Storm Financial Group

[Steve Borden]

Steve, would that also apply to Macquarie Margin Lending - they have the shares as security and are not interested in assets, liabilities & salary etc.
No matter how I try, I can only get the simplest paper work, just basic name, address, financial advisor information?

Shibby

Have never seen a Macquarie application however I would assume so, in reality the margin lending criteria is pretty much if you have enough security then you get the loan, perhaps aside from a poor credit history or like.

Press a little harder with the Lender they will provide the information you need.

I know a Qld based Bank (not Suncorp) is having the client sign a request, which includes a $60 per hour fee, to retrieve the meaningful information such evidence of income, projections provided by storm, low doc declaration, etc. It is then a judgement call as to whether you are simply sending good money after bad.

 

[Smiley]

Friends sent Cassimatis website a question re their inlaws who were becoming homeless, and they asked if their relatives could park their caravan on the lawn of his mansion in Brisbane (which is huge). They are losing their home due to Storm's advice (which included borrowing hugely in Oct '08 against their home which had never been mortgaged as part of their investment plan - on his adamant insistence; this info was not in the posted question). But no surprise it was not posted in their list of queries nor replied to.

 

[Julia]

Smiley, I wonder what would happen if they simply rolled up with their caravan and parked it on the Cassimatis front lawn? Preferably with the tabloid media in tow!

They could - amidst much weeping - say they were taking literally the Storm founders' declaration that all they cared about was looking after the affected investors.

What would Manny and Julie do?

 

[Glen48]

The way our law works? is they turn up van in tow and get charged with break and enter, car and van checked over looking for defects, E & J C get a Police body guard.
But then again they make be getting the yard ready and to busy to reply.

 

[shibby]

Can we post in any colour on this thread?

Perhaps blue for Storm Victims, red for the many Italian-Australians yet to have their day with Manny, black for the deceased and white for those who have decided to move on.

gg

Dear GG
what about green for those who are currently coming 57 out of 57 in the Stock Picking Competition
Love Shibby

 

[Garpal Gumnut]

Steve, would that also apply to Macquarie Margin Lending - they have the shares as security and are not interested in assets, liabilities & salary etc.
No matter how I try, I can only get the simplest paper work, just basic name, address, financial advisor information?

Can we post in any colour on this thread?

Perhaps blue for Storm Victims, red for the many Italian-Australians yet to have their day with Manny, black for the deceased and white for those who have decided to move on.

gg

The point I was making is that Australia is blessed with a mixture of many cultures and peoples, and Ingham, Innisfail, Cairns and the Burdekin region are no different.
There are many with a Mediterranean attitude towards seeking redress whose loot has gone the way of all other Storm monies. They may have other avenues of appeal to the heartstrings of the guilty rather than just through the courts.

gg

Dear GG
what about green for those who are currently coming 57 out of 57 in the Stock Picking Competition
Love Shibby

https://www.aussiestockforums.com/index.php?page=stocktips

lol Shibby, a temporary setback , its all the bank's. other people's fault, not mine, its a black swan, once in a lifetime etc etc., as my betters would say. Await the end of the month and the most incredible recovery in the Stock Competition will have occurred.

gg

 

[Solly]

The point I was making is that Australia is blessed with a mixture of many cultures and peoples, and Ingham, Innisfail, Cairns and the Burdekin region are no different.
There are many with a Mediterranean attitude towards seeking redress whose loot has gone the way of all other Storm monies. They may have other avenues of appeal to the heartstrings of the guilty rather than just through the courts.

gg

gg
I have previously seen the results of "Car Park Counselling" in NQ.
I trust you are not referring to this ......

 

[Garpal Gumnut]

gg
I have previously seen the results of "Car Park Counselling" in NQ.
I trust you are not referring to this ......

From Alice in the Looking Glass

'When I use a word,' Humpty Dumpty said, in a rather scornful tone,' it means just what I choose it to mean, neither more nor less.'
'The question is,' said Alice, 'whether you can make words mean so many different things.'
'The question is,' said Humpty Dumpty, 'which is to be master - that's all.'
Alice was too much puzzled to say anything; so after a minute Humpty Dumpty began again. 'They've a temper, some of them - particularly verbs: they're the proudest - adjectives you can do anything with, but not verbs - however, I can manage the whole lot of them!


I like that word "Counselling"

gg

 

[Solly]

From Alice in the Looking Glass

'When I use a word,' Humpty Dumpty said, in a rather scornful tone,' it means just what I choose it to mean, neither more nor less.'
'The question is,' said Alice, 'whether you can make words mean so many different things.'
'The question is,' said Humpty Dumpty, 'which is to be master - that's all.'
Alice was too much puzzled to say anything; so after a minute Humpty Dumpty began again. 'They've a temper, some of them - particularly verbs: they're the proudest - adjectives you can do anything with, but not verbs - however, I can manage the whole lot of them!


I like that word "Counselling"

gg

Well, thank you .....

"That's the effect of living backwards," the Queen said kindly: "it always makes one a little giddy at first-----"

 

[Trevor_S]

Their Townsville House

http://www.ferryproperty.com.au/pol...sl=2393&f_st=1&f_ct=1,4&f_ps=2&p1=residential

 

[Solly]

Their Townsville House

http://www.ferryproperty.com.au/pol...sl=2393&f_st=1&f_ct=1,4&f_ps=2&p1=residential

Thanks for the link, I played the slideshow, It's not a home I'd feel comfortable living in. This place could house many orphans from Espiritu Santo or maybe make a good backbackers hostel, I wonder how many Wicked Hi-Luxs you could park in the driveway ?....:

 

[Solly]

There is story by Mitch Gaynor in today's Sunday Mail that reports that former Redcliffe Storm Financial Adviser Ron Jelich "is ready to cop the consequences if found guilty of leading clients to financial devastation".
He states he is ready to sit in a court room, Senate inquiry, Royal Commission.

