Storm Financial Group

[Trevor_S]

So far Media ie 60 min etc have done the crappiest interviews all information is get EC & Storm clients knew nothing.

be aware this is no different to nearly every media outlet and nearly every media story, it's just different this time because you are on the inside... their job is to sell air time to advertisers and ad's in newspapers, not necessarily report fact be aware of this the next time you turn your tv on or read a newspaper. That said, most of what the rest of us on here know comes from the media BUT we also get the advantage of hearing some of the personal stories from those affected. Maybe at the end of the day there is a book in it for you and you might be able to recoup some of your losses :alcohol:

There is an interview with Tony D'Aloisio from ASIC about STORM etc at about 13minutes (ABCs iview is unmetered on my ISP and you need a fast intenet connection for it to stream porperly) on last nights Lateline Business for those interested.

http://www.abc.net.au/iview/#/view/345066

 

[Garpal Gumnut]

It appears that EC & JC are not happy with the 60 Minutes Story......

Check out the latest on
cassimatis.com.au.


(The Wilkinson Media site states that Peter Wilkinson is an ex-Reporter/Producer for 60 Minutes.)

This thread was becoming a bit maudling until your post Solly.

I wondered whether anyone would pick on Peter's connection to Sixty Minutes.

Its one of the problems when you have a big pile and no income, as Manny is finding out, its all outgoings to people who you know may be spinning you, and no ingoings. He may be getting shafted mightily.

I presume he is paying for the PR input.

As Augustus de Morgan so famously said.

“Great fleas have little fleas upon their backs to bite 'em, And little fleas have lesser fleas, and so ad infinitum, And the great fleas themselves, in turn, have greater fleas to go on, While these again have greater still, and greater still, and so on. ”

What a hoot.

gg

ps Manny, when you read this (as I know you do) I can give you excellent advice for $400 an hour and promise not to expose you to second rate journalism and I won't be as you said Ms Fanning was – "you pass as the best bully in the school ground."
Email me on ggumnut@yahoo.com

gg

 

[bunyip]

No because it was still full of wrong information. Hense my Funny response about my Storm experience. But you were entitiled to your opinion.

You also are entitled to your opionon, which just a couple of days ago was (to quote you).... 'Oh and by the way i couldn't agree with your post more.'

As for your 'funny' response about your Storm experience - one our members emailed me privately and described your attemted humour as 'babbling, almost incoherent nonsense'.

I wish you well in using Storms model to recover your losses. For your sake I hope you know what you're doing.

 

[Solly]

be aware this is no different to nearly every media outlet and nearly every media story, it's just different this time because you are on the inside... their job is to sell air time to advertisers and ad's in newspapers, not necessarily report fact be aware of this the next time you turn your tv on or read a newspaper. That said, most of what the rest of us on here know comes from the media BUT we also get the advantage of hearing some of the personal stories from those affected. Maybe at the end of the day there is a book in it for you and you might be able to recoup some of your losses :alcohol:

There is an interview with Tony D'Aloisio from ASIC about STORM etc at about 13minutes (ABCs iview is unmetered on my ISP and you need a fast intenet connection for it to stream porperly) on last nights Lateline Business for those interested.

http://www.abc.net.au/iview/#/view/345066

Thanks Trevor, I missed this going to air and on iView, I just got off a red eye special and I had a look at the transcript at;

http://www.abc.net.au/lateline/business/items/200903/s2505525.htm

TONY D'ALOISIO said...." as our investigations progress, we think there's questions around the issues of advice and conflict of interest, and we're going to pursue those investigations. And if we feel that they are sufficient, we will then look at a case, both to look at clarifying the law, there's no case law in the operation of these advice provisions and the conflict of interest provisions in the Corporations Act, and secondly to see if whether under Section 50 of the ASIC Act there is a public interest in us taking action to assist the investors."

Which could result in compensation for the investors.....But where will the money come from to pay any compensation...?

 

[Solly]

It appears that EC & JC are not happy with the 60 Minutes Story......

Check out the latest on
cassimatis.com.au.


(The Wilkinson Media site states that Peter Wilkinson is an ex-Reporter/Producer for 60 Minutes.)

In the "Recent Questions" tab , there is a reference to 60 Minutes' sponsor Toyota - "and what the Japanese corporations like Toyota did for allied POWs in WWII" .... Can anybody make any sense of the question or for that matter the answer...? Mr Wilkinson can you clarify and fix the sub edit....?

