"Deputy PM in hot water with Storm clients
Storm litigator writes open letter
The Deputy Prime Minister has angered members of a Storm Financial class action over his choice of t-shirt."
"WAYNE Swan has come under fire for insulting hundreds of Storm Financial victims by sporting a jersey brandishing a large Commonwealth Bank logo.
Wayne Swan's Commonwealth Bank jersey 'insults' Storm Financial victims."
"Storm boss Emmanuel Cassimatis in legal battle with nephew over cane farm
THE founder of failed Storm Financial is taking legal action against his nephew in a bid to get him to hand over his shares in a north Queensland cane farm partnership and move off the property."
An interesting site created by an ex-Storm Client created for former Storm Financial investors:
"Storming on Banks"
https://sites.google.com/site/stormingonbanks/
A very interesting read and a huge depth of material.
"Storm's victims do investors a favour
Storm Financial's embattled investors should be remembered for the service they have done Australia's investors generally."
It is stated on https://stormingonbanks/yesterday-s-news/forthcoming-events-1,
that Levitt Robinson will conduct a Public Meeting in Townsville on Wednesday, 1 June 2011.
I am very interested to know what the outcomes of this meeting will be.
Storm clients will be proven in the courts to be victims of a well planned, very smooth and aggressive scam.
Like most past scams:
There will be a cadre of activists in the group to take the lead and fight for their rights.
Creditors will wait in line for a small percentage of their money.
Employees will also wait in line for a percentage of their entitlements.
For the victims the initial legal proceedings will be shaky as options are laid out but will consolidate in the long run.
People will depress, marriages will fail and children will be seriously affected.
The crooks will keep their act up until they hear the cell doors lock behind them; then they will find God.
Bottom feeders will circle and probe.
Lawyers will make a killing.
The finger pointing will continue ad nausium.
It is a matter of history and human nature.
So Storm victims first get your act together and then go for the jugular.
:sheep:
I have previously posted on the timelines of debacles such as Storm, and the latest meeting from Lawyers Levitts lies just where it should in the historical tumble dry of this sordid affair.
I enclose a post from sqwark from near the beginning of this crime.
gg
"WAYNE Swan has come under fire for insulting hundreds of Storm Financial victims by sporting a jersey brandishing a large Commonwealth Bank logo.
Wayne Swan's Commonwealth Bank jersey 'insults' Storm Financial victims."
More by Anna Caldwell @ http://www.couriermail.com.au/business/wayne-swans-commonwealth-bank-jersey-insults-storm-financial-victims/story-e6freqmx-1226050042641
GG,
I got a tweet from a mate to remind me that the next court dates regarding the
ASIC unregistered managed investment scheme proceedings are,
8 & 9 June 2011
Federal Court, Brisbane
Justice Reeves
Level 7, Harry Gibbs Commonwealth Law Courts Building
119 North Quay
Brisbane QLD 4000.
More details at ASIC here;
https://storm.asic.gov.au/storm/storm.nsf/byheadline/UMIS%20proceedings?opendocument
I believe that these will be pivotal proceedings.
Will you be able to make it down for this?
I had planned to be down the following week, but if you feel this may be more insightful, I may go earlier.
gg
GG,
I got a tweet from a mate to remind me that the next court dates regarding the
ASIC unregistered managed investment scheme proceedings are,
8 & 9 June 2011
Federal Court, Brisbane
Justice Reeves
Level 7, Harry Gibbs Commonwealth Law Courts Building
119 North Quay
Brisbane QLD 4000.
More details at ASIC here;
https://storm.asic.gov.au/storm/storm.nsf/byheadline/UMIS%20proceedings?opendocument
I believe that these will be pivotal proceedings.
Will you be able to make it down for this?
It's on in Court number 1 at 2:15 PM
I suppose I will see all the regulars there.
A huge turn out today in the fish bowl of Court no. 1
Nice touch from the Stormers with the name badges.
Some good legal posturing.
Off to Court no. 2 tomorrow at 10:15.
I'm very interested to see where this will lead....
24 February 2011
The Cassimatis Civil penalty proceeding returned to Court today for directions before the Honourable Justice Reeves.
At this hearing various orders were made by the Court including:
1. ASIC was ordered to file and serve its amended Statement of Claim by 21 April 2011; and
2. The Cassimatises were ordered to file and serve any application to stop ASIC’s proceedings by 13 May 2011 and this will be heard by the Court on 14 and 15 June 2011. Orders were also made for the Cassimatises to provide additional material in support of their application and for ASIC to file it defence between these dates;
The Court advised that further directions would be made after 15 June 2011.
Civil penalty proceedings against the Cassimatises
Summary
On 21 December 2010 ASIC (as Applicant) began legal action in the Federal Court of Australia (Brisbane) against the executive directors of Storm Financial Limited (Receiver and Manager Appointed)(In Liquidation)(“Storm”), Emmanuel and Julie Cassimatis (as Respondents).
In this proceeding ASIC alleges that Emmanuel and Julie Cassimatis breached their duties as directors under Australia’s corporate law.
ASIC believes Emmanuel and Julie Cassimatis were responsible for Storm providing a commoditised financial advice service to its clients, that is, 'one size fits all' financial advice, rather than advice related to each person's individual financial circumstances (“the Storm model”).
ASIC’s case is that the Storm model caused Storm to:
1. breach its responsibilities to provide:
1. efficient, honest and fair financial services, and
2. advice that is tailored to an individual’s circumstances,
(because the Storm model involved clients receiving the same commoditised advice, that did not differentiate between clients' individual circumstances);
2. provide false and misleading information in the statements of advice issued to Storm’s clients; and
3. provide negligent financial advice to its clients and to breach its contractual duties to exercise reasonable care and skill in providing financial advice to its clients.
ASIC is seeking the following:
* Emmanuel and Julie Cassimatis pay a penalty for each instance where they are found to have breached their duties as directors of Storm. The amount for each breach is a matter to be determined by the Court and can be up to $200,000;
* both Emmanuel and Julie Cassimatis be disqualified from managing a company for a period that the Court thinks fit; and
* both Emmanuel and Julie Cassimatis be prevented from holding an Australian financial services license, or from providing financial services in Australia, for a period that the Court thinks fit.
In the event that ASIC is successful in this proceeding, any penalties paid by the Cassimatises will not form part of investor compensation as the Corporations Act 2001 requires that they be paid to the Commonwealth Government.
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