Storm Financial Group

[Garpal Gumnut]

Yes, very interesting times. Maybe we'll need to book that floor of Executive Suites for the proceedings.

S

Was thinking of you recently, managed to hitch a ride on an AN-225. Close to a pisserphone thank god, but didn't get in to the cockpit.

I cannot see the ole sheila going after the banks. Labor always fall over when it comes to bottle with the banks.

gg

 

[GumbyLearner]

Not that I'm from Townsville. But hopefully this guy won't do a Skase or a Mokbel on you guys.

 

[Solly]

"Banks face Storm action"

"THE corporate regulator is expected to take legal action against some of Australia's largest banks over the collapse of Storm Financial, after a breakdown in compensation talks."

More by Stuart Washington in the SMH here;

http://www.smh.com.au/business/banks-face-storm-action-20101125-1897z.html

 

[Solly]

Was thinking of you recently, managed to hitch a ride on an AN-225. Close to a pisserphone thank god, but didn't get in to the cockpit.

I cannot see the ole sheila going after the banks. Labor always fall over when it comes to bottle with the banks.

gg

That Cossack has some serious lift abilities, I reckon EADS should have pinched that design pack for the A380 & you wont find a Trent slung under it's wing. I've only seen those monsters from the tarmac, their take off roll looks never ending.

If Stuart's sources are accurate about ASIC taking action, my concern is that this could go on for years and your predictions become fact.

I believe that the Banks would fiercely defend their position and previous actions. I wonder if the principals will rate a mention today as well. This afternoon will be very interesting.
I'll be hanging around the Telex room, keeping an eye out, that's for sure.

 

[Solly]

"MORE STORM ACTION BREWING"

"A law firm representing former clients of Storm Financial has foreshadowed legal proceedings against Macquarie Bank and Bank of Queensland, irrespective of any announcement released by the Australian Securities and Investments Commission (ASIC) with respect to agreements reached on behalf of Storm investors."

More by Mike Taylor in Money Managemeny here;

http://www.moneymanagement.com.au/news/more-storm-action-brewing

 

[Solly]

"ASIC announces intention to commence legal action"


The Australian Securities and Investments Commission (ASIC) today announced that it will bring civil penalty proceedings against Emmanuel and Julie Cassimatis as directors of Storm Financial Limited (In Liquidation) (Receivers and Managers Appointed) (Storm) in relation to alleged contraventions of section 180 of the Corporations Act.

ASIC also announced that it will commence legal proceedings against parties, including Commonwealth Bank of Australia Limited (CBA), Bank of Queensland Limited (BoQ) and Macquarie Bank Limited (MBL) seeking compensation for investors arising out of the collapse of Storm. The compensation proceedings will not be filed immediately, in order to allow a short further period (no more than three weeks) for the commercial resolution discussions to continue.


More here ;

http://www.asic.gov.au/asic/asic.nsf/byHeadline/10-250MR%20ASIC%20announces%20intention%20to%20commence%20legal%20action?opendocument

 

[Solly]

Was thinking of you recently, managed to hitch a ride on an AN-225. Close to a pisserphone thank god, but didn't get in to the cockpit.

I cannot see the ole sheila going after the banks. Labor always fall over when it comes to bottle with the banks.

gg

GG, I'm heading downstairs to the lobby bar for a drink it has been a tense morning, waiting for the ASIC announcement. I hope there are vacancies when the action starts. Do you find the Executive 1 Bedroom Suite with separate lounge room and bedroom up to your expected standard ? Lady P's a bit particular but I'm sure she'll warm to the old world charm. The Plunge pool & Spa will win her over.

 

[Solly]

"ASIC takes banks, Storm to court"

By ABC online business reporter Michael Janda

http://www.abc.net.au/news/stories/2010/11/26/3077427.htm

 

[Garpal Gumnut]

Not that I'm from Townsville. But hopefully this guy won't do a Skase or a Mokbel on you guys.

If a person in a position such as a person mentioned on this thread, were to, where would he hide?

Such a person could hide from ASIC and the ole shills guvmint but there are a few big losers from about the Burdekin and Ingham awaiting judgement day.

And there ain't no place on godz earth one can hide from those.

