Storm Financial Group

[Cosgrove Fenton]

Ron Jelich Storms agent in Redcliffe gets his face on ACA Friday night should be a good show for those ex home owners in Tents and caravans, although I know Ron and I think he is deeply upset about the whole thing.

No, Jelich is only upset at what he has lost, and the fact that he was got by someone better. The "unofficial unlicensed planner - King of Redcliffe” will shed a tear for us all and tell us he has done nothing wrong and he feels our pain - when in fact he and his band of merry men have sold products without proper consideration for their clients akin to a car salesman selling you (and assuring you but knowing otherwise) a car without an air-bag – but of course when there is a “crash” guess what ! Furthermore congrats to the Doctor who has been able to medicate this man during his stint in Hospital (assuming depression) although Doc may want to cut back the dosage cause Jelich thinks a couple of months of laying low and the Tent dwellers will forgive all and say he is a great bloke – man is that good or what. Ps Glen48 can I come over to your place as Cash Converters won’t release my Tv until next payday…

 

[Gerkin]

If a professional organisation endorses dangerous or unethical behaviour from any of its members, then it's clearly a damning indictment on that organisation.

Did the FPA endorse the practices of Storm?
If they did, then they deserve to be taken to the cleaners through the processes of the law.
If they didn't endorse Storms practices, then I don't see that they have any case to answer.

No they didnt ever endorse the practise of what Storm did.

All they ever addmited was margin lending was appropiate in some circumstances. Thats al they said. Im sure theres a few people on here of have had margin loans.

I have a question for all you negatively posters here.

How did you get to own your house? You borrowed from the bank.

How did you start up and fund a business? You borrowed from the bank.

There is nothing wrong with borrowing so long as its managed properley.

 

[Gerkin]

Whilst not wishing to start a slinging match I find it very difficult to accept that there are always those libertarians/apologists who jump in and endeavour to turn the preditor into the victim.
My take is that the FPA endorsed Storm by default esp. in the eyes of the investor who saw the FPA CFA shingle on the wall endorsing the preditor.
:sheep:

By Default?? I think your now clutching at straws. Just like the CPA endorsed there accountants to create fictisious transactions and shred audit papers.

No, there will always be bad egs in every industry.

Ok, sorry to sound insensitive, but was it the planning authorities fault that bushfires claimed all that property and life in Victoria for letting them build in forrested area.

We can play the blame game as long as we want to on any subject.

 

[Glen48]

Crosgrove
I am not sure about you coming over as you may be a Storm victim and could get nasty and throw a shoe at Ron while he is on TV.
I might invite Ron as he is now down and out and I now have more assets than he has and the one with the most toys win.
Sad to think another scam is getting setup some where in the World..nothing repeats like History.

 

[Cosgrove Fenton]

Crosgrove
I am not sure about you coming over as you may be a Storm victim and could get nasty and throw a shoe at Ron while he is on TV.
I might invite Ron as he is now down and out and I now have more assets than he has and the one with the most toys win.
Sad to think another scam is getting setup some where in the World..nothing repeats like History.

Glen48
You assume Storm left me with shoes, I was able to use my laces as security and they geared me into the shoes so I lost the laces and the shoes to boot(pardon the pun!)!
Ps I used to have an "r" in my name but they took it as commission....please note your ecords
Pps be prepared to lose 7percent of your toys straight up if RJ comes to play - after all he is your mate....

 

[asproboy]

Crosgrove
I might invite Ron as he is now down and out and I now have more assets than he has and the one with the most toys win.

I don't think I'd feel too sorry for Ron. Not only has he lived the lifestyle we might dream of - for at least a short time - on his clients' hard-earned, he's sure to have plumped his pillows with an insurance policy to soften his fall.

 

[sqwark7600]

There is nothing wrong with borrowing so long as its managed properley.

Exactly; and the loans weren't managed at all by the Storm advisers, 4 of whom were CFP members of the FPA and who were paid high commissions and trails to do so by their duped clients.
:sheep:

 

[sqwark7600]

By Default?? I think your now clutching at straws.

From the FPA site:
“The FPA is the peak professional body for financial planning in Australia, representing approximately 12,000 individuals and businesses. Over 9,000 of its 12,000 members are practising financial planners. The FPA and its members strive to improve the financial wellbeing of all Australians.
The FPA provides the leadership and professional framework that enable members to deliver quality financial advice to their clients. FPA members include financial planners from a variety of backgrounds and disciplines, including over 5,500 CERTIFIED FINANCIAL PLANNER™ professionals – the global symbol of excellence in financial planning. All FPA practitioner members are bound by a code of ethics, high professional standards and must meet continuing professional education requirements.”

