Storm Financial Group

[Garpal Gumnut]

It is to the credit of all ASF posters that continual pressure for the truth has been kept up on the Storm Financial debacle.

sicag.info , the Storm support , seem to have dropped the ball in relation to the facts as, in turn, Judge Logan, most ASF posters and all, I repeat all financial commentators in the News Ltd. and Fairfax media have seen it. Even bloody Sixty Minutes saw through it, a bit like having Blind Freddie calling at roulette..

The SICAG had no direct links on their web page to the ASIC site, but did have a link to cassimatis.com.au for some days, possibly a week or more.

SICAG have links to picnics and self help activities. This is what got them in to Storm in the first place. This is about money. Not about bloody picnics.

My mood is so angry because a good friend, not the brightest bulb on the Christmas tree has lost everything to this mob.

One excuse that SICAG have given is that they are amateurs, and volunteers. Billions of $ is no place for amateurs.

Storm victims should look to their legal options collectively or individually as they are advised by folk who know what they are about.

Following is a synopsis of a good summary of today's Federal Court proceedings.

"THE Federal Court has ordered the winding up of failed advisory firm Storm Financial.

A meeting had been scheduled for March 30 for creditors to vote on whether to liquidate the company or accept a deed of company arrangement proposed by Storm founders Emmanuel and Julie Cassimatis.

But Federal Court judge John Logan agreed to an Australian Securities and Investments Commission (ASIC) application to have the north Queensland-based firm wound up."

http://www.news.com.au/business/story/0,27753,25245742-462,00.html

This is the culmination of a very sick financial advisory service industry in Australia and nothing except a Royal Commission and criminal penalties for transgressors will make a hoot of difference to prevent it happening in the future.

There are more Storms out there.


gg

 

[Solly]

Australian Securities and Investments Commission, in the matter of Storm Financial Limited (Receivers and Managers Appointed) (Administrators Appointed) v Storm Financial Limited (Receivers and Managers Appointed) (Administrators Appointed) [2009] FCA 269 (26 March 2009)

Read the judgement here......

http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/cth/FCA/2009/269.html

 

[Garpal Gumnut]

It is to the credit of all ASF posters that continual pressure for the truth has been kept up on the Storm Financial debacle.

sicag.info , the Storm support , seem to have dropped the ball in relation to the facts as, in turn, Judge Logan, most ASF posters and all, I repeat all financial commentators in the News Ltd. and Fairfax media have seen it. Even bloody Sixty Minutes saw through it, a bit like having Blind Freddie calling at roulette..

The SICAG had no direct links on their web page to the ASIC site, but did have a link to cassimatis.com.au for some days, possibly a week or more.

SICAG have links to picnics and self help activities. This is what got them in to Storm in the first place. This is about money. Not about bloody picnics.

My mood is so angry because a good friend, not the brightest bulb on the Christmas tree has lost everything to this mob.

One excuse that SICAG have given is that they are amateurs, and volunteers. Billions of $ is no place for amateurs.

Storm victims should look to their legal options collectively or individually as they are advised by folk who know what they are about.

Following is a synopsis of a good summary of today's Federal Court proceedings.

"THE Federal Court has ordered the winding up of failed advisory firm Storm Financial.

A meeting had been scheduled for March 30 for creditors to vote on whether to liquidate the company or accept a deed of company arrangement proposed by Storm founders Emmanuel and Julie Cassimatis.

But Federal Court judge John Logan agreed to an Australian Securities and Investments Commission (ASIC) application to have the north Queensland-based firm wound up."

http://www.news.com.au/business/story/0,27753,25245742-462,00.html

This is the culmination of a very sick financial advisory service industry in Australia and nothing except a Royal Commission and criminal penalties for transgressors will make a hoot of difference to prevent it happening in the future.

There are more Storms out there.


gg

Australian Securities and Investments Commission, in the matter of Storm Financial Limited (Receivers and Managers Appointed) (Administrators Appointed) v Storm Financial Limited (Receivers and Managers Appointed) (Administrators Appointed) [2009] FCA 269 (26 March 2009)

Read the judgement here......

http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/cth/FCA/2009/269.html

Mate, thanks for that, its worse than I thought it was.