The story also reports that "Mr Jelich claims Mr Cassimatis has yet to fully answer several key twists to the sudden collapse of his company", also the article states the Mr Jelich had a breakdown over Xmas and spent time in hospital.

If you can get your hands on a copy of the Sunday Mail, the article is quite an interesting read.....

 

[bunyip]

We hear that Storm bought out numerous financial planners in Queensland and possibly in other states too.
I wonder if they actually paid any money for them, or whether instead they offered these business an opportunity to come under the high profile Storm banner, with Storm then training them in their strategies and getting a cut of any business they put through.

It seems that these 'bought out' financial planners, despite all their training and professional qualifications, still endorsed the high risk Storm strategies - strategies that were highly unlikely to have passed approval with the financial planners association or whatever their representative organisation calls itself.
It begs the question.....were these 'bought out' financial planners just plain stupid and incompetent in adopting the high risk Storm model, or were they well aware of its risks and pitfalls but they adopted it anyway on the basis of how much income it would bring them in commissions and management fees?
In other words, were they naive and stupid or were they greedy and unscrupulous?
We can point the finger at Cassamatis, and without doubt he has a lot to answer for. But we need to keep in mind that he was not alone....he was just one of dozens of planners/advisers who were tarred with the same brush.

 

[Monario]

Hi All,
Been a while since my last post, hope all are doing well.

I have a question in regards to margin loans, I hope someone can answer.

I finally recieved a copy of my documents and have been sifting through, but I am unable to find any proof of income, of any kind, on my application for finance with macquarie.. Is this unusual?

 

[Macquack]

Their Townsville House

http://www.ferryproperty.com.au/pol...sl=2393&f_st=1&f_ct=1,4&f_ps=2&p1=residential

For a house of 900 square metres, all the rooms look pokey to me.

What's with the high and low windows in this room (blocking the view). The architect should be shot.

 

[Solly]

We hear that Storm bought out numerous financial planners in Queensland and possibly in other states too.
I wonder if they actually paid any money for them, or whether instead they offered these business an opportunity to come under the high profile Storm banner, with Storm then training them in their strategies and getting a cut of any business they put through.

It seems that these 'bought out' financial planners, despite all their training and professional qualifications, still endorsed the high risk Storm strategies - strategies that were highly unlikely to have passed approval with the financial planners association or whatever their representative organisation calls itself.
It begs the question.....were these 'bought out' financial planners just plain stupid and incompetent in adopting the high risk Storm model, or were they well aware of its risks and pitfalls but they adopted it anyway on the basis of how much income it would bring them in commissions and management fees?
In other words, were they naive and stupid or were they greedy and unscrupulous?
We can point the finger at Cassamatis, and without doubt he has a lot to answer for. But we need to keep in mind that he was not alone....he was just one of dozens of planners/advisers who were tarred with the same brush.

I haven't got the Sunday Mail article in front of me at the moment as I'm in-transit to a briefing, but I believe that Mr Jelich says he was to receive $8mil in shares if Storm floated or $5 Mill in cash in he resigned, but now he's $10mil in debt, homeless and ruined financially. Quite tragic for all concerned.
(*Please correct me if these details are inaccurate)

 

[bunyip]

I haven't got the Sunday Mail article in front of me at the moment as I'm in-transit to a briefing, but I believe that Mr Jelich says he was to receive $8mil in shares if Storm floated or $5 Mill in cash in he resigned, but now he's $10mil in debt, homeless and ruined financially. Quite tragic for all concerned.
(*Please correct me if these details are inaccurate)

One way or another they dangled a pretty juicy carrot in front of his nose, didn't they!
Sounds like he took the bait and has ended up paying a heavy price for it.

 

[Judd]

Hi All,
Been a while since my last post, hope all are doing well.

I have a question in regards to margin loans, I hope someone can answer.

I finally recieved a copy of my documents and have been sifting through, but I am unable to find any proof of income, of any kind, on my application for finance with macquarie.. Is this unusual?

No it is not unusual. Shares were put up as security and that is the only thing you needed to do because to payout the debt all that was required was to sell the shares. No other income is necessary for that to occur. Nor is any liability/asset assessment needed.

Margin loans are, in my view, a very straight forward product. LOL, I should know since I blew one up but that is another story.

 

[Steve Borden]

There was a presentation on the storm website that made mention of the purchasing of other planning businesses and how the purchase prices were above the industry norm. One salesperson/adviser proudly boasted his income had trebled since joining storm.

It is these salespeople/advisers and those who sold to storm that I find it difficult to feel any sympathy for as they should have known better, if there is a group in all this that could be said to have been greedy (apart from E&J) it was this lot.

They were seduced by above average commissions and in some cases above average sale prices to the extent that they bet their, their family's and their client's future on the 'model'.

 

[Trevor_S]

I finally recieved a copy of my documents and have been sifting through, but I am unable to find any proof of income, of any kind, on my application for finance with macquarie.. Is this unusual?

Nope, not unusual at all (though their may be some that do), I have never been asked for proof of income for the several ML's I have had over 2 decades. ML's are based around the security of the shares ie if you don't pay the interest bill OR the value of the shares falls below the LVR (+ a small margin) then they simply sell the shares from under you if you don't supply more cash or more security to get back under the LVR. ie anyone with an margin loan should be keeping a watchful eye on their loan facility.

Margin loans are a wonderful tool if used correctly, I have been using them off an on since the early '90's and run LVR's around 30% - 40% at most.

With all due respect, how don't you know this ? These are the sorts of questions you should have been asking before you took the loan out. I know you trusted your adviser but if you didn't understand would you not have asked them how an ML worked ?