I think most reasonable people would accept that this is a reasonable straw for a potential Storm Client to clutch at don’t you think? (My bold highlight).
:sheep:

 

[Cosgrove Fenton]

I think most reasonable people would accept that this is a reasonable straw for a potential Storm Client to clutch at don’t you think? (My bold highlight).
:sheep:[/QUOTE]

As stated by others all industries will have "bad apples". Victims of a car crash - caused by someone driving recklessly/speeding, don't look to sue the police for not stopping the negligent driver, or the fuel company who provided the petrol. "S*&% happens" Storm clients have to blame Storm (the driver) and no one else. Plenty of people (outside of the Storm vehicle) have margin loans and only a small percentage of them have suffered the damage we are seeing when compared to Storm passengers.

 

[sqwark7600]

As stated by others all industries will have "bad apples". Victims of a car crash - caused by someone driving recklessly/speeding, don't look to sue the police for not stopping the negligent driver, or the fuel company who provided the petrol. "S*&% happens" Storm clients have to blame Storm (the driver) and no one else. Plenty of people (outside of the Storm vehicle) have margin loans and only a small percentage of them have suffered the damage we are seeing when compared to Storm passengers.

I am aware of that. You miss my point and it is:
that FPA endorsement of Storm and the presence of CFPs in their organistaion would lead clients to the conclusion that Storm would be following the FPA code. This is a valid legal argument as to why they should not shoulder the full responsibility for the tragedy (and isn't that their task at present). How were they to know Storm was a bunch of rotten apples?
Let's face it, if EC had a basic exit strategy and reasonable risk management for his clients let alone himself, today he would be a hero and the global financial guru of the year.
:sheep:

 

[Cosgrove Fenton]

I am aware of that. You miss my point and it is:
that FPA endorsement of Storm and the presence of CFPs in their organistaion would lead clients to the conclusion that Storm would be following the FPA code. This is a valid legal argument as to why they should not shoulder the full responsibility for the tragedy (and isn't that their task at present). How were they to know Storm was a bunch of rotten apples?
Let's face it, if EC had a basic exit strategy and reasonable risk management for his clients let alone himself, today he would be a hero and the global financial guru of the year.
:sheep:

Following your logic and using my earlier example then someone injured (Storm client) in a motor accident (market crash) should pursue the Dept of Transport (FPA) for issuing a licence to the driver at fault (Storm) and you are saying the Dept of Transport (FPA) should shoulder full responsibility and that the driver at fault (Storm) walks away free? With no burden of proof that they competent drivers (advisers)?

 

[Glen48]

Today we mourn the passing of a beloved old friend, Common Sense, who
has been with us for many years. No one knows for sure how old he was,
since his birth records were long ago lost in bureaucratic red tape. He
will be remembered as having cultivated such valuable lessons as:
Knowing when to come in out of the rain; Why the early bird gets the
worm; Life isn't always fair; and maybe it was my fault.

Common Sense lived by simple, sound financial policies (don't spend
more than you can earn) and reliable strategies (adults, not children,
are in charge).

His health began to deteriorate rapidly when well-intentioned but
overbearing regulations were set in place. Reports of a 6-year-old boy
charged with sexual harassment for kissing a classmate; teens suspended
from school for using mouthwash after lunch; and a teacher fired for
reprimanding an unruly student, only worsened his condition.

Common Sense lost ground when parents attacked teachers for doing the
job that they themselves had failed to do in disciplining their unruly
children.

It declined even further when schools were required to get parental
consent to administer sun lotion or an Aspirin to a student; but could
not inform parents when a student became pregnant and wanted to have an
abortion..

Common Sense lost the will to live as the churches became businesses;
and criminals received better treatment than their victims.

Common Sense took a beating when you couldn't defend yourself from a
burglar in your own home and the burglar could sue you for assault.

Common Sense finally gave up the will to live, after a woman failed to
realize that a steaming cup of coffee was hot. She spilled a little in
her lap, and was promptly awarded a huge settlement.

Common Sense was preceded in death, by his parents, Truth and Trust, by
his wife, Discretion, by his daughter, Responsibility, and by his son,
Reason...

He is survived by his 4 stepbrothers;
I Know My Rights
I Want It Now
Someone Else Is To Blame
I'm A Victim

Not many attended his funeral because so few realised he was gone.

If you still remember him, pass this on. If not, join the majority and
do nothing.

 

[Cosgrove Fenton]

Glen48

I could not agree more, you obviously have a lot of common sense but why do you let your Avatar smoke?

 

[Glen48]

Hello
I hope to shock a few smokers into giving up....

Alan Kohler

Prelude to a kiss-of-death
TOP News

The humiliation of the US Securities and Exchange Commission over Bernard Madoff and Sir Allen Stanford, and President Obama’s $US275 billion mortgage bailout plan are early wake-up calls for Australia.

