Storm Financial Group

bunyip said:

More former Storm advisers being ordered by ASIC to undertake further training.
One of the buggers is manager of a private wealth firm, of all things! Let’s hope he doesn’t use the Storm strategy as his template for helping his clients to build their wealth.

Too little too late from ASIC....a classic case of shutting the gate after the horse got out.

http://www.moneymanagement.com.au/n...rm-financial-adviser-terence-edward-webb-asic

http://www.moneymanagement.com.au/news/financial-planning/2012/storm-financial-james-mousa-asic-eu

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Thanks for putting these links up. I missed them originally .
Cheers
IJN

Does anyone know what is happening with the court action(s)? Solly seems to have disappeared after regularly putting up links.

Julia said:

Does anyone know what is happening with the court action(s)? Solly seems to have disappeared after regularly putting up links.

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Hi Julia

GG contacted me by bush telegraph advising that my absence has been noted. It's been very busy on George St lately, I've been juggling many matters that have consumed my time.

I hopefully will be able to add some value to this forum in the coming months.
I have formed the view that there will be some very interesting determinations and actions this year.

I hope the links below are of interest.

S

ASIC to pursue MacBank

ONE of the country's largest wealth groups may be forced to compensate millions to investors after it was accused of "poor record-keeping".

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More @ www.heraldsun.com.au

When matters are next in Court

Below are the dates and venues when proceedings ASIC have commenced in relation to the collapse of Storm are next in Court.

Proceedings are being held in public so anyone interested may attend.


Oral closing submissions for the Trial will commence on 18 February 2013
ASIC unregistered managed investment scheme proceedings
Federal Court, Brisbane
Justice Reeves
Level 7, Harry Gibbs Commonwealth Law Courts Building
119 North Quay
Brisbane QLD 4000


Proceedings adjourned ASIC civil penalty proceedings
Federal Court, Brisbane
Justice Reeves
Level 7, Harry Gibbs Commonwealth Law Courts Building
119 North Quay
Brisbane QLD 4000


Hearing is scheduled for 3 weeks commencing 3 June 2013 ASIC and Doyle proceedings
Federal Court, Sydney
Queens Square
Level 18, Law Courts Building
Queens Square
Sydney NSW 2000


Source : https://storm.asic.gov.au/storm/storm.nsf/byheadline/Next%20Court%20Dates?opendocument

Thank you, Solly. May we depend on you to keep us advised of the results of the forthcoming court proceedings?

Julia said:

Thank you, Solly. May we depend on you to keep us advised of the results of the forthcoming court proceedings?

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I'll post info when possible Julia. I'm involved in some other issues at the moment.

Let the truth be known or the heavens fall.

An oxymoron is an apparent contradiction in terms; for instance, “definite possibility”.

In relation to the victims of Storm Financial and its lackeys, the Banks, terms such as “clearly misunderstood” or “conscionable bankers” fit the bill.

The people that were unfortunate enough to be caught up in the financial disaster caused by Storm and the banks associated with that unscrupulous outfit have had to endure continuous flack from those in our community and on this forum because the facts have not been fully known. However, we that were there and know what happened are now at long last having our day in court.

Despite the CBA’s attempts to buy its way out of trouble it now finds itself in a position where its double dealings as far as its Storm customers were concerned are finally coming to light.

The centerpiece of this case will focus on statutory, contractual and unconscionability matters that our detractors have chosen to ignore because it doesn’t fit their arguments. It would seem that they view these essential issues as unimportant in the scheme of things. I feel confident, however, that the Court will not be so tolerant.

Anyone that has read the transcript of the opening address by Mr. R. Dubler SC, acting on behalf of the CBA’s Storm clients that are involved in the CBA class action will be struck at once by the extraordinary and unique relationship that existed between the CBA and Storm that transgressed the bounds of any acceptable commercial propriety. The partnership that arose which led to that Bank and Storm shamelessly churning money out of people who were for the most part retirees, rivals that of Burke and Hare who choked people to death so they could sell the bodies to anatomists. Any semblance of fair practice has long gone and if you ask me, so has the CBA!

If that bank feels alone, it shouldn’t because the Macquare Bank and the BOQ are just as guilty.

For those on this forum that still cling to the notion that these banks were only acting within the framework of proper and ethical banking, you need to think again. This was an orchestrated self-serving unconscionable unethical scam that has no place in our society. Anyone that condones such behavior is at odds with the laws as they relate to consumers and the conduct that we should demand as a free society.