Were one a person in this situation, that is.

gg

 

[Garpal Gumnut]

GG, I'm heading downstairs to the lobby bar for a drink it has been a tense morning, waiting for the ASIC announcement. I hope there are vacancies when the action starts. Do you find the Executive 1 Bedroom Suite with separate lounge room and bedroom up to your expected standard ? Lady P's a bit particular but I'm sure she'll warm to the old world charm. The Plunge pool & Spa will win her over.

Should you wish to win Lady P over in it's original sense I would steer her clear of the spa room. The third or second Mrs Gumnut became indelicate after a short spa. I cannot remember which.

I'm in one of those nice poolside rooms and am just heading down to the bar for a snifter.

The action is as expected. Civil not criminal proceedings against Le Manny et Julie et les Banques.

Poor Storm bastards. They'll not even get the satisfaction of seeing anyone do time, not even in a bloody fungal spa.

gg

gg

 

[Garpal Gumnut]

From Moneymanagement. Today's missive from ASIC

http://www.moneymanagement.com.au/news/asic-prosecutes-cassimatis-and-banks

The Australian Securities and Investments Commission (ASIC) has announced its intention to bring civil penalty proceedings against the principals of Storm Financial, Emmanuel and Julie Cassimatis.

The regulator also announced it will begin legal proceedings against parties including the Commonwealth Bank of Australia, Bank of Queensland and Macquarie Bank Limited, seeking compensation for investors arising out of the collapse of Storm.

ASIC said the compensation proceedings would not be filed immediately in order to allow a short further period of no more than three weeks for commercial resolution discussions to continue.

Commenting on the move, ASIC chairman Tony D’Aloisio said the regulator had not been able to reach an acceptable resolution with key parties on compensation that it could then recommend to investors.

“In the circumstances, it was not possible for ASIC to continue to defer the decision to commence legal proceedings,” he said. “However ASIC remains of the view that a commercial resolution is the preferable course.

Referring to the action against the Cassimatises, the regulator said it would be alleged they had breached their duty as directors by causing and permitting Storm to be exposed to legal liability arising from the implementation of a financial services business model, which involved providing commoditised financial advice to investors that failed to take into account the personal circumstances of individual investors.

ASIC said the relief being sought would include orders that the defendants each pay substantial pecuniary penalties which could be imposed in respect of each breach of duty, and that they be disqualified from managing corporations and be retrained from providing financial services.

 

[Solly]

Should you wish to win Lady P over in it's original sense I would steer her clear of the spa room. The third or second Mrs Gumnut became indelicate after a short spa. I cannot remember which.

I'm in one of those nice poolside rooms and am just heading down to the bar for a snifter.

The action is as expected. Civil not criminal proceedings against Le Manny et Julie et les Banques.

Poor Storm bastards. They'll not even get the satisfaction of seeing anyone do time, not even in a bloody fungal spa.

gg

gg

It's a pity I missed you, I'm on the M1 heading back to exit 57.

Hopefully the actions by ASIC will lighten the poor Stormers load.

Can do me a favour and says thanks to the young lass in the lobby bar for putting up with our out of tune singing.

Thanks for the heads up about the spa.

 

[Solly]

"ASIC angles for 'better deal' with Storm legal threat"

"Professor Ian Ramsay from Melbourne University says ASIC will be keen to avoid a lengthy and costly legal action that could go all the way to the High Court."

More from the ABC here;

http://www.abc.net.au/news/stories/2010/11/26/3077921.htm

 

[Julia]

[

"Professor Ian Ramsay from Melbourne University says ASIC will be keen to avoid a lengthy and costly legal action that could go all the way to the High Court."

With apologies for a slight diversion, I so enjoy hearing Prof Ramsay.
He's always so clear, so enthusiastic about his subject. Must be a fantastic teacher. I'd always put a high value on his opinions.

 

[GumbyLearner]

Has anyone ever thought why there have been as many views on this thread as say the Gold - Where is it Heading thread ?

Maybe because there are a large proportion of ASF members from up North that used to be involved in the Storm scheme????

Neck and neck at the moment when you look at the thread view counter. Good luck to former Storm Holders. I hope you haven't in anyway been crippled by these events.