A Royal Commission will be needed.

gg

 

[Mash]

Garpal.... from someone who is the meat in the sandwich...I think you should give credit where credit is due.... ASF has for the most part has been a victim bashing forum... and now u want to take credit for the court action..oooh pleaase... SICAG is an amateur group ( meaning survivors choosing to take action for themselves and not be sidelined by both the "professionals" and outsiders )
While you may think the picnics and the sort are a waste of time, these get togethers are more about the mental and emotional stability of those affected but in the process we have been able to draw strength and encourage the legal and political fight from within. As usual this forum has no idea what the actual survivors ( I won't be called a victim anymore) are doing and what we need to be able to do to get to other side. We will finish strong and say what you want... we put as much faith in what you have to say as well as much as what EC had to say.. SFA...SICAG has been like a duck on a lake... calm on top little feet paddling like hell underneath... We are drawing strength from those who know the whole story and not the sideline ra ra boys and girls

 

[Garpal Gumnut]

Garpal.... from someone who is the meat in the sandwich...I think you should give credit where credit is due.... ASF has for the most part has been a victim bashing forum... and now u want to take credit for the court action..oooh pleaase... SICAG is an amateur group ( meaning survivors choosing to take action for themselves and not be sidelined by both the "professionals" and outsiders )
While you may think the picnics and the sort are a waste of time, these get togethers are more about the mental and emotional stability of those affected but in the process we have been able to draw strength and encourage the legal and political fight from within. As usual this forum has no idea what the actual survivors ( I won't be called a victim anymore) are doing and what we need to be able to do to get to other side. We will finish strong and say what you want... we put as much faith in what you have to say as well as much as what EC had to say.. SFA...SICAG has been like a duck on a lake... calm on top little feet paddling like hell underneath... We are drawing strength from those who know the whole story and not the sideline ra ra boys and girls

So can you explain why a direct prominent link to the Cassimatis DOCA was on your site and not one to ASIC's decision to take court action yesterday?

gg

 

[Garpal Gumnut]

It is to the credit of all ASF posters that continual pressure for the truth has been kept up on the Storm Financial debacle.

sicag.info , the Storm support , seem to have dropped the ball in relation to the facts as, in turn, Judge Logan, most ASF posters and all, I repeat all financial commentators in the News Ltd. and Fairfax media have seen it. Even bloody Sixty Minutes saw through it, a bit like having Blind Freddie calling at roulette..

The SICAG had no direct links on their web page to the ASIC site, but did have a link to cassimatis.com.au for some days, possibly a week or more.

SICAG have links to picnics and self help activities. This is what got them in to Storm in the first place. This is about money. Not about bloody picnics.

My mood is so angry because a good friend, not the brightest bulb on the Christmas tree has lost everything to this mob.

One excuse that SICAG have given is that they are amateurs, and volunteers. Billions of $ is no place for amateurs.

Storm victims should look to their legal options collectively or individually as they are advised by folk who know what they are about.

Following is a synopsis of a good summary of today's Federal Court proceedings.

"THE Federal Court has ordered the winding up of failed advisory firm Storm Financial.

A meeting had been scheduled for March 30 for creditors to vote on whether to liquidate the company or accept a deed of company arrangement proposed by Storm founders Emmanuel and Julie Cassimatis.

But Federal Court judge John Logan agreed to an Australian Securities and Investments Commission (ASIC) application to have the north Queensland-based firm wound up."

http://www.news.com.au/business/story/0,27753,25245742-462,00.html

This is the culmination of a very sick financial advisory service industry in Australia and nothing except a Royal Commission and criminal penalties for transgressors will make a hoot of difference to prevent it happening in the future.