There are big differences between Australia and the US, but they shouldn’t breed complacency.

It’s likely that Australia’s hard landing has merely been postponed, not cancelled. Even if, by some miracle, Australia can actually escape the global meltdown that is now evident, should Australia’s policy-makers assume that this country will somehow muddle through (as opposed to asserting that for political purposes)?

From what we are now witnessing in the news out of Japan and Europe, including Russia, as well as the US, the world is experiencing an economic catastrophe far beyond anything imagined even a few months ago. The idea that Australia can avoid a painful recession is a delusion.

It is imperative that Australia’s economic and securities policy-makers now establish a disaster plan, just like the police forces did with the threat of terrorism. The government and the Australian Securities and Investments Commission have been given some precious breathing space, which is quickly running out. It should be used urgently.

In the US, it has been discovered that the SEC can’t pick up Ponzi schemes. Madoff and Stanford ran obvious ones: they were one-man bands; they were hedge funds without hedge fund fees; their returns were suspiciously consistent – in 1995 and 1996, for example, the returns were identical – 15.71 per cent – and so on.

Are there none of these in Australia? Well, yes, there was Chartwell in Geelong, which has caused so much misery in a town that can least afford it.

Storm Financial in Townsville was not so much a Ponzi scheme, where new money finances the returns on old money, as a scandalous partnership between spivs and a bank, that should have known better, to place ordinary people in harm’s way.

ASIC should urgently audit Australia’s investment schemes and look for the warning signs that have been highlighted by the Madoff and Stanford debacles, if only for its own sake. The credibility and morale of the SEC has been severely damaged by its failure to act early against those two charlatans.

Australia has an appalling system for managing savings in this country, in which financial salespeople are allowed to masquerade as advisors and receive large commissions for selling on “investment products”, which in turn are allowed to charge high, unregulated fees. It is a disaster waiting to happen.

And the Rudd government should not simply assume that Australia will escape a significant rise in mortgage defaults.

Yes, there are two big differences: Australia’s banks are well capitalised and, unlike in the US, mortgage interest rates have fallen sharply with the reduction in the cash rate.

But unemployment here is about to rise sharply and house prices are still too high relative to income (three times average income versus a long-term figure of less than one).

The US government has now been forced to use taxpayers’ money to subsidise the modification of home loans (that is, reduce repayments in an effort to cut foreclosures).

The plan is a vast experiment in moral hazard (borrowers who took on too much debt are just being let off the hook) and it may not work anyway because ownership of the loans is so widely dispersed through mortgage securitisation.

But what is Kevin Rudd’s plan? Hope for the bes

 

[bunyip]

Just saw the interview with Ron Jellich on A Current Affair. This character seems to have been tarred with the same brush as Cassamatis.

Both claim to feel sorry for their clients who got burnt.

Both blame the banks.

Neither of them has shown the character to admit any responsibility for giving the poor investment advice (very high gearing with no effective risk control strategy) which appears to have been the primary factor in them and hundreds of their clients getting cleaned out.

 

[Julia]

Today we mourn the passing of a beloved old friend, Common Sense, who
has been with us for many years...............

I haven't seen this before. So true. Many thanks, Glen.
Wonder if we'll ever see the return of common sense?
It doesn't seem that we can look to governments to provide an example.

 

[Solly]

Just saw the interview with Ron Jellich on A Current Affair. This character seems to have been tarred with the same brush as Cassamatis.

Both claim to feel sorry for their clients who got burnt.

Both blame the banks.

Neither of them has shown the character to admit any responsibility for giving the poor investment advice (very high gearing with no effective risk control strategy) which appears to have been the primary factor in them and hundreds of their clients getting cleaned out.

Here's the Current Affair story...
It's not a program I watch but this might add insight for some.

http://video.msn.com/?mkt=en-au&brand=ninemsn&playlist=videoByUuids:uuids:f88b915c-ac1a-4ad4-a049-7fae11de7dea&showPlaylist=true&from=inline&fg=aca

 

[Julia]

Solly, I can't access the link. Can you give us a brief synopsis of the interview?

 

[Garpal Gumnut]

There is a lull in the affairs of Storm Investors.

Everyone has an opinion .

The world moves on.

Storm "investors" in my opinion have Buckley's chance of recovering their losses.

There is no groundswell to punish those whose alleged negligence caused their losses.

In no particular order

Financial Planners
Financial Planners Association
Storm Financial
Cassimatis
ASIC
Banks

Let us move on and finish this thread, it is a useless exercise.

gg

 

[Glen48]

GG a new scam has started in the Cayman Islands maybe we can move to that for awhile until the next one is uncovered...wait FBI are on to them so there will be no more.