Storm Financial Group

[Garpal Gumnut]

GG would EC need a F P to decide on how best to spend the money from 1 Hour or would he take his own advise and buy shares?
The first thing any one should do is take their passport but then they have right,s like the Female from Bonds getting $40K a week for flogging undies and nothing can be done about you take $4k from a bank you get 10yrs.

A very valid point Glen48.

I have always profited from Financial Planners so cannot give advice to punters wishing to lose all their dough and sell their children in to slavery and prostitution. There is no easy way to do it without paying fees!

The third Mrs Gumnut during the tech boom was in to financial planning in a big way and we visited one.

He spent the entire interview answering his mobile discussing marina off the plan schemes. During one long conversation he excused himself to walk out along Sturt St. and I took the opportunity to relieve him of a rather nice chair which I placed in the back carpark and retrieved later.

I sit upon it as I type and it is the best I've ever had from a financial planner.

gg

 

[Glen48]

I guess it a blessing that Patel has been collared as one could end up with body parts from a donor F P causing the the recipient to act strangely and start them uttering strange statements such as this bail out will work or no one could have seen this stock market crash coming, would you like a Boiled sweet little Boy, we will keep fighting until my jet leaves?
I guess after a hard day you have to migrate to the Sea View for a cold one?

 

[Glen48]

Just come back from the Redcliffe Leagues Club Hic burp word is EC was there on the week end for the game and EC ended up having a slash....both wrists and ended up in Hospital burp .. just a rumour but I suppose hic check him out on 1 hour to see if there are any signs....although depends when he did the interview...

 

[bunyip]

Slater & Gordon, the world's first law firm to list publicly....profit jumps 22%

Full SMH story is here;

http://business.smh.com.au/business/slater--gordon-profit-jumps-22-20090225-8hup.html

Looks like the Storm clients are in good solid hands....

No doubt Slater & Gordon are delighted at the prospect of further increasing their profits courtesy of sizeable injection of funds from mauled Storm clients!

 

[Macquack]

I guess it a blessing that Patel has been collared as one could end up with body parts from a donor F P causing the the recipient to act strangely and start them uttering strange statements such as this bail out will work or no one could have seen this stock market crash coming, would you like a Boiled sweet little Boy, we will keep fighting until my jet leaves?
I guess after a hard day you have to migrate to the Sea View for a cold one?

Good stuff from the "Cryptic Kid"

 

[Solly]

Sixty Minutes tonight: "The Perfect Storm"

Reporter: Ellen Fanning Producer: Jonathan Harley

...."on Sunday night, they'll see Storm's boss face the music.

But it's also the story of the banks and loans that raise serious questions indeed."

Story overview here and transcript will also be posted later here as well.
http://sixtyminutes.ninemsn.com.au/article.aspx?id=757649

 

[mrfmad]

Swazi, Sorry that you have lost so much. You say you want respectful solutions, First DON'T wast any more money chasing what you have lost, its GONE. Stop all the blame game, most of the fault here was your own, if I was to buy XYZ shares to day and they go bad, should I blame the broker that sold them to me, or should I blame the bank that let me have that let me have the money, or should I blame XYZ???????? Storm is just one of the many that WILL go to the wall this coming year.

Yes i would blame your broker if you had put in a sell and he didnt put in your sell and you lost everything.
You are all asuming, and making comments on little bits of information. But every Storm client had a different position ie LVR circumstances etc.
You all keep trying to blame Storm Only. Or clients. Well if i get a margin call and i dont get the call & all my assets are sold without a CALL! My document states i am to be Called Not Storm. Then how is that not the bloody banks fault.
Also who was looking after the clients during tha ASIC investigation that were all sold down during this time. Storm were not allowed to. So i guess thats storms fault too. Or who's fault is that.
So yes we all share in the blame ASIC, STORM, CLIENTS, BANKS, & FPA .
The captain of the ship must go down with his ship EC & is responsible for his crew, bit hard to correct when the banks sell everything from under you. Then when it all goes pear shaped lets dig up as much crap on the company as we can.
MMM no one posted about Storm when they were making millions for the last 10 years or more for their clients.

So Swazi is right we all need to stop posting crap about hearsay, untruths etc. Move on. Stop rubbing salt into the wounds of those down and out.
Wish you well Swazi.

