial claim they are owed more than $100 million but most unsecured creditors were unlikely to see any of that money, the liquidator said yesterday."

Read more by Michelle Singer in the The Australian Financial Review of November 5 2009.

 

[BabyM]

i don t post often, and don t intend to. wouldn t know jelick from a bar of soap, but a number of my friends vouch he has poured hundreds of thousands $$$$$$$ into redcliffe community....
from memory........redcliffe hosp...some big walk. cancer ward. pcyc. funding for community bank. bendigo i think.junior sport etc etc....
love reading some of the posts.....

 

[Ironhalo]

He may have put money into the Redcliffe community, but that doesn't help when you then take 30x that amount with the other hand through neglect, greed and apathy.

I have a little modicum of respect for him coming forward and giving the full story and admitting fault....but it still doesn't negate the fact that he amassed a fortune (15-20 million...as a FP!) by pulling the wool over his client's trusting eyes.

 

[Garpal Gumnut]

Gg so true, now I know this is a big Question but if Australia became a Republic do you think a poor memory would stop someone becoming President? And would it help if they already had their own jet?

I'm rating that post with an Excellent. Great summary gg.

This has always been the problem with the peasants and their lack of understanding of the elite's relationship to the Crown. The peasants can never comprehend the requirements of the wealthy and the actual material vicissitudes of life that are necessary to maintain their exquisite art of bull****ing.

Of course as most enter their declining years they do suffer some memory loss. Others just appear in Penthouse or Playboy.

Maybe the Australian Film Commission could fund a production through Canberra entitled:

Hey dude where's my plane? ROFL

gg, I agree that is an excellent post. I'm with a group tonight that have no knowledge of the Storm event. I have tried to give a brief overview, they are still shaking their heads. GL's idea of funding a production about the saga holds some merits. I'd really like to see the mini series, I wonder if the final episode will end up at The Creek ?

Thank you for your kind words.

Ordinary muppets do not realise the burden that great wealth and influence bring. The onerous duties that follow on amassing a fortune from advising the financially ignorant and generous are not easy.

One has to give something back.

Although I earnt my pile through hard work, I bought an Arnage and always travel business class. This was to enable the the ordinary punter to admire a beautiful motor and aspire to be treated civilly and not develop clots in the legs while travelling.

The above mentioned planners have given an enormous amount back to their communities.

One I believe walked from Redcliffe to Port Moresby, a truly spiritual journey, a portion of which path has only ever been once matched in history.

Another bought two mansions and a jet airplane. Again the intent would have been to provide a comfortable place in which to discuss finance with banking institutions and to allow the people of Townsville on occasions to peer skyward and say wtf is that?

There are many more of these fellows and ladies about. It is only right that they should be supported. I believe many have moved to other Financial Planning firms and some are even assisting Storm victims.

This is above and beyond the call of duty.

I could never walk to Port Moresby. I have enough trouble walking from the bar of the Ross Island Hotel to my bicycle. I don't bring the Arnage into town much, lest it be keyed by the jealous and dangerous who lurk about the CBD, such as bankers and financial planners.

gg

 

[Ironhalo]

Hahahaha love the sarcasm GG.