 

[Cosgrove Fenton]

Just read what the 74yr old nurse Leith on the EC website wanting to blame the banks and blaming 60 minutes for "costing us the chance" to have a crack at the bank. WTF who conned this poor old dear into investing in the market in the first place! Did the banks knock on her door or was it Storm? Certainly the banks played a role and need to acknowledge this but the people who put her at risk in the first place were Storm - no question!
As for Allan and Jennifer who have so manny (ha ha) happy memories, this advice - your power, phone and fuel bills plus your kids education cannot be paid by sending a happy snap as payment of account however if it is cold you can burn them as a form of heating. Still, happy times! At least you got to go on the trip!

 

[Solly]

ps Manny, when you read this (as I know you do) I can give you excellent advice for $400 an hour and promise not to expose you to second rate journalism and I won't be as you said Ms Fanning was – "you pass as the best bully in the school ground."
Email me on ggumnut@yahoo.com

gg

gg
If Ms Fanning was seen as a school groud bully, let's hope the EC & Chas Licciardello paths never cross.......or on second thoughts maybe that would be an interesting exchange....now where did I put Julian Morrow's contact details.......

 

[Pindibog]

can anyone tell me the thread number and who posted the processes to go through. I remember reading I had to complain to bank first (have and got the reply I thought I would) before I can proceed through FOS etc. I believe if I have issues with storm I need to complain to Worrell's first ?? before I can go to FOS etc.

 

[stung]

I am back at work 7 days a week and will have my debt down to about $500 000 by Christmas. It is going to be very slow going however.

I was wondering if I should draw some of the money out to put on the ASX 200 when there are signs that things are improving. I feel this is may help to pay the loan off quicker.

I no longer have much confidence when it comes to decision making. What do others think? Is this a reasonable thing to do or am I being dumb all over again?

 

[Garpal Gumnut]

I am back at work 7 days a week and will have my debt down to about $500 000 by Christmas. It is going to be very slow going however.

I was wondering if I should draw some of the money out to put on the ASX 200 when there are signs that things are improving. I feel this is may help to pay the loan off quicker.

I no longer have much confidence when it comes to decision making. What do others think? Is this a reasonable thing to do or am I being dumb all over again?

stung, mate,

As an ex Storm client your decision making would rank with that of a victim of a Nigerian scammer.

There is no easier way to put it. You are an account waiting to be plucked.

Stick any spare dough in a CBA passbook, take your 1% pa and pray that CBA don't go down the gurgler.

That would be the safest for you.

gg

 

[SJG1974]

Hi all.....long time reader, first time poster.

Before I start, let me clarify that I am not a Storm client, nor do I know anyone who is. i have no involvement whatsoever.

I am amazed that EC has been able to get this far without (from what I can see) accepting one ounce of responsibility for what has happened to his clients.

Sure, the banks have to accept responsibility for approving loans to these people (however Im sure they wont), but the CBA didn't run Storm's seminars, write their SoAs nor encourage clients to gear themselves to the hilt- EC and his representatives did that.

And this "black swan" event crap he goes on about....it isn't as if the market has fallen 50% overnight...it has taken a good 15 months to get to this stage. The warning signs were numerous during early 2008 that things werent good. Why didn't EC protect his clients and take the safe route even as late as mid 2008?....surely thats what these clients paid their 7% up-front for- "expert" advice. I know of several friends whose advisers got them out of the market in June 2008 and sat them in cash ever since....so for EC to say that everyone has been affected is rubbish- it is those that haven't received good advice have been affected to this extent.

As far as I'm concerned what happened in November/December when the CBA and Storm started bickering is irrelevant- it should never have gone that far....clients should have been protected much earlier than this. I cannot believe that some Storm clients will defend Cassimatis and blame the CBA just because they had a couple of good holidays. How do they think he paid for them???with their 7% fees!

And to say he is fighting for justice for his clients is easy to say when deep down he knows that they won't receive any....it is just his way of deflecting blame.

I have asked a few questions on his website, but received no response which isn't surprising. Not expecting to either.

 

[Solly]

Ahh...a mystery solved.....EC & JC weren't on the BRW Rich list, but were on

the reputable Qld "Sunday Mail's Queensland Top-100 Rich List"

according to this correction in the SMH.. (4th paragraph)

http://www.smh.com.au/news/business/money/planning/loose-change/2009/03/02/1235842325859.html

 

[Solly]

In the "Recent Questions" tab , there is a reference to 60 Minutes' sponsor Toyota - "and what the Japanese corporations like Toyota did for allied POWs in WWII" .... Can anybody make any sense of the question or for that matter the answer...? Mr Wilkinson can you clarify and fix the sub edit....?

