Storm Financial Group

Pindibog · 23 March 2009

Don't loose any sleep it is in their blogs and there are lots of non supporters!!

Garpal Gumnut said:
Julia and Jifromoz,

There is still no link from the SICAG site to the recent ASIC document.

It seems that only every financial commentator in the country, and every savvy poster on ASF are against these poor people being herded back into the hands of Cassimatis,

This will be under a scheme of arrangement called a DOCA which will absolve Manny from any future litigation.

Poor, poor people.

gg

Solly · 23 March 2009

Garpal Gumnut said:
No jif, nothing on the ASIC site today.

gg

Guys & Gals

It's on tomorrow 24/3 at the Bris Federal Court at 10:15 am.
Hearing and Interlocutory Hearing
ASIC v STORM FINANCIAL LIMITED
(RECEIVERS AND MANAGERS APPOINTED)
(ADMINISTRATORS APPOINTED).

Jifromoz · 24 March 2009

Hi All,

Here is a link to the SMH website in regard to todays proceedings for ASIC v Storm. Evidiently Mrs Cassimatis today and maybe Mr C tomorrow.

http://business.smh.com.au/business/storm-misled-creditors-court-told-20090324-98v4.html

Cheers

Jifromoz

Trevor_S · 24 March 2009

Jifromoz said:
Hi All,

Here is a link to the SMH website in regard to todays proceedings for ASIC v Storm.

I find it highly unlikely that the Judge will usurp the wishes of the creditors and I suspect he will leave it to the creditors to make the decision, rather then him.

but ya never know

Solly · 25 March 2009

"Storm 'misleading' clients with net post"

"At Brisbane's Federal Court yesterday, Robert Newlinds SC, for Australian Securities and Investments Commission, argued the court should wind up the beleaguered financial planning firm before creditors had a chance to vote on a deed of company arrangement (DOCA)."

Mrs Cassimatis.."also confirmed the company had paid a PR company more than $74,000 on December 15 last year to combat a "vicious smear campaign" launched by the Commonwealth Bank."

More in The Australian by Sarah Elks and Sara Rich here;

http://www.theaustralian.news.com.au/business/story/0,28124,25237590-643,00.html

Solly · 25 March 2009

"Julie Cassimatis stumbles when questioned over $2m payout"

"EMBATTLED Storm Financial co-founder Julie Cassimatis blasted the Commonwealth Bank in court yesterday for bringing down her firm but stumbled when asked to justify a $2 million payment while debts were piling up."

Full story by Anthony Marx in The Courier Mail is here;

http://www.news.com.au/couriermail/story/0,27574,25238272-3102,00.html

Kez180 · 25 March 2009

I have just read through the DOCA, it basically states that anyone who participates agrees not to hold any agent of storm, storm itself and juile + manny cassimatis liable for more than their respective P&I insurances... It is ridiculous...

I am ashamed to be studying as a financial planner, they have dragged the industry's reputation through the mud and now they have the nerve to try and get themselves out of trouble... SCUM

~Kieran

Solly · 25 March 2009

According to The Age, Justice Logan will decide on the wind-up order at 2pm Thur 26/3.....

Kez180 · 25 March 2009

Want to learn about hedging? I bet you $5 that the ASIC application to liquidate fails, that ought to cover a happy meal if they squash the DOCA.
~Kieran

I just Posted that to cassimatis.com.... I am a spiteful person I know...

Kez180 · 25 March 2009

BTW I am trying to get a copy of the 2007 prospectus from when Storm tried to go public... I haven't had any luck with ASIC... they refered me to storm.... I just asked the woman if she really thought that was going to work....

Anyway it is for a uni assignment regarding just how bad they have cocked up....

If anyone has a pdf copy I'd love to get a hold of it...

