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Storm Financial Group

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I am increasingly surprised by the variety of people that I am meeting whom exhibit the characteristics and sentiments that would typically give rise to a "Storm" like financial incident.

Recently, a friend of mine whom has decades of experience as a successful landlord/owner builder, and full time businessman, suggested to me that I might benefit from undertaking a course in forex. He explained that he'd been to an introductory seminar where the guy offering the course had demonstrated the ease of a particular strategy by performing the trade from within an airborne helicopter! It was on the basis of this, coupled with the fact that the trader sounded intelligent, that my friend assured me that this (rather expensive) forex course would be of benefit! I made a preliminary effort to educate my friend but quickly realised that he was probably more in need of a financially and emotionally costly semester in the school of life. My recounted experiences of actually trading in financial markets with real money didn't seem to rate as highly in his mind as the grandiose promises of the intro seminar that he'd attended.

Until such time as critical thinking and/or business acumen become key parts of our education curriculum, this situation is unlikely to improve. The general media has been adding fuel to the fire (of financial complacency and naivete) by continually extolling the virtues of fully entrusting one's financial affairs to the care of licensed "professionals". This only serves to further promote the illusions of "efficacy" and "integrity" within our regulated financial services industry.

Whilst I do believe that the Stormies are victims of a sort (they'd unwittingly been duped for decades before Storm availed itself of their susceptibility), I would certainly not support any claim for material compensation beyond that which can be legally demonstrated to the satisfaction of the courts. Nor would I encourage entertaining the victim perception beyond a reasonable period of grief/despair. It is for each individual to, in their own good time, discover their way to move forward with their lives.
 

It’s been said before so many times on this thread that some people are sick of hearing it. But I’m going to say it again anyway, because it’s just so important. It’s too late to help people avoid the Storm debacle, but they can avoid getting caught out by other similar catastrophes if only they’ll take a simple piece of advice on board.
The advice is simply ‘Think for yourself before acting on the advice of other people’.

There’s nothing wrong with getting advice and opinions from professionals, but it’s a mistake to just accept that advice without first thinking about it and evaluating it.
I would have lost the sight in one eye if I’d accepted the advice of the GP who told me nothing could be done about the growth that was spreading across my eye. He was the professional who should have known what he was talking about, I was a 22 year old with no medical training or knowledge. But I got an opinion from a second doctor rather than just blindly believe the first one. I was referred to an eye specialist, and the growth was surgically removed a couple of weeks later.

I should have been able to trust that professional doctor, just as investors should have been able to trust a professional financial planning firm called Storm Financial.
But we live in an imperfect world where people, including professionals, are not always as competent or as trustworthy as they should be. Therefore it’s imperative that we always think about their advice and make a real effort to evaluate it before acting upon it, otherwise we’re easy meat for the shonks and incompetents.
Storm described stock market investment as risky, then reportedly led investors to believe that it was safe and conservative to mortgage homes and borrow a lot of money to sink into this risky investment.
A small amount of the ‘critical thinking’ that Cynic talks about would have shown that this advice was seriously flawed.
 
Financial advice certainly does need to be evaluated before being implemented. There are too many that still do not deserve the responsibility of overseeing people's life savings. 2013...Still getting there.
 
There needs to be respect on this thread for all Storm victims.

Many were completely financially illiterate and sucked in by the hype.

Some were greedy, and greed is a human condition.

Some lacked any impression of risk.

Many were in between all of the above.

There is no "typical" Storm investor.

The whole affair is a judgement on



  • Financial Advisers

    Banks

    Lawyers

    ASIC

    Tort

    Media

gg
 
Garpal Gumnut said:
There is no "typical" Storm investor.

The whole affair is a judgement on



  • Financial Advisers

    Banks

    Lawyers

    ASIC

    Tort

    Media

gg
Click to expand...

This whole affair is a judgment on human nature.

Greed, arrogance, stupidity, dishonesty, selfishness, incompetence, pride, lack of consideration for other people, cowardice – you name it - all the worst aspects of human nature have been on display in the Storm debacle.
 