In the coming weeks I suggest that the knockers pay close attention to what is revealed in court because it will be the truth, the whole truth and nothing but the truth. Hearsay and conjecture based on uninformed personal opinion will have no part in these proceedings because they are not part of the laws under which our society functions. To live otherwise would be to invite anarchy.

I'm looking forward to reading of court proceedings - should be interesting....

DocK said:

I'm looking forward to reading of court proceedings - should be interesting....

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+1 Thanks for posting Frank.

Frank or Solly, any update on proceedings?

gg

Yes, interested in proceedings update as well. So many general population was affected but I think news update has not been to upcoming recently.

http://au.finance.yahoo.com/news/judge-adjourns-storm-financial-case-054801106.html

A Federal Court judge in Brisbane has adjourned a case involving the collapse of Storm Financial.

The Australian Securities and Investments Commission (ASIC) is pursuing Storm Financial, the Macquarie Bank and the Bank of Queensland.

It wants the Federal Court to find that both banks were knowingly concerned in the running of an unregistered managed investment scheme by Storm Financial.

A class action against Macquarie Bank alleging it engaged in "unconscionable conduct" by approving loans to investors who could not repay them is running in conjunction with ASIC's case.

Justice John Reeves today adjourned both matters to a date to be fixed in either April or May, when lawyers for all sides will make their final submissions to the court.

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Court hears of Commonwealth Bank's part in Storm collapse
THE Commonwealth Bank provided the "fuel and oxygen" to the Storm Financial business and knew it was a "dangerous, risky investment strategy", lawyers for the class action against it have argued.

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http://www.gattonstar.com.au/news/court-hears-commonwealth-banks-part-storm-collapse/1786706/

ASIC denies Storm compensation error

ASIC has denied it made errors while calculating compensation offers for former clients of Storm Financial with $136 million of Commonwealth Bank of Australia’s (CBA) settlement funds.

Late last month, litigator Levitt Robinson Solicitors distributed an information bulletin to members of its Storm class action claiming the offer calculated by the corporate regulator contained flaws

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More by Kate Kachor @ http://www.financialobserver.com.au...storm-compensation-error#sthash.pXjIHOgp.dpuf

Court hears Storm Financial case

A STORM Financial client told a Brisbane court yesterday that he would not have invested if the Commonwealth Bank had warned him of the risks and potential for irrevocable losses.

Les Sherwood said in Federal Court that he would have followed the bank's advice over Storm's and looked for another financial adviser

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More by Anthony Marx @ http://www.couriermail.com.au/business/court-hears-storm-financial-case/story-fnefl294-1226595932959

Solly said:

More by Anthony Marx @ http://www.couriermail.com.au/business/court-hears-storm-financial-case/story-fnefl294-1226595932959

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Before Storm clients approached their banks they’d already received investment advice from Storm, for an agreed fee of 7% of whatever money was invested according to Storm’s advice.

Banks have lending departments for providing loans. They have investment departments for providing investment advice.
If any Storm client was wanting investment advice beyond what Storm had already provided, then the bank’s lending department would have been happy to provide it.

bunyip said:

Before Storm clients approached their banks they’d already received investment advice from Storm, for an agreed fee of 7% of whatever money was invested according to Storm’s advice.

Banks have lending departments for providing loans. They have investment departments for providing investment advice.
If any Storm client was wanting investment advice beyond what Storm had already provided, then the bank’s lending department would have been happy to provide it.

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The word highlighted in bue above was meant to be 'investment', not 'lending'.

To clarify.....If Stormers wanted investment advice from their banks then I believe they should have consulted the banks investment advisers.

Storm letter calls on the CBA to engage in new negotiations

STORM Financial victims in the Sherwood class action against the Commonwealth Bank are rejecting the compensation deal made on the eve of a trial in the Federal Court last year.

Class action group members will participate in a mass mail-out to the Australian Securities and Investment chairman and CBA chief legal officer charging that the compensation deal they announced on September 14 was the product of ASIC's conflict of interest.

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More @ http://www.frasercoastchronicle.com.au/news/storm-letter-calls-cba-engage-new-negotiations/1792080/

I've heard that there has been a major development in the Storm case...Macquarie Bank have offered a substantial out of court settlement, which the class action lawyers believe is good enough to accept.