Cheers,

Kieran

bunyip · 25 March 2009

Q.
Why should I or anyone trust you? - You admitted on T.V that people should not have trusted you. In a videolink in Dec you made promises to me that you must have known could not be fulfilled. My so-called advisor a former director ignored my many requests

A.
Brian
You should trust us because we are trustworthy. I did not admit on TV you should not trust us - 60 Minutes cut off my answer and accordingly portrayed a completely different meaning to my answer. The best way and cheapest way for you to handle your losses is to register a proof of debt and vote in favour of the DOCA we are proposing - it is, we believe, the most efficient way for us all to try and get compensation for our losses.

How about the above question and answer from the Cassamatis website.
Someone asks why they should trust him, and he replies "because we're trustworthy"!!!

After all the mistakes and incompetence, he's still claiming to be trustworthy! This character has a thicker hide than an elphant!!

SJG1974 · 26 March 2009

bunyip said:
Q.
Why should I or anyone trust you? - You admitted on T.V that people should not have trusted you. In a videolink in Dec you made promises to me that you must have known could not be fulfilled. My so-called advisor a former director ignored my many requests

A.
Brian
You should trust us because we are trustworthy. I did not admit on TV you should not trust us - 60 Minutes cut off my answer and accordingly portrayed a completely different meaning to my answer. The best way and cheapest way for you to handle your losses is to register a proof of debt and vote in favour of the DOCA we are proposing - it is, we believe, the most efficient way for us all to try and get compensation for our losses.

How about the above question and answer from the Cassamatis website.
Someone asks why they should trust him, and he replies "because we're trustworthy"!!!

After all the mistakes and incompetence, he's still claiming to be trustworthy! This character has a thicker hide than an elphant!!

The guy has not taken one ounce of responsibility for the lives his advice has ruined. Blames everyone but himself. It would be an injustice if the DOCA gets up and he and Mrs C can't be sued for the actions they took.

SJG1974 · 26 March 2009

Kez180 said:
BTW I am trying to get a copy of the 2007 prospectus from when Storm tried to go public... I haven't had any luck with ASIC... they refered me to storm.... I just asked the woman if she really thought that was going to work....

Anyway it is for a uni assignment regarding just how bad they have cocked up....

If anyone has a pdf copy I'd love to get a hold of it...

Cheers,

Kieran

I would love to get my hands on a copy too....would make very interesting reading.

Smiley · 26 March 2009

Storm is now wound up by the federal court or perhaps the better phraseology is wound down.
There are some potent submissions already on the Senate inquiry website.

donteventryit · 26 March 2009

Smiley said:
Storm is now wound up by the federal court or perhaps the better phraseology is wound down.
There are some potent submissions already on the Senate inquiry website.

Absolutely no chance of a the DOCA going ahead now.

Can't post the link due to my posts, but here is an article.

Storm Financial wound up

Colin Kruger

March 26, 2009 - 3:31PM

The securities watchdog has succeeded in its bid to wind up failed financial advisor, Storm Financial, with the Federal Court in Queensland announcing today that the company will be put into liquidation.

The decision means Storm creditors will not have the opportunity to vote on a deed of company arrangement proposed by Storm founders, Emmanuel and Julie Cassimatis, that would have handed them control of the company, and with that, rights to a number of legal actions.

This includes action began last year by Storm against business partner, Commonwealth Bank, as well as legal action against Commbank on behalf of former Storm clients.

The DOCA would also have let the founders off the hook for any potential legal action against them by former Storm clients.

In two days of hearings this week the Australian Securities and Investments Commission (ASIC) told the court that documents posted by the founders in support of the DOCA were "misleading' and deceptive'' and allow the couple to get off scot free.

The couple still face legal action by ASIC and Storm's receivers for a $2 million "dividend payment'' which has been frozen by court order.

While the Cassimatis' claim the payment was legitimate, it appears to have been illegally paid as the couple were the only remaining Storm directors when the payment was made - three directors are the statutory minimum.