Buy some physical gold if you still have cash to spare. IMHO

You are welcome to join the discussion over on the Gold - Where is it heading? thread at any time. GOLD has almost quadrupled in value since the beginning of the thread. Good investment at present IMHO!

Anyway, good luck all.

 

[Solly]

"Regulator comes out punching, but needs to score a knockout blow"

"After two years of pretty much constant complaint about its handling of Storm Financial, the Australian Securities and Investments Commission came out swinging yesterday."

Analysis by Stuart Washington in the SMH here;

http://www.smh.com.au/business/regulator-comes-out-punching-but-needs-to-score-a-knockout-blow-20101126-18akl.html

 

[Solly]

From Moneymanagement. Today's missive from ASIC

http://www.moneymanagement.com.au/news/asic-prosecutes-cassimatis-and-banks

GG, In today's Australian

http://www.theaustralian.com.au/news/nation/investors-applaud-asics-threat-to-sue-banks-storm-founders/story-e6frg6nf-1225961719303

It is reported that JC states that they will be defending the ASIC action.
If I remember correctly under Section 180 I believe it states that directors must exercise a reasonable degree of care and diligence regarding certain matters in a company's business. I'll be having a strong brew with an old beak mate of mine this morning at the coffee shop at the marina and I will be very interested with his take on the ASIC action.

With possible penalties of up to $200,000 for each breach I believe there will definitely be absorbing times ahead. I look forward to this stoush it will be very interesting to witness.

 

[pedroelpedro]

Helen Rubin's son Paul was Storm/Ignite's golden boy. Been there since finishing studies, worked on asx/research and their useless, inadequate Phormula client information package. (It was so advanced, they needed to create and monitor client cash flows on an old excel spreadsheet!!)

I've avoided making comment in this public forum so far as to avoid staying out of any news articles, but hey, you only live once.

Just to set the record straight on a few things:

* Phormula was not useless. It worked and it did exactly what it was designed to do. It correctly reported client positions, if the data put into it was correct and maintained. It was also designed to do many other things, some modules of which were used by Storm and some which were not.
* Phormula was not written in C++, it was written in VB.NET
* Emmanuel and Julie Cassimatis have always owned Phormula and still do.

That's all I plan to say for now, I would appreciate any personal criticisms of myself or my family to be kept to a minimum. This forum has always taken a negative tone and all of us, both employees and clients (of which I was included in both categories), have been unfairly treated.

Regards,
Paul Rubin

P.S. I welcome the ASIC release on Friday, though like many am discouraged that legal proceedings continue to be dragged out over such a long period of time.

 

[Solly]

I've avoided making comment in this public forum so far as to avoid staying out of any news articles, but hey, you only live once.

Just to set the record straight on a few things:

* Phormula was not useless. It worked and it did exactly what it was designed to do. It correctly reported client positions, if the data put into it was correct and maintained. It was also designed to do many other things, some modules of which were used by Storm and some which were not.
* Phormula was not written in C++, it was written in VB.NET
* Emmanuel and Julie Cassimatis have always owned Phormula and still do.

That's all I plan to say for now, I would appreciate any personal criticisms of myself or my family to be kept to a minimum. This forum has always taken a negative tone and all of us, both employees and clients (of which I was included in both categories), have been unfairly treated.

Regards,
Paul Rubin

P.S. I welcome the ASIC release on Friday, though like many am discouraged that legal proceedings continue to be dragged out over such a long period of time.

Paul, I find your statement

"It correctly reported client positions, if the data put into it was correct and maintained."

most interesting.

Are you willing to elaborate any more?

 

[Attitude]

You have to be joking! If all the information was maintained as you suggest then why am I in this position. The Storm Advisers, banks and everyone associated are all grubby and milked us and hung us out to dry. ASIC has sat on this for 2 years then given the banks 3 more weeks which leads into Christmas then the Courts are closed till February. ASIC know they are in the gun along with the CBA. All I'll say is look out all involved as the evidence against you is powerful and will be revealed. I hope that you all end up in jail where you should be for what you have done to my life and many others! What happened to Ralph stating "put the wrongs right"what a disgrace. Cannot wait to see justice!