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
I heard they will start up again under the name of Tsunami Traders. Greed is a powerful force, If Townsville is down 500M then there will be a few here in Redcliffe out of pocket as well one of the directors has house on the Canal blocks and a few properties around the other is on the board of the Leagues club so there will be a few more getting flushed out.
 
lol it was just another ponzi scheme, how can people invest in these things with handouts like the following quote happening and not ask serious questions ?





http://www.smartcompany.com.au/Free-Articles/The-Briefing/20081212-Queenslands-Storm-Financial-Group-under-pressure.html
 
Why this couple would want to expose themselves to the sort of risk they did with that asset base and a requirement for just $45,000 p.a. is beyond me.
Damn stupid imo.
 
Julia said:
Why this couple would want to expose themselves to the sort of risk they did with that asset base and a requirement for just $45,000 p.a. is beyond me.
Damn stupid imo.
Click to expand...

agree Julia, but these folk are simple hardworking people. they were probably given a good spiel and trusted the advice.

the word in townsville is that it will have the same effect on the economy here as if the tourism dollar stopped tomorrow.

Losses of half to one billion$ are being discussed.

gg
 

Thanks doctorj and my apologies.

the following is part of an article and the link to the full article on the latest on Storm Financial., from Michael West at the SMH.

Taken by Storm
Michael West
December 16, 2008 - 7:04PM

Page 1 of 2 Single page view

The stories are flooding in from Storm Financial clients in shock. Very sad stories. Storm founders and directors remain bunkered down with crisis management PRs batting off the media.

Regulators and politicians are still nowhere to be seen.

After consultations with Colonial - which ran the Storm-branded index funds and pulled the plug on Storm last week then hit its clients with margin calls - the Financial Planners Association (FPA) has organised a panel of advisory firms which Storm clients can contact for an independent view of their plight. We will deal with some feedback on specific clients in a tick................

http://business.smh.com.au/business/taken-by-storm-20081216-6zq4.html


gg
 
I lived in CQ for about a month, and the television was spammed with cheesy Storm ads. Cassimatis was jiving like a white-shoe wearing transplant from the '80s. Not exactly the type of people you'd entrust with your life savings.

Fools are easily parted of their money, but they're also quick to whine and blame somebody else. Will Rudd step in and save the day?
 
Latest news on the ground is that many canefarmers in the Burdekin and around Ingham ( south and north of Townsville) have been caught up in this fiasco.

Poor buggers, they had to put up with weather, greenies, futures markets and now this.

gg
 
Colonial (CBA) should have raised the alarm bells with so much leverage being allocated but then again greed is above all a dominant human trait. Its a pity that the poor investor continues to be duped by high commission salesman!
 
Sports stars have also been caught up

http://business.smh.com.au/business/storm-catches-symonds-20081218-71cx.html

But what amazes me is John Buchanan's (Australia's cricket coach)
------------------------------------------------------------------------
The firm, founded by Townsville-based husband and wife team Emmanuel and Julie Cassimatis, has a ''winning'' formula says Buchanan, which he likens to the leadership of Australian cricket captains Ricky Ponting, Steve Waugh and Mark Taylor.

''So for me, when looking for an investment company with similar qualities as the Australian cricket team, I continue to be very happy with Storm Financial,'' he says.
-----------------------------------------------------------------------
Symonds loses heaps of money and his coach praises the people who did it. I don't even care that this is PR on Buchanan's part. It's just wrong.
 
Apparently there will be a story on The 7:30 Report tonight on them, could be worth watching for anybody interested.
 
Talk around town (Townsville) is that CBA and Bankwest could be dragged into this.

Many big names down the East Coast including high profile sportstars are in for losing the lot.

Many small folk have lost 70-100K and should hold on to their houses.

Anyone who went on a free trip with Storm financial to Suncity in Southern Africa last year as a reward for being good sophisticated investors are possibly burnt toast.

I'm going out on the town tonight so will keep the thread posted.

gg
 
Ignorance

Upon recently stumbling across this web site I was pleasently surprised, although reading some of the recent postings on your site regarding Storm Financial I have found that most of your members seem to be ill informed. I have been an investor with Storm for the last 4 years and have found this company to be nothing less than fantastic. Anyone that finds themselves invested in the stock market in these economic times will be finding it difficult, some more than others. Whilst reading some of the comments made by members of this site it sickens me to think that you can be so ignorant to the facts in this matter. Throughout this ordeal we have been in constant contact with Storm with updates on ours and their postion. I'm sure if you asked Coloniel lending some of the tougher questions being thrown Storms way you would have a greater understading of the mess in which Storm finds themselves. As for Storm taking it's clients on a fully paid for overseas holiday to Africa, this is nothing but utter rubbish. Anyone who choose to go on this trip was self funded. Remember not everthing that the media writes is gosspel. We should all be aware of the gossip mongering that has been created throughout this controversay. I, as a client of Storm Financial will be with them all the way.
Here's to a better economic year ahead!
 
Re: Ignorance

pennywise said:
...... I, as a client of Storm Financial will be with them all the way.
Here's to a better economic year ahead!
Click to expand...

Why are there so many facing margin calls, losing houses and ruin?
Are you saying it's all Colonial's fault?

My Financial Adviser isn't making headlines in the media......

I suggest you seek another opinion from another financial professional.
 
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
862
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
Replies
59
Views
5K
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...