This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

Storm Financial Group

Jump to new
It would be interesting to see the votes on the composition of SICAG's Committee in the recent elections.

Numbers of members who voted.

Those who voted for the various positions on the committee, and the total number of members who voted.

The names of the present committee members, and the number of votes they attracted.

I am quite sure this would be easily posted, as SICAG have a history of nothing to hide.

gg
 

gg, I am wondering how the SICAG members are holding up throughout this saga. I wonder if those who have accepted the Resolution Scheme offers are truely happy or reluctlantly accepted as to add some type of closure.
I am eagerly awaiting the next public statement from ASIC.
 

from my limited knowledge, the ones who have accepted via Scattini seem to be getting on with their lives, though many are back at work, and miss their retirement, but are stoic about it.

I do not know anyone who went with Manny and the other Lawyers.

gg
 

Yes I agree, stoic is the word I would use to describe the Stormers that I know who have accepted the Scattini/Norris model.
I'm very interested to see the outcomes of the Levitt action. In the back of my mind I can't help thinking that there must be some solid basis for Sergeant Sean's choice of action.
I wonder what he has up his sleeve or what other evidence he has stowed in the back of his Hi-Lux.
He appears to me to be very motivated and persistent.
The last thing the banks or the other parties involved in this debacle need is a focused, determined, angry copper hot on their heels seeking justice.
 
I would also like to know progress with the other banks (eg NAB, ANZ, BofQ, Macquarie) - as my loan was with Macquarie and they are off the radar at the moment.

Another question - ASIC do not seem to be making progress, last report on there website was in July.

Looks like I will need to keep my business going and investing in my sons schools in Vietnam - no more "Financial Planners" for me - I will do it myself.
 

In my absence from this forum it is good to see you still havent let go of this thorn in your side GG. Why the interest, did you intend to nominate ?

I wish you had persued some of the other parties with such interest and vigour..
 

The basis for the levitt action is the same as that of ASIC, its just the ASIC case can only be described as IN-ACTION...

The banks are dragging their feet in all of this, as you would expect. Hoping that eventually their will be no fight, or capacity to fight left in any of the members. This is a good ploy, until of course a settlement is made against them. Then the "pain and suffering" element of any compensation, as well as the potential for lost earnings is made in the determination. Then the months or years of stalling comes back to bight them......Think of compensation for the pain and suffering for someone who loses their home, IF it is found they only lost it because of the actions of one bank...which Bank.....
 

A mighty big if which again seems to overlook the role the promoters of the entire scheme played in this, them being the Cassimatii and their advisers....

Has any legal action been taken against the real perpetrators in this, Manny and his team who geared everyone up to the hilt and didn't monitor the portfolios as closely as they said they would in the prospectus? 7% fees to gear people up over and over again....just what were these fees paying for, other than Manny's real estate portfolio and his private jet?

But yes, it was those nasty banks who were at fault.
 

my bolds

This is what I, and I daresay quite a few others, am waiting to discover, via ASIC - if they can ever actually finalise their investigations. I assume any criminal charges against Manny & Julie would be laid by ASIC - and the lack of any action of note from ASIC is becoming increasingly frustrating.
 
A bit off beat but no matter what the outcome, the majority of individuals involved with Storm Financial will still lose.

Reasoning? It is highly unlikely they will recover from the emotional trauma irrespective of whether or not they get any money back.

Personally, I don't give a toss which way it goes as I am not involved in this farrago, and nor are (based on EC's evidence at the Parliamentary Inquiry - he did say that "only" 25% who attended the Storm forums actually signed up) the 75% who walked away from the all singing, all dancing EC show. That equates to around 12,000 wise FNQ investors. So does that mean that the vast majority of FNQ investors not as stupid as wet-backs attempt to make them out to be?
 

I agree it is a very big IF...., which may never have its day in court..In terms of Manny, ASIC appear to be very quiet on the whole Manny part of this...It is ASIC of course who would prosecute any parties if breaches of the law are found and this would include Manny. Surely the "commercial resolution" they refer to does not include Manny and Co...One can only assume that they are as scared to take on him as they are to take on the banks....One bitten and all that......
 
