Storm Financial Group

Solly · 27 July 2010

"ASIC investigation update
Storm Update 23 July 2010"

"....key points ASIC made to Mark Weir and Noel O’Brien (joint chairmen of SICAG) on 21 July 2010 in Brisbane by way of an update of the investor compensation aspects of ASIC's investigation into Storm."

Read the whole ASIC update here;
https://storm.asic.gov.au/storm/storm.nsf/byheadline/ASICInvestigationUpdate?opendocument

DocK · 27 July 2010

There have been several sections of road being "worked on" near my home for several weeks now - with very little change apparent for some time. I've been wondering if the roadworks will ever actually be finished. Indeed, every time I drive past I note the usual situation of several "workers" standing about scratching themselves or yawning and perhaps one in five actually doing something useful.

I have a feeling that ASIC would make the above roadworkers look like very busy bees in comparison

Solly · 28 July 2010

"Storm probe drags on after 20 months"

"THE Australian Securities and Investments Commission says it is still investigating a commercial resolution to the Storm Financial collapse on behalf of 3000 investors who lost $3 billion."

More by Tony Raggatt in the Townsville Bulletin here;

http://www.townsvillebulletin.com.au/article/2010/07/24/157321_news.html

specialed · 28 July 2010

Solly said:
"Storm probe drags on after 20 months"

"THE Australian Securities and Investments Commission says it is still investigating a commercial resolution to the Storm Financial collapse on behalf of 3000 investors who lost $3 billion."

More by Tony Raggatt in the Townsville Bulletin here;

http://www.townsvillebulletin.com.au/article/2010/07/24/157321_news.html

And as ASIC drags it feet, as does the CBA, slowly through attrition forcing storm investors to take the woefully inadequate offers as they have no other options.....

Garpal Gumnut · 28 July 2010

Solly said:
"ASIC investigation update
Storm Update 23 July 2010"

"....key points ASIC made to Mark Weir and Noel O’Brien (joint chairmen of SICAG) on 21 July 2010 in Brisbane by way of an update of the investor compensation aspects of ASIC's investigation into Storm."

Read the whole ASIC update here;
https://storm.asic.gov.au/storm/storm.nsf/byheadline/ASICInvestigationUpdate?opendocument

re SICAG

Does anyone know if Mark Weir and Noel O'Brien are joint-Chairmen for life, or do SICAG have elections from time to time e.g yearly to re-elect office bearers?

Also, does the committee change its membership at any time and would Manny Cassimatis be eligible for membership or Chairman of the committee as he says he has lost more than anyone else in all this saga?

gg

specialed · 29 July 2010

Garpal Gumnut said:
re SICAG

Does anyone know if Mark Weir and Noel O'Brien are joint-Chairmen for life, or do SICAG have elections from time to time e.g yearly to re-elect office bearers?

Also, does the committee change its membership at any time and would Manny Cassimatis be eligible for membership or Chairman of the committee as he says he has lost more than anyone else in all this saga?

gg

I believe they had elections earlier this year but could be wrong..why do you ask ?

maccka · 29 July 2010

Garpal Gumnut said:
re SICAG

Does anyone know if Mark Weir and Noel O'Brien are joint-Chairmen for life, or do SICAG have elections from time to time e.g yearly to re-elect office bearers?

Also, does the committee change its membership at any time and would Manny Cassimatis be eligible for membership or Chairman of the committee as he says he has lost more than anyone else in all this saga?

gg

Hi GG,

SICAG held its Annual General Meeting on 19 June 2010. Noel and Mark were re-elected. Some positions in the committee changed but the newly elected committee is very similar.

Manny is not a member so he can't be the Chairman.

Cheers
Maccka

Garpal Gumnut · 29 July 2010

specialed said:
I believe they had elections earlier this year but could be wrong..why do you ask ?

Plain curiosity. the members must be happy with their performance.

gg

maccka said:
Hi GG,

SICAG held its Annual General Meeting on 19 June 2010. Noel and Mark were re-elected. Some positions in the committee changed but the newly elected committee is very similar.

Manny is not a member so he can't be the Chairman.