And Storm's administrators have also said their investigations "strongly suggest" the company was insolvent on December 1 - more than two weeks before the payment was made - when an $11.2 million income tax liability was due but not paid.

In the creditors report, which was released earlier this week, the administrators recommended that creditors put the company into liquidation due to the fact that it is insolvent.

Judd · 26 March 2009

Sometimes we despair of decisions made by the justice system. But it is the only system which separates us from anarchy irrespective of how we feel about the outcomes of court cases.

In this particular case, I have the view that the justice system has saved the naive from themselves despite removing their right to consider the proposed DOCA. Consider it a begin dictatorship if you will.

Edit: Spelling.

Solly · 26 March 2009

donteventryit said:
Absolutely no chance of a the DOCA going ahead now.

Can't post the link due to my posts, but here is an article.

Storm Financial wound up

Colin Kruger

March 26, 2009 - 3:31PM

The securities watchdog has succeeded in its bid to wind up failed financial advisor, Storm Financial, with the Federal Court in Queensland announcing today that the company will be put into liquidation.

The decision means Storm creditors will not have the opportunity to vote on a deed of company arrangement proposed by Storm founders, Emmanuel and Julie Cassimatis, that would have handed them control of the company, and with that, rights to a number of legal actions.

This includes action began last year by Storm against business partner, Commonwealth Bank, as well as legal action against Commbank on behalf of former Storm clients.

The DOCA would also have let the founders off the hook for any potential legal action against them by former Storm clients.

In two days of hearings this week the Australian Securities and Investments Commission (ASIC) told the court that documents posted by the founders in support of the DOCA were "misleading' and deceptive'' and allow the couple to get off scot free.

The couple still face legal action by ASIC and Storm's receivers for a $2 million "dividend payment'' which has been frozen by court order.

While the Cassimatis' claim the payment was legitimate, it appears to have been illegally paid as the couple were the only remaining Storm directors when the payment was made - three directors are the statutory minimum.

And Storm's administrators have also said their investigations "strongly suggest" the company was insolvent on December 1 - more than two weeks before the payment was made - when an $11.2 million income tax liability was due but not paid.

In the creditors report, which was released earlier this week, the administrators recommended that creditors put the company into liquidation due to the fact that it is insolvent.

E&J C were not at the court for the the decision.

-Bevo- · 26 March 2009

While the Cassimatis' claim the payment was legitimate, it appears to have been illegally paid as the couple were the only remaining Storm directors when the payment was made - three directors are the statutory minimum.

This is not true from what I read in a article Townsville Bully I think it was, Julie Cassimatis's sister was made a director just before the payment, plus on the day of the payment I'm sure it was also mentioned that they were told the company was insolvent the day the payment was made.
They can argue all they like but you can see through there lies, Storm might be finished but I bet it wont be last time we see ASIC and the Cassimatis's in the same court room :fu:

Mash · 26 March 2009

Actually the "dividend" was in fact passed by EC & JC on the 15th Dec then they realised their illegal act and appointed JC sister to the board on Dec 23 to "ratify" the decision... Just the sort of thing EC thinks he can do with little regard for the rules..... Sorry EC your ego finally brought you undone....and when you decide to ignore a tax bill (due 1 Dec)and then pay yourself a "dividend" you've bitten off more than you can chew...hope they choke!!
BTW how much would you guys pay for a copy of the prospectus.....I could use the cash...lol

Solly · 26 March 2009

"Storm Financial planners in the red"

"Twelve owners of financial planning businesses acquired by Storm Financial have lodged proof of debt claims......"

Ron Jelich is claiming $8 million, Trevor and Kathleen Benson owed $5 million.
Gus and Antonella Dalle Cort are owed $2.25 million and $1.8 mil.....

Read the full story here by Lucinda Beaman from Money Management

http://www.moneymanagement.com.au/article/Storm-Financial-planners-in-the-red/474639.aspx

Storm Financial Group

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