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Storm Financial Group

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The ASIC situation whilst not entirely unexpected is indeed deplorable. When the proverbial hit the fan I forwarded themfiles for several storm clients. complete records for some of a period fo 4-5 yrs. Not one of those clients has been interviewed by ASIC.

Not good enough
 
Have it on impeccable authority that Manny has a new business/property development in Darwin . . . and that he and Julie are now clients of Levitt Robinson - "thick as thieves" the saying goes . . . .
Mansion in Townsville still on the market though realtors there laugh as reserve price offers have been made and not accepted - he would not want to be seen as having millions on hand.
ASIC still interviewing - riding the red eye to Townsville regularly - who knows how they pick the inteviewees. . . .
 
It looks as if ASIC and the Federal Government should pay up on this one. Over in the UK the Government is to pay A$3 billion due to the FSA's (equivalent to ASIC) failure to do their job properly over Equitable Life (nothing to do with America's Equitable Life). Took them nearly 8 years to admit their failings and should payout after about 11 years.

Meanwhile ASF is in its own battle over at The Bull. Votes needed indeed at: http://www.thebull.com.au/the_stockies/forums.html
 
This whole ASIC investigation is beginning to smell really bad...It appears it may well be all about covering their own backside rather than seeking the truth let alone compensation.
 
specialed said:
Interesting ??

http://www.townsvillebulletin.com.au/article/2010/10/28/180661_news.html
Click to expand...

As reported in the TSV Bully article

'Mr Cassimatis said the evidence pointed "in a certain direction" and that he had "the good oil" on ASIC, but was unwilling to elaborate.

"I don't think the Bulletin is the forum for it," he said."
Click to expand...

So if this is an accurate account of what EC stated, I wonder what would be a suitable forum to give "the good oil".

If EC is reading this, why not give ASF the scoop and make this the suitable forum to give "the good oil".

Or if not, give me a PM and I'm sure I can arrange a couple mates with an XDCAM & a couple of redheads to capture and upload the scoop.
 
Some small sign of progress?

FPA fines Storm founder $20,000
The former founder of Storm Financial has been fined and expelled from the advice association for multiple breaches.

See full article: http://www.investordaily.com.au/cps...430.htm?utm_source=newsflash&utm_medium=email

The money seems insignificant, but the intent is hopefully a clear indication to the many people looking for the true source of this problem.
 

From the above article by Kate Kachor.
Cassimatis was not a certified financial planner or practitioner member of the FPA but was a general member at the time of the complaint, a statement from the FPA said.
Click to expand...

From
http://www.fpa.asn.au/FPA_Content.aspx?Doc_id=1002

I find the general membership conditions interesting.
General membership is available to any person with a professional interest in the financial services industry, e.g. Business Development.
Click to expand...

If the $20k is paid, wouldn't it be a lovely gesture for the FPA to dontate the money to the poor & needy.
 
Solly said:
If the $20k is paid, wouldn't it be a lovely gesture for the FPA to dontate the money to the poor & needy.
Click to expand...

Split between everyone affected it might come down to a cheque that's not worth the value of the paper it's printed on. I know a bank that has sent a few of those out lately!

Bring it on!!

Cheers
Maccka
 
"Profession slaps $20,000 fine on Storm Financial chief"

"It found he made misleading representations to them about rates of return from a Storm investment strategy; made oral recommendations to them without collecting relevant information from them; and sent them a general letter recommending they switch their investments to cash without considering their personal circumstances."

More from Stuart Washingtion in The Age here;

http://www.theage.com.au/business/profession-slaps-20000-fine-on-storm-financial-chief-20101029-177ld.html
 

This is probably the best summary of Storm matters to date, unfortunately due to the libel laws Mitch was unable to publish or flesh out the stupidity and culpability of some, mentioned and unmentioned in the article.

gg
 
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