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Storm Financial Group

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If they banned Jails the crime rate would go up and like Storm they were lucky they could act this way with out any one looking over their shoulders, the whole scam was living on borrowed time but the regulators let them breathe a long longer and hence collect more victims...sadly nothing will change and after the next one we ask the same questions.
 
-Bevo- said:
LOL yeah Beechcraft jet last seen heading towards Spanish island of Majorca.
Click to expand...

For some reason I have a strange feeling that the flaps may not be fully extended and it may just lead to a runway overrun on the take off roll...... Is there a shadowy character with a cheesy grin sitting in the left hand seat, with the initials 'gg' embroided on the epaulettes..? :
 
"Storm Financial software hitch"

"THE directors of failed Storm Financial, Emmanuel and Julie Cassimatis, are refusing to turn over key software to Storm that would allow investigators to access client files."

"....Australian Securities and Investments Commission has taken legal action to force Ignite to provide the software."

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

http://www.news.com.au/couriermail/story/0,23739,25253842-3122,00.html
 

What I can't believe is why it could have been allowed to get to this stage.
How can it have got to this, ASCIC, Lawyers, the Cassimattises blaming banks, banks not commenting, people ducking and weaving all over the place.
They said you could never loose your house, everyone will be ok...now that's all bullshait. How in freaking gawd's name could this have happened. My grandfather fought in the south pacific so we could all be free and have a better life. Looks like there are enemies within all around. Never trust anybody who claims to giveing away secrets to money and wealth, they arr all just scammers. Some of us may not be the smartest or best educated people in the country but jees we trusted people, the systems, government and regulaters etc. Who can fix this now. Come on tell me who is there?
 

Storm stored much of its data electronically, providing a limited physical paper trail for investigators.
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This is ridiculous. It is like a paper mill refusing to supply the paper necessary to print critical documents to be put before a court.
 
While ASIC are waiting to get their hands on the software that will allow them to access client files, guess who still has the software and can access the files with it.
You'd have to wonder at whether those files are going to be altered by the time ASIC get to see them.
Or whether the software itself is still going to work. Maybe it'll develop a sudden mysterious glitch that makes it malfunction!

All this ducking and weaving pretty much confirms that there's been some dodgy dealings somewhere along the line.
 

Unfortunately Chris, the sad truth is that nobody can fix it. What's done is done. Storm clients may at best get some small compensation, but the sad truth is that their money is gone and the bulk of it is likely to stay gone.
 
" Storm has `failed spectacularly' "

Story in the Townsville Bulletin is here


http://www.townsvillebulletin.com.au/article/2009/03/28/46941_hpnews.html


The paragraph I find interesting is........

"The total obligation which Storm had to the CBA at the closure of Storm's business was $27,094,574.

The directors of Storm dispute that any amount is due to the CBA in respect to the margin loan and allege that the CBA failed to execute instructions of Storm, given in writing on 26 October 2008, to redeem the underlying securities in Storm's margin loan from the CBA. They say that had it done so the securities would have been realised (and) the difference to Storm's account with CBA would have been approximately $3 million in favour of Storm."

More comments are available in the article.
 
"Slim chance of restitution for Storm Financial investors"

"The Storm Investors Consumer Action Group says it is unlikely that former clients of the failed investment planning company will get their money back."

ABC story here;
http://www.abc.net.au/news/stories/2009/03/26/2527415.htm


Does this mean SICAG has thrown in the towel regarding chasing some type of compensation or remedy?
 

What I find equally interesting is that no documentation was presented to the Court justifying the claim that Storm account would have been in the black to the tune of $3m.

Throughout the saga, seems to be these strange claims along the lines of "CBA only gave us 6 minutes to repay the loan" but nothing presented in writing to justify the allegations. Hyperbole, confabulation and obfuscation on the part of some?
 
Solly
I believe what SICAG is saying is there is not much chance of getting much out of storm but there is still plenty of fights to be fought and other avenues to explore... the fight is not over yet...and let's just say the banks are still ducking and weaving trying to rid themselves of the stench of their involvement in the whole nasty setup..... just one more step in the right direction in having the doca put to rest...thank god.
 

So in simple terms, those affected are still lashing about looking for someone else to blame for their very sad situation.

Putting aside those cases which maybe due to rather tawdry processes, ie signed blank documents allowing others to fill them in, I am curious as to the other cases, apparently the majority, who:

  • on the advice of Storm, refinanced their (paid off) home;
  • then plonked that down as security as a margin loan using CGI, which is a platform for wholesale: and, essentially
  • gave Power of Attorney to Storm to manage their investments, such as they were

Yet claim that the bank(s) were at fault because they, allegedly, abided by the terms and conditions of the mortgage and/or margin loan?

Don't claim that the banks, be it CBA, BOQ, "should have known." Remortgaging a home is a separate and distinct act which requires evidence of income, expenditure, assets and liabilities.

Obtaining a margin loan requires none of this, as had been said many, many times in this thread. All that is required is that you put up the cash and/or shares as security and you can gear to your heart's content.

The Privacy Act prevents CBA. BOQ or any other bank passing on the remortgaging details to margin lenders and the same act applies to the margin lender.

So if all were under commercial conditions, where is one or any other bank at fault?

Phooey on emotion because some took a degree of risk and lost. That happens in every economic cycle. Storm clients got caught out it seems.

It is very, very sad that a number are in that situation. I can appreciate the emotion (****e, having done it, it bloody hurts to lose a few hundred thousand or more) and puts enormous stress on the people involved. But just to blame the "banks" for the situation? Get off the grass.
 
Rumour has here in Recliffe a local celb. sunk $12 M into Storm and attempted suicide after finding out the bad news.???
 
So he had 12Mil to play with, with that kind of money ANYONE could retire and have a good time, he was the classic case of GREED. I bet he allso is blaming the banks for his down fall..
 
So he had 12Mil to play with, with that kind of money ANYONE could retire and have a good time, he was the classic case of GREED. I bet he allso is blaming the banks for his down fall..



SHE DID
 
Glen48 said:
Rumour has here in Recliffe a local celb. sunk $12 M into Storm and attempted suicide after finding out the bad news.???
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Yes that can happen. It's sad but in the context of things no sadder than a 33 year old lady who suffered from Multiple Sclerosis and took her life rather than face the slow degenerative effects. She looked rather peaceful when we found her after entering her flat (door was unlocked and we went in after knocking) after she did not show up at work for a few days.
 

Yes i see how that ties in with this thread.. WTF?????
 
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