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Storm Financial Group

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Solly haven't been down that way for awhile but I heard it had been ..makes you wonder about people and their money knocking that down to build a high rise and it will most likely be a tribute to the depression. She could open another Fish Bowl and get some money back.
 

Gee I never got to visit the Fishbowl but had a friend go there when it was open they said it looked like it was decorated out of a dumpster. I suppose everybody has different tastes. I wonder what the net effect of the Storm collapse willl have on the peninsula ?
 
Solly
Drove past the site today it has temporary permanent fencing around it.
Suppose to be high rise units going up but that was BGFC.
 
Glen48 said:
Solly
Drove past the site today it has temporary permanent fencing around it.
Suppose to be high rise units going up but that was BGFC.
Click to expand...

Thanks Glen, I must take a detour on my next layover in the Blackall Ranges..
 
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) (No 2) [2009] FCA 298 (1 April 2009)


See what the court orders and the reasons for the judgment
by Justice Logan in this matter;

http://www.austlii.edu.au/au/cases/cth/federal_ct/2009/298.html
 

I have just finished a nice few mudcrabs and some cleanskins with a barrister mate of mine and we read this judgement.

It is not looking good for ........

gg
 
Carey - thanks for the very interesting article from the AFR.

There are some sad, sad stories among ex Strom clients. I feel very sorry for some of them.
But I feel no sympathy for the likes of like Ron Jelich.
As Storm's national development manager, Jelich must have been well aware of the unscrupulous, incompetent and highly risky practices that were being perpetrated on unsuspecting investors.
Now that the whole show has come crashing down, he's very vocal in criticising the very same practices that he himself would have promoted in his role as Storm's national development manager. It's difficult to feel sympathy for someone who practises that level of hypocrisy.
 
Bunyip

I totally agree with u - i have no sympathy for storm advisors. However some of them have seen the error of their ways and are now trying to help the storm victims - given the task at hand it all helps.

I should also say that many of those Storm Victims with negative equity on the margin loans have been settling those debts for vastly reduced sums even up to 3c in the $. So if u have negative equity still outstanding hold firm (get help if u dont know what u are doing).

There have been a number of home loans with irregularities that have been wiped or are being wiped clean also by the banks. CBA are also offering their lifetime tenancy agreement for some as well. Again please consider your options carefully before accepting any of these as they all contain terms that let the banks off the hook for future legal action. BOQ are in denial.

I should also point out to the many Storm victims that read this forum that if they are seeing CBA financial planners to sort out this mess it is strongly advisable they get a second opinion to make sure they are getting the most appropriate advice. I find it amazing that some people have been doing this but hey it is their decision. At least this time be fully informed on what they are doing.

There are still a lot of people yet to get their loan documents or register with Slater and Gordon. The lawyers are pushing ahead quickly so please dont delay if u wish to pursue this.

Also there have been a lot of good comments made on this thread about the financial services industry - i hope that the contributors take a few minutes and submit them to the parliamentary enquiry - i get the feeling that the time for change is nigh!!!!
 
Carey, I have not heard of margin loan reductions - which financial institutions have done this? It would help so many even if break fees were reduced. Great article in Financial Review.
 
Thanks for the AFR link Carey, must admit the more you read into Storm the more it stinks, there's a number of exaggerated incomes I have read about now. Cassimatis website is still unavailable, I guess EC is busy again researching country's with no extradition laws with Australia or he might be busy in his crusade to find justice for all affected storm clients.
 
I've heard EC is busy researching countries where he can buy land. There's no for sale sign on that house in Brisbane as he claimed and have it on good authority that there is not even a mortgage on it . . .
Some heart wrenching stories reading Senate Submissions . . .
Time to move on but not forget and time for changes to the way financial instituions are regulated. . . .
 

I find this interesting as well;

I have sighted a copy of the 2007 prospectus where it stated, in respect to "Phormula";

In Section 4.3.2.....

"Storm is able to actively manage a client’s portfolio
through a purpose-built software platform called Phormula"

"Storm is able to actively manage its clients’ portfolios by
using a purpose-built software system called Phormula, which
enables Storm to efficiently assess and monitor each client’s
borrowing and investing capacity"

"Phormula identifies clients with Step Investment opportunities
and automatically generates Statements of Additional Advice
(“SoAAs”), which are sent to clients to be authorised"

In Section 4.7......

"Ignite licenses Phormula to Storm and provides ongoing
software updates and maintenance. Phormula has been
tailored to Storm’s requirements and provides Storm’s
advisers with analytical and research tools for managing
clients’ portfolios. It also facilitates an efficient financial
advice process between Storm’s advisers and the centralised
risk management and back office functions"
 
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