Quite a few have also been on display in this thread....
 
bunyip said:
Indeed they have, and you have been no more an innocent party than anyone else.
Click to expand...

Indeed - but I've never claimed to be infallible. I'm happy enough to admit that I'm human, and in possession of quite a few human reactions - and I've certainly had quite a few of them whilst reading this thread!

It's been several years since some of us, who were actually Storm clients, experienced an event that was catastrophic for most of us. Some of us have moved on and found a way to get on with life, some haven't. Some have received some form of compensation, some have the possibility of more in the works, some don't. Most of us have long since given up on this particular thread, and the most frequent posters to it are now those that weren't directly involved.

Maybe it's time to let it go.....
 

Well articulated Dock,

ASF has been a brilliant forum for me to express my views, I'm a guest here and I'm appreciative of Joe who has allowed me to contribute to his platform.

I hold the view that no one needs to justify a position to anybody, unless you are before the bench, that is.

S
 
bunyip said:
In that case, GG, I take it there will be no repeat of your referring to Storm victims as 'muppets'?
Click to expand...

I would not think so.

I myself have been a muppet in some of my investment decisions.

As have the majority on ASF.

It is a statement of fact not a derogatory term as I use it.

gg
 
As we fast approach the 5 year anniversary of the Storm Financial debacle, does anyone have an update on the present state of litigation and return of monies to Storm investors?

gg
 
Garpal Gumnut said:
As we fast approach the 5 year anniversary of the Storm Financial debacle, does anyone have an update on the present state of litigation and return of monies to Storm investors?

gg
Click to expand...

GG
I can only tell you that I’ve been in private contact with a couple of Stormers who’ve told me they’ve got half their money back.
Presumably that was from the bank/s who financed their investments.

I think they did extremely well, considering that the banks cannot reasonably be considered as 50% responsible for the losses of Storm investors.
 
FULL COURT OF THE FEDERAL COURT OF AUSTRALIA

FEDERAL COURT OF AUSTRALIA

Queensland Registry

Wednesday, 20 November 2013

Harry Gibbs Commonwealth Law Courts Building
Level 6, 119 North Quay
BRISBANE, 4000


Justice Rangiah Court No. 5, Level 7
10:15 AM Interlocutory Hearing

1 QUD709/2013 EMMANUEL GEORGE CASSIMATIS & ANOR v AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

3 QUD460/2013 EMMANUEL GEORGE CASSIMATIS & ANOR v ASIC
 
Re: Ignorance


I stumbled across this post from pennywise, 5 years ago, as Storm Financial was going down the gurgler.

Does anyone know how pennywise is atm, and what their opinion is on Storm Financial?

It doesn't seem like 5 years.

gg
 
A little snippet from the Fairfax newspapers. A bit late on a number of levels.

 
Judd said:
A little snippet from the Fairfax newspapers. A bit late on a number of levels.
Click to expand...

The Commonwealth Director of Public Prosecutions is pursuing the matter.

Further mention will be on 11 February 2014.

Another interesting case to observe.
 
Re: Ignorance

Garpal Gumnut said:
I stumbled across this post from pennywise, 5 years ago, as Storm Financial was going down the gurgler.

Does anyone know how pennywise is atm, and what their opinion is on Storm Financial?

It doesn't seem like 5 years.

gg
Click to expand...
GG

I suspected at the time that Pennywise was EC in disguise, but of course I had no way of knowing for sure.

If PW was someone else, than I imagine that he or she isn’t faring too well. And I daresay that his opinion has changed considerably since his glowing endorsement of Storm Financial five years ago.
 
I note that EC has been scathing in his submission to the Senate inquiry into ASIC.
He alleges wrongdoings by ASIC & CBA.
Some of the other submissions by those impacted by the Storm collapse are also an interesting read.
 
Solly said:
I note that EC has been scathing in his submission to the Senate inquiry into ASIC.
He alleges wrongdoings by ASIC & CBA.
Some of the other submissions by those impacted by the Storm collapse are also an interesting read.
Click to expand...

As does Ron Jelich's - and a few others.
 
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