There are more Storms out there.


gg

Garpal.... from someone who is the meat in the sandwich...I think you should give credit where credit is due.... ASF has for the most part has been a victim bashing forum... and now u want to take credit for the court action..oooh pleaase... SICAG is an amateur group ( meaning survivors choosing to take action for themselves and not be sidelined by both the "professionals" and outsiders )
While you may think the picnics and the sort are a waste of time, these get togethers are more about the mental and emotional stability of those affected but in the process we have been able to draw strength and encourage the legal and political fight from within. As usual this forum has no idea what the actual survivors ( I won't be called a victim anymore) are doing and what we need to be able to do to get to other side. We will finish strong and say what you want... we put as much faith in what you have to say as well as much as what EC had to say.. SFA...SICAG has been like a duck on a lake... calm on top little feet paddling like hell underneath... We are drawing strength from those who know the whole story and not the sideline ra ra boys and girls

So can you explain why a direct prominent link to the Cassimatis DOCA was on your site and not one to ASIC's decision to take court action yesterday?

gg

And furthermore mate, there have been no updates to your "Press Releases" page since 1/3/09, nearly 4 weeks ago.

The entries seem to contain just bank bashing articles, but neer a mention of a flood of articles in the financial press re ASIC, Cassimatis, etc etc.

Your link

http://sicag.info/index_files/Page1246.htm

These punters need more than picnics, they need information, unbiased and independent.

gg

 

[Mash]

No Garpal I am not at liberty to explain the why and how of the SICAG website... and your paraphrase of "your" website has me unsure of the insinuation... your anger seems to be misdirected... why do you cast such aspertions on SICAG... I know the bankers don't like us... where are you coming from?
A very confused mash

 

[Garpal Gumnut]

No Garpal I am not at liberty to explain the why and how of the SICAG website... and your paraphrase of "your" website has me unsure of the insinuation... your anger seems to be misdirected... why do you cast such aspertions on SICAG... I know the bankers don't like us... where are you coming from?
A very confused mash

Mate, I'll bash a bank any day of the week, but if you bash everyone with a number 2 you may get king hit by a mullet. and thats where I believe you guys are at.

gg

 

[Mash]

hey Darl... don't call me mate.... can't make out what you're saying... you seem to speak with fork tongue...please explain your cryptic ramblings... too many ales this evening maybe ???

 

[Garpal Gumnut]

hey Darl... don't call me mate.... can't make out what you're saying... you seem to speak with fork tongue...please explain your cryptic ramblings... too many ales this evening maybe ???

Sorry I assumed you were an Australian. pms or email me if you need a translation.

And if you are a female , I'm sorry for calling you , mate, darl.

gg

 

[Mash]

And you really think this kind of retoric is any help to any one...mcp... I'll leave you in your ivory tower and go back to the real world.... where the real survivors are helping each other and getting results ...ciao...

 

[Garpal Gumnut]

And you really think this kind of retoric is any help to any one...mcp... I'll leave you in your ivory tower and go back to the real world.... where the real survivors are helping each other and getting results ...ciao...

And furthermore mate, there have been no updates to your "Press Releases" page since 1/3/09, nearly 4 weeks ago.

The entries seem to contain just bank bashing articles, but neer a mention of a flood of articles in the financial press re ASIC, Cassimatis, etc etc.

Your link

http://sicag.info/index_files/Page1246.htm

These punters need more than picnics, they need information, unbiased and independent.

gg

You took the conversation west, mate/darl.

Answer my question above.

gg

 

[donteventryit]

And you really think this kind of retoric is any help to any one...mcp... I'll leave you in your ivory tower and go back to the real world.... where the real survivors are helping each other and getting results ...ciao...

Mash, I believe that GG (and tell me if I'm wrong), is questioning the motive of SICAG, in regards to what information is being distriubuted to its members and its affiliations.

SICAG openly states that they are pursuing the "banks" .... however they are not pursuing any other avenues.

You have to admit that it is definitely suspect that SICAG would post a link to the cassimatis wesbite (who coincidentally would like to take CBA to court and needed the DOCA to go ahead to be able to do so), and not provide other information such as the numerous articles in money management, smh, the australian etc etc regarding the questionable management of company affairs by Storm over the December period.

I beleive that GG would like to see Storm get its comeuppance and the full brunt of the law in regards to everything that has occured. By accepting the DOCA this would not have happened due to the clauses involved.

There would seem to be very questionable links between SICAG and the interests of EC & JC, despite whatever it says on the website.

Tell me Mash, would you have agreed to the DOCA?

 

[Solly]

Is there a doctor in the house....??