The question and answer are now gone from the site ..... probably for the better... I now feel better and and can drive my Toyota Crown guilt free.....

 

[Garpal Gumnut]

The question and answer are now gone from the site ..... probably for the better... I now feel better and and can drive my Toyota Crown guilt free.....

The whole site is a bit bizarre.

The forum ain't a forum, the media leads to potted summaries of the answers to questions and many questions are unanswered. Its all over the place. It must be an all in one PR deal with Peter Wilkinson.

Its actually an old website from the early Storm/MLC days, resurrected for the penultimate chapter.

Toyota Crown eh a bit of a toff then Solly.

gg

 

[MR.]

stung, mate,

As an ex Storm client your decision making would rank with that of a victim of a Nigerian scammer.

There is no easier way to put it. You are an account waiting to be plucked.

Stick any spare dough in a CBA passbook, take your 1% pa and pray that CBA don't go down the gurgler.

That would be the safest for you.

gg

Stung, ofcoarse you're not going to stick any spare dough in a CBA account getting 0.8 - 2.5% interest >10K. You'd be paying off that debt. To withdraw some cash to put back into the market (perhaps years away) is the same as borrowing to put in the stock market. You'd agree.

Perhaps an advantage in addition to any potential market gains in the market would be the tax on any gains will be offset because of your loses. An accountant would quickly answer that, but no rush.

I personally would never take a loan to buy any stocks.

 

[Julia]

stung, mate,

As an ex Storm client your decision making would rank with that of a victim of a Nigerian scammer.

There is no easier way to put it. You are an account waiting to be plucked.

gg, that's a bit tough on Stung. He/she did acknowledge that his/her decision making capacity was pretty much shot right now, hence asking the question on here.

I reckon just recognising that he/she isn't up to making good decisions yet is a step on the road to recovery.

Stung, gg's advice is good. Leave the money in the bank. It's govt guaranteed so far. Sorry you're having to work 7 days. Don't kill yourself working in an effort to expunge the misery.
All the best. Everything passes.

Cheers
Julia

 

[Cosgrove Fenton]

I am back at work 7 days a week and will have my debt down to about $500 000 by Christmas. It is going to be very slow going however.

I was wondering if I should draw some of the money out to put on the ASX 200 when there are signs that things are improving. I feel this is may help to pay the loan off quicker.

I no longer have much confidence when it comes to decision making. What do others think? Is this a reasonable thing to do or am I being dumb all over again?

Stung - we are in uncertain times, do not throw good money after bad. The Dow will begin with a 5 and the all ords a 2 before long do not risk it!

 

[MR.]

I was wondering if I should draw some of the money out to put on the ASX 200 when there are signs that things are improving. I feel this is may help to pay the loan off quicker.

Stung, gg's advice is good. Leave the money in the bank. It's govt guaranteed so far.

Huh? get off the pot! Do you think Stung has money is in the bank with debts of $500K+ ???????

Stung has asked if perhaps some put into the ASX200 will help the debt be payed back a little quicker.

Too quick to reply?

Cosgrove Fenton, makes sense! post 1337

 

[stung]

Re my last question.

Sorry for being unclear.
I was referring to the money that I have parked in a mortgage offset account. As I am sure you know it reduces the principle and therefore interest but it can be accessed as desired.
I was thinking of taking perhaps $50k maximum and dribbling it in small quantities into the stock market perhaps when the resource sector starts to show signs of recovery and rehires again and when the economy does a turnaround. I was looking ahead a few years. Given that the all ords is so low, is this not an opportunity for the future? Or am I falling for a Nigerian.

Sorry to upset the knowlegable by my questions but I thought I would ask around before doing anything. After all in earlier posts storm clients were accused of not doing any research or utilising similar forums as this to gain insight.

 

[Solly]

The whole site is a bit bizarre.

The forum ain't a forum, the media leads to potted summaries of the answers to questions and many questions are unanswered. Its all over the place. It must be an all in one PR deal with Peter Wilkinson.

Its actually an old website from the early Storm/MLC days, resurrected for the penultimate chapter.

Toyota Crown eh a bit of a toff then Solly.

gg

I agree that the website isn't the easiest to nagivate, looks a bit like one of those "out of the box" setups with presupplied templates that just need renaming. It aint Web2 !

As for being a bit of toff....doesn't everybody drive wearing a cloth peaked cap, driving goggles, a silk duster, goatskin pantaloons and gloves while doing 35kph in the far right hand lane when driving along Airport Drive.........