Cheers
Maccka

Thanks mate, how many ex-Storm clients are members, or is everyone bitten, bar Manny, a member?

gg

Solly · 5 August 2010

I hear that there are some interesting rumblings happening on the Storm front.
I better tweak the gain on the dish so I don't miss anything.

zzz · 5 August 2010

What do you mean Solly?

Garpal Gumnut · 5 August 2010

Solly said:
I hear that there are some interesting rumblings happening on the Storm front.
I better tweak the gain on the dish so I don't miss anything.

zzz said:
What do you mean Solly?

Manny is looking well though, and my mole in Casa Cassimatis says all the troops have the vigour of Thermopylae. I saw him in a State Capital the other day. I'm unable to say anymore.

gg

Solly · 5 August 2010

Garpal Gumnut said:
Manny is looking well though, and my mole in Casa Cassimatis says all the troops have the vigour of Thermopylae. I saw him in a State Capital the other day. I'm unable to say anymore.

gg

gg, I am amazed at the depth of the intelligence you have gathered. Reminds me of the modus operandi of an old associate with clandestine connections to the former JIO. Maybe I have really met you previously.

I was recently invited to a celebratory function in Grassdale Rd and I considered it to be polite to present a gift to the host. I dropped into McGuires Bottle Shop at Cannon Hill Plaza to pick up a fine red.

From the corner of my eye I'm sure I noticed a familiar portly silhouette hastily loading green shopping bags into the back of a Ford Explorer.

Maybe it is time to stock the panic room. Am I getting warm ?

Solly · 11 August 2010

Ralph Norris states that 70% of the outstanding cases regarding the collapse of Storm have been settled.

Read more in Business Spectator here;

http://www.businessspectator.com.au/bs.nsf/Article/Rates-could-rise-says-CBA-chief-pd20100811-8882D?OpenDocument

Solly · 12 August 2010

"CBA reaches nogitated settlement with 70% of its customers hit by Storm Financial collapse"

CBA chief executive Ralph Norris declined to specify yesterday how much money had been paid out so far in the resolution scheme to the investors, believed to number around 1800.

Read more by Anthony Marx in The Courier Mail here;

http://bit.ly/aNbVzN

Solly · 13 August 2010

"Storm class lawyers attack CBA boss"

"A law firm says comments by the Commonwealth Bank of Australia (CBA) that the firm declined to accept test cases put forward to help settle a class action brought by Storm Financial victims are false and pressure clients to settle on the cheap."

More from AAP on NineMSN here;

http://news.ninemsn.com.au/article.aspx?id=7944860

Solly · 17 August 2010

"CBA rejects Storm breach claims
Litigator vents in open letter to Norris"

"CBA has denied confidential details of a resolution agreement with a Storm litigator were revealled in a newspaper interview."

More by Kate Kachor in Investor Daily here;

http://www.investordaily.com/cps/rde/xchg/id/style/9890.htm

chrisgee · 17 August 2010

Solly said:
"ASIC investigation update
Storm Update 23 July 2010"

"....key points ASIC made to Mark Weir and Noel O’Brien (joint chairmen of SICAG) on 21 July 2010 in Brisbane by way of an update of the investor compensation aspects of ASIC's investigation into Storm."

Read the whole ASIC update here;
https://storm.asic.gov.au/storm/storm.nsf/byheadline/ASICInvestigationUpdate?opendocument

i'm just wondering what asic is up too. just checking things out on their website the silence is deafening. nothing moves fast does it. the stormies i know have had a gut full and thats being polite

Ironhalo · 17 August 2010

http://www.heraldsun.com.au/busines...to-storm-victims/story-e6frfh4f-1225771264465

Enjoy.

Solly · 19 August 2010

" 'No end in sight' for Storm investigation"

"A TEAM of up to 50 people including some of the country's highest paid silks are beavering away on an investigation into failed Townsville wealth adviser Storm Financial more than 20 months after its collapse."

More by Tony Raggatt in the Townsville Bulletin here;

http://www.townsvillebulletin.com.au/article/2010/08/19/163991_news.html

Solly · 19 August 2010

"Storm Financial report has stalled: economist"

'A north Queensland economist (Cary Ramm) says a report into the failed Storm Financial still has not been released, six months after the Australian Securities and Investments Commission (ASIC) was to complete it.'

More by Penny Timms on the ABC here;

http://www.abc.net.au/news/stories/2010/08/19/2987689.htm

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