Oh thats right we are all just greedy

 

[pilots]

Yes i would blame your broker if you had put in a sell and he didnt put in your sell and you lost everything.
You are all asuming, and making comments on little bits of information. But every Storm client had a different position ie LVR circumstances etc.
You all keep trying to blame Storm Only. Or clients. Well if i get a margin call and i dont get the call & all my assets are sold without a CALL! My document states i am to be Called Not Storm. Then how is that not the bloody banks fault.
Also who was looking after the clients during tha ASIC investigation that were all sold down during this time. Storm were not allowed to. So i guess thats storms fault too. Or who's fault is that.
So yes we all share in the blame ASIC, STORM, CLIENTS, BANKS, & FPA .
The captain of the ship must go down with his ship EC & is responsible for his crew, bit hard to correct when the banks sell everything from under you. Then when it all goes pear shaped lets dig up as much crap on the company as we can.
MMM no one posted about Storm when they were making millions for the last 10 years or more for their clients.

So Swazi is right we all need to stop posting crap about hearsay, untruths etc. Move on. Stop rubbing salt into the wounds of those down and out.
Wish you well Swazi.

Oh thats right we are all just greedy

GREED is the word that got you all in to trouble in the first place.

 

[Mash]

mrfmad.... just a reminder that the likes of pilots,GG,julia, glen48 really have no idea what all the facts are... and no matter how we try to explain..... they don't care...and don't really want to know the facts... it's just a bit of fun to stick it to anyone they can.... those of us who have a vested interest to seeing this thing to it's best positive outcome can be found on other forums.... these guys at least occasionally provide me with some comic relief ... taking a swipe is soooo much easier... and requires much less in the intestinal fortitude and grey matter department.... so take what they say with a grain of salt...and treat most of their comments with the contempt they deserve... it does help just to vent but doesn't it....:

 

[shibby]

GREED is the word that got you all in to trouble in the first place.

Please explain why you think storm victims are greedy - have a look at us, really have a look at us, you have seen us on the TV we are not high flyers we are simple Mums and Dads the majority over 60 who have retired, had some super and didn't really want to go on the pension.
I can only speak for myself and a few others that I know personally we were not promised millions I was promised a return of 8% I was promised and recieved an income of $37,000 per annum are any of those figures greed, why are you so hateful I really dont understand you, the majority of us are just bewildered and scared and by now so tired of it all.
Its always the same word greed, is there some thing so wrong with your soul that you can't look at those faces and some how relate it back to your own parents?
Obviously I haven't learnt anything about financial planning or planners along the way but the one thing I have learnt is never say words to the effect - Oh I would never do that - it's surpising what life throws you. Another good one to think about is - There but for the Grace of God go I.
There is a little band of you who continue to put the boot in time and time again and to you I also say - humility is a special gift or maybe its a life lesson, why son't you look the word up in the dictionary there still could be time.

 

[pilots]

mrfmad.... just a reminder that the likes of pilots,GG,julia, glen48 really have no idea what all the facts are... and no matter how we try to explain..... they don't care...and don't really want to know the facts... it's just a bit of fun to stick it to anyone they can.... those of us who have a vested interest to seeing this thing to it's best positive outcome can be found on other forums.... these guys at least occasionally provide me with some comic relief ... taking a swipe is soooo much easier... and requires much less in the intestinal fortitude and grey matter department.... so take what they say with a grain of salt...and treat most of their comments with the contempt they deserve... it does help just to vent but doesn't it....:

Sorry Mash, we do know what the facts are, thats why none of us lost on Storm. We would NEVER buy in to any thing, that they have to use high powered, high commissioned sales people to sell it.
If you was told just how much commission some of the sales people was making you would more mad, than you are now.
The sad fact here is that the high dollar sales people ONLY LOOK FOR THE WOOD DUCKS.

 

[Glen48]

Shibby.
Did Storm tell you to put your house in to hock to get this 8% return?
Did you look at how much money you were putting in and do some quick figures to work out if it sounded like a good deal?
I have about 35 k in Gold and being greedy hoping it will hit 1K + soon but I know the risks and at present the USD looks like winning out in the FX market and Gold will drop or stay low at this stage I am trying to read as much as possible on Gold and if necessary take a loss and live to fight another day... to day then every thing is a gamble from driving to work, buying a house and getting married.
Going by what you have told us told us the Storm deal sounds ok????
On thing about the net you can find out any thing from around the World some times days before you read in the the Papers so what ever you have an investment in be alert ... not the type of lert's we have running the country.

 

[shibby]

Shibby.
Did Storm tell you to put your house in to hock to get this 8% return?
Did you look at how much money you were putting in and do some quick figures to work out if it sounded like a good deal?

Yes and yes and I was alert I had an excel sheet running all the time and by July 2008 I had reached the hysterical point and wanted out and they wouldn't cash me up I was fobbed off time and time again and I don't know why I allowed myself to be fobbed off but I did. I came into storm through the back door and had a 4yr relationship with my FP before storm and it was her I trusted not storm and that is what I am angry about all the rest I take responsibility for. But ignoring my orders to sell is the issue for me. And how the others must feel that had no warning I can only imagine.
I feel I was tortured but they would be bewildered and devastated you can see it in their faces. So be kind not everone is computer literate at our age.
Also another issue to take note of is if your in your 60's compulsory super hasn't always been law.