Specialed, I really don't see why you continue to denigrate or question anyone who doesn't place 100% of the blame on the banks. Let me make this clear, and as someone mentioned a few posts ago, this is how it all went down (and yes I was a Storm investor....who came to my senses and got out before it all hit the fan at a loss...but a minimal one):

Storm, namely Manny and Julie promised that for their now retrospective extortionate 7% fees to buy you shares in the ASX200 (something we all could have negotiated to do with Comsec ourselves for free), they would monitor your investment using a program they called 'Ignite'. This of course was bull****. When the GFC hit, they collectively, realising that selling everyone down would cost them ongoing profit, decided to simply ratchet up existing margin loans by recommending to scared and vulnerable uneducated investors to buy more shares that they couldn't afford, using their houses and retirement funds as the wager.

That's it....simplified and epitomised.

Blaming the banks for all of this is akin to suing the owner of the corner store you bought your cigarettes off for getting lung cancer, while extolling the virtue of the company that made the cigarettes to begin with and stating 'they never meant to hurt their customers'....either that or the corner store owner is easier to get money out of in the interim, regardless of guilt.

The vast majority of Storm investors have made peace with the fact that they made errors of judgement, and have gotten on with their lives without complaint. I should know, my whole family was in it.
 

What I am eagerly awaiting is to see whether there has been any proven impropriety or criminal behaviour by any parties involved in this debacle.

Another media release from ASIC is welcomed.

The Stormers that I know are attempting to piece their lives together and move on. But the toll that this event has taken on their wellbeing is blatantly visible and disturbing.

I was with them when this advert aired on the box.

Understandably their reaction was quite extreme.

http://www.youtube.com/watch?v=NdRSimvvzaQ
 

Ironhalo,

I have NEVER blamed the banks for all this, nor have I denigrated those who also don’t blame the banks. However, For your information I believe you have the metaphor back to front. The "cornerstore" in this situation is Storm, the company that made the cigarettes is the banks. Much of the investigations and possible litigation now centres on whether these were infact managed funds operated by the banks. So infact it is the role of ASIC to determine exactly what the relationship was...

If this whole situation is so simple as you put it, why is it taking so long to sort out ? Why are the banks paying compensation ? why is ASIC apparently involved seeking a commercial resolution to this affair ? presumably with the banks. What I have consistently stated is I believe this needs to go to court to get sorted out. That includes any banks and also Manny and co. There is no doubt both of these parties are doing all they can to avoid this getting to the courts. The banks to avoid potential claims beyond their compensation scheme and Manny to avoid jail time. This is not just about compensation, it is about understanding where responsibility lies for this mess.

In the only determination on this matter, in Brisbane, Oh so long ago it was noted that blamed may lay with all three parties. Since then no one, banks, Manny or ASIC have been near a court. The CBA in particular have fought this. Their pockets are deep and if they felt they were clean this could have been solved long ago in the courts. Thereis no doubt they are implicated just as deeply as Manny. However, they are impicated in differant matters. Manny for their marketting, advice, fees etc.. The banks for how they executed the sell off...that is margin call, as well as their role in the inflated loans etc. In this respect I suspect theyare all guilty...there are just many and varied things that all the parties are guilty of..


If ASIC trully believe that a commercial resolution to this process is best for storm investors then they have rocks in their heads. And what about those involved in inappropriate behaviour. They should have those actions aired publicly. As an investor, and customer of many financial institutions I have a right to know if said institutions have acted a) unethically, b)immorally, c) illegally.

So please go back and read my previous posts and find where I have said the banks are solely to blame for this, please also find where I have attacked those who do not blame the banks 100%. What you will find is that I do disagree with those who seem to ignore the banks culpability in this.....and those who appear to repeatedly have issues with the role of SICAG...That I just dont understand...It would appear to me that if the members of SICAG had an issue with how that support group was being run, then they would simply not continue to be members.
 


Further,

Thanks for your clear and consise, "simple and epitomised" account of how this all happned. I will be sure to forward this explanation on to the CBA, Bernie Rippol, Slater and Co, ASIC and SICAG and anyone else who needs to know. Everyone will of course be extremely gratefull that someone has finally described what we all thought was a complex affair, so simply.

Finally this mess can now be sorted.....
 
You must log in or register to reply here.

Similar threads

The dynamics of money and TIME: crimping cashflow for a period
Replies
3
Views
870
TiminOz
The planning of a portfolio
2
Replies
29
Views
1K
Value Collector
Ozempic: Magic Pill or Devils Bargain?
Replies
10
Views
2K
sptrawler
February 2025
2 3 4
Replies
64
Views
6K
ducati916
Mayfair 101/Mayfair Platinum
2
Replies
35
Views
5K
Dona Ferentes
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...