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
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
Not that I'm from Townsville. But hopefully this guy won't do a Skase or a Mokbel on you guys.
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.
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.
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
With apologies for a slight diversion, I so enjoy hearing Prof Ramsay.[
"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."
From Moneymanagement. Today's missive from ASIC
http://www.moneymanagement.com.au/news/asic-prosecutes-cassimatis-and-banks
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.
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