 

[Julia]

Mash

Can you give us some insight about the basis on which Slater & Gordon will be paid to represent you?

No win no fee?

A client trust fund setup whereby you all put in a sum of money, and S & G draw from that at their discretion?

Something else?

Thanks.....just curious.

Mash, your zeal is understandable and I genuinely hope it's rewarded.
I just wonder if you have considered the personal toll that years of protracted court battles will have on your stress levels, not to mention the funding of such legal activities.

I, too, would be interested in the question Bunyip has asked about how the legal action is being funded? Presumably no win, no pay? If that's the case and if that's how it remains, then indeed you have nothing to lose it would seem.

mrfmad.... just a reminder that the likes of pilots,GG,julia, glen48 really have no idea what all the facts are... and no matter how we try to explain..... they don't care...and don't really want to know the facts... it's just a bit of fun to stick it to anyone they can.... those of us who have a vested interest to seeing this thing to it's best positive outcome can be found on other forums.... these guys at least occasionally provide me with some comic relief ... taking a swipe is soooo much easier... and requires much less in the intestinal fortitude and grey matter department.... so take what they say with a grain of salt...and treat most of their comments with the contempt they deserve... it does help just to vent but doesn't it....:

Mash, you're correct: we don't know all the facts by any means.
Several of us have, however, attempted to warn you that the same naivete which allowed you to be bewitched by Storm's promises may well be letting you in for further expense and disappointment by the good Mr Scattini.

You've not responded to either Bunyip's or my question as to how the legal challenge is being funded. We've suggested that if it's a case of 'no win, no fee', then (other than the emotional cost) you would seem to have nothing to lose by going along with any class action, if such an action does happen.

But in the absence of your telling us that the legal work will be on such a basis, you can hardly be surprised that we would assume you are all paying S & G for their advice. If so, I sincerely hope you get value for money.
But maybe, instead of getting angry with us for pointing out possible future pitfalls, consider that S & G just may have their own interests as a priority, as did the Cassimatis.

 

[Black and White]

I have read a lot of comments about the Storm Debacle and most do not know the facts. Common remarks relate to their wealth (assuming that this makes them some sort of expert) - but nobody asks where the wealth came from (huge fees and charges accumulated from clients over many years). People talk about taking on the banks for calling in the margin loans (hello! this is exactly what happens if additional funds are not tipped in - why is anyone surprised at that happening?) Nobody seems to be asking why the ASIC were allowing this company to operate in the manner that it did. Gearing anyone (including old retirees) that came in the door. AND, finally, their business practices were NOT the norm in the financial planning industry. Yes there were some that wanted to be clones of the Cassimatis method of making huge amounts of money - to them I say hope you end up in the same amount of trouble.

 

[Black and White]

P.S.
Don't be too hard on the retirees that went to Storm - if Cassimatis is good at anything it is salesmanship. He is the consumate salesman and has won many many sales awards over the years with MLC topping the entire country for selling life insurance products. You don't top Australia year after year after year for many years unless you know how to hit people's hot buttons - many invested out of fear (fear of having nothing in retirement) rather than greed. The greedy amongst them got to learn a great and sorry lesson.

 

[Mash]

to set your mind at ease yes....if a class action is commenced it will be "no win no pay".... I thought that was pretty obvious.... we don't have a lot of spare cash anymore !!!!!

 

[GumbyLearner]

P.S.
Don't be too hard on the retirees that went to Storm - if Cassimatis is good at anything it is salesmanship. He is the consumate salesman and has won many many sales awards over the years with MLC topping the entire country for selling life insurance products. You don't top Australia year after year after year for many years unless you know how to hit people's hot buttons - many invested out of fear (fear of having nothing in retirement) rather than greed. The greedy amongst them got to learn a great and sorry lesson.

I think the greed argument could also be applied to the boss himself. He got too greedy and the complex instruments he was touting have come back to bust him.

I agree with GG. He is the wise guy on this thread. Why trust or use FP's? DIY and keep safe. Most FP's are 'pants' to use British Slang.

 

[Mash]

Black & White... we are "surprised" about the sell because
1. we were not advised of a margin call - therefore not given the chance to tip more in!!!
and
2. The loans were in negative equity before the sell did happen.

Double whammy!!!!

 

[Glen48]

I read in today's Sunday Mail about the next new scam with people putting in their life savings etc.. on would think after Storm they would keep their money under a mattress ..