Just had a look at www.cassimatis.com.au it says that the site is temporarily unavailable while it's being updated...and says "We thank you for your patients".

LOL is Wilkinson Media still looking after this site?

 

[maccka]

Maccka, what is SICAG recommending to its members re the DOCA?
(thanks for very interesting article from the Australian re this, Solly.)

Hi Julia and GG,

Sorry for late-ish reply. Haven't been here for a while. I see a lot has happened though.

Julia - SICAG hasn't been making any recommendations to people regarding the DOCA. In fact they have pretty much sent out a consistent message through emails and the discussion forum that they want people to try to make sure that they have all of the relevant records (statements, advices, emails, letters, records and diary entries of conversations) together and use these to get advice regarding a range of situations (pensions, financial planning, ASIC, FOS, banks, politicians etc etc).

GG - Although there are some (outside SICAG) who believe that they are pro-Cassimatis, the group is actually trying very hard not to be either supportive or disdainful of them.

As for the members of SICAG - they tend to be fairly clearly polarised as either for or against Cassimatis with a few caught in between who don't know who to believe regarding the "Cassimatis" factor.

Personally, I don't remember the reference to the DOCA that GG talks about but it must have been there as SICAG.info now has a comment on the home page saying that the link has been removed. All I can imagine is that in an effort to get any information out to people the link was added. There is also a link to ASIC on the website and the work of ASIC has been in the numerous updates sent out to the approximately 1400 SICAG members via email and the discussion group.

As for the news links not being updated on the website for some time. I really would ask people to remember that not everyone spends hours every day on their computer. The news links are updated in other places that SICAG members access regularly. The SICAG website volunteer has had to come out of retirement to go back to work in a very full-on new job. There are only so many hours in a day. Surely you understand that the effort has to go into the area of highest priority at the time.

The social events are a critically important aspect of the SICAG work. They are saving lives and connecting people together with similar situations and helping them realise that they don't have to be alone at such a horrible time. They also serve as opportunities for people to be updated on the latest news.

Some people obviously are not seeing SICAG's successes (which are considerable and made even more so due to the volunteer nature of the group). Only 36 days after the meeting in Redcliffe a Joint Parliamentary Inquiry into the vents surrounding Storm, Opes Prime and the Financial Services Industry was announced. Only days ago the terms of reference were extended to look at the role of banks and margin lending. That is a huge positive to come out of such a terrible situation. From the inquiry, some truths can come out and that's what people want - TRUTH (whether it is for or against banks/Cassimatis/Storm/investors etc).

It is interesting to see some of the submissions coming into the parliamentary inquiry. As least one of them does not relate to Storm and so it would offer support to the argument that bad advice is not just offered by financial planners.

If the Inquiry leads to changes in law so that the tragedies linked to financial and banking products and advice cannot happen again so easily then that is a GOOD thing.

Cheers
Maccka

 

[Solly]

"Storm collapse 'amongst the biggest in Aust corporate history"

ABC story here:

www.abc.net.au/news/stories/2009/03/27/2527855.htm

 

[Garpal Gumnut]

Is there a doctor in the house....??

Just had a look at www.cassimatis.com.au it says that the site is temporarily unavailable while it's being updated...and says "We thank you for your patients".

LOL is Wilkinson Media still looking after this site?

Somebody should tell Manny his clients were not patients, but some probably are now.!

gg

 

[Solly]

Is there a doctor in the house....??

Just had a look at www.cassimatis.com.au it says that the site is temporarily unavailable while it's being updated...and says "We thank you for your patients".

LOL is Wilkinson Media still looking after this site?

The error is all fixed now.... Sometimes it not that bad to have a bit of a chuckle in the midst of things being so serious....

 

[swazee]

The error is all fixed now.... Sometimes it not that bad to have a bit of a chuckle in the midst of things being so serious....

Latest News

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Latest News

Our website will be temporarily unavailable while we refuel and taxi to runway 19. Please check back in a few days.

We thank you for your patience and if you are wondering how I am feeling after the court decision..well, I've never been better.https://www.aussiestockforums.com/forums/images/icons/icon6.gif

LOL yeah Beechcraft jet last seen heading towards Spanish island of Majorca.