Australian (ASX) Stock Market Forum

Storm Financial Group

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I think the lights must burn late in the ASIC offices.. between BrisConnections, SF and everything else that is happening, they must be burning through their budget, will they hit a wall?
 
The story on Storm is getting curiouser and curiouser

I've been driving a truck down from the Isa today and now home, have just read the AFR article on Manny and the above posts, and an alleged connection with overseas transfer of monies.

I have long been a fan of South Pacific a beautiful work made better by Tiri Te Kanawa and as I came in to Townsville just happened to have Bali Hai playing at full blast as a Prius happened to attempt a green and red hari kari in front of me at a roundabout.

The prius survived godbless its green heart.

This story will go for Manny years.

gg
 
EC & J are a devoted family and had no where safe to invest their money and knew SF were dodgy so why not send you hard earned loot O/S.
He is only looking after his Family like any good Hard worker would knowing the Fed's were on the case they knew they had time on their hands the only concern could be G20 style crack down on tax havens.
 
Glen48 said:
EC & J are a devoted family and had no where safe to invest their money and knew SF were dodgy so why not send you hard earned loot O/S.
He is only looking after his Family like any good Hard worker would knowing the Fed's were on the case they knew they had time on their hands the only concern could be G20 style crack down on tax havens.
Click to expand...

I hope that this is not true about sending money overseas etc, i thought that he was getting justice for all and not resting until everything is fixxed up. yesterdaty i was also with some other storm victims and i'll tell you what they are damn angry about how this is going. it may be ok to say go look in the mirror and look who stuffed up, but this mob where backed by the cba, collonial, did courses for universities, had all the plaques on the wall, asicc did find anything wromg with them , had a member on their board who was in the fpa.

who does the ordinary bloke trust?? I don't want sympathy or a hand out i want somebody to be accountable for what has happened.
There's some damn angry people out here, that wants somethimg done
i suppose itss over now to the courts to get this mess sorted. if there's a hint of criminal wrong doing by anybody involved its into the slammer they go.
 
chrisgee said:
I hope that this is not true about sending money overseas etc, i thought that he was getting justice for all and not resting until everything is fixxed up. yesterdaty i was also with some other storm victims and i'll tell you what they are damn angry about how this is going. it may be ok to say go look in the mirror and look who stuffed up, but this mob where backed by the cba, collonial, did courses for universities, had all the plaques on the wall, asicc did find anything wromg with them , had a member on their board who was in the fpa.

who does the ordinary bloke trust?? I don't want sympathy or a hand out i want somebody to be accountable for what has happened.
There's some damn angry people out here, that wants somethimg done
i suppose itss over now to the courts to get this mess sorted. if there's a hint of criminal wrong doing by anybody involved its into the slammer they go.
Click to expand...
"if there's a hint of criminal wrong doing by anybody involved it's into the slammer they go": Has some lawyer assured you of that? I might be entirely wrong but I'll be surprised if anyone goes to jail. There have been plenty of previous examples where so called professional advisers in various capacities have given bad advice, causing clients to lose everything, and they haven't even been stopped from practising!

Can you say what you mean when you say that Storm were "backed by the CBA"?

Thanks.
 
chrisgee said:
i thought that he was getting justice for all and not resting until everything is fixxed up.
Click to expand...

Oh come on.... people still can't believe that sort of hyperbole can they ? The guy was a snake oil salesmen, he isn't the first and won't be the last. No amount of huffing from the apparatchik of the body politic will stop trusting people being charmed out of their money.

chrisgee said:
who does the ordinary bloke trust??
Click to expand...

Regardless of what you want to hear, there is only one answer to that question, the person in the mirror... I too am an "ordinary bloke" and started reading everything I could (and still do) in the late '80s for that very reason. I still go to the library to read the AFR being too tight to buy it :)

Just look at how simplistic the Storm model was, high leveraging into an Index fund and gouge the end user with fees. You had to know that flash building and lifestyle came directly from the fees earned, no advanced degree in Investment needed to follow or understand that strategy. If you want to invest similarly, save and dollar cost average into an listed Index fund, reinvest the dividends and then when you retire, take the dividends as an income stream, boring staid but fairly safe. You don't have to use synthetics like CFD's, options etc stay well away from them until you understand them intrinsically.

I use something similar, except I stop buying when the market appears overvalued and then start buying again when I think decent value returns. I spend the down time trying to identify companies with excellent earnings potential that will survive idiot managers, this takes much more effort though :) I have been doing this for decades and earn more in dividends then most people earn as a wage, this is rolled into savings which I accumulate and is then used to purchase more shares when I see value again (like now). I will leave trading to those with more acumen then I.
 
One only has to look at the G20 decision to allow banks to alter their accounting methods which will allow them to look more stable than they are and the market will boom again when commonsense goes out the window we can see what we are up against. While we have Add Sick et al looking after us and we are trusting them nothing will change maybe once this depression hits and a lot more loose their life style questions will be asked and decent laws introduced. maybe...
 
Anyone know what Manny and Julie are doing at the moment? Haven't heard anything about them. The website is still "temporarily" closed for updating. I wonder where their "crusade for justice" has taken them now???
 
SJG1974 said:
Anyone know what Manny and Julie are doing at the moment? Haven't heard anything about them. The website is still "temporarily" closed for updating. I wonder where their "crusade for justice" has taken them now???
Click to expand...

Manny where are you?

The Eskimos need Ice.

You are the Man.

None of this "We will be back shortly stuff" on the cassimatis.com.au site

The Storm clients need your Brains.

gg
 
Glen48 said:
One only has to look at the G20 decision to allow banks to alter their accounting methods which will allow them to look more stable
Click to expand...

Mark-to-Market never made a whole lot of sense in the first place IMO, even Buffett argued this some time before this hullabuloo.. one could argue it's simply fixing a screw up they made when it was introduced.
 
Garpal Gumnut said:
Manny where are you?

The Eskimos need Ice.

You are the Man.

None of this "We will be back shortly stuff" on the cassimatis.com.au site

The Storm clients need your Brains.

gg
Click to expand...

Trevor_S said:
Mark-to-Market never made a whole lot of sense in the first place IMO, even Buffett argued this some time before this hullabuloo.. one could argue it's simply fixing a screw up they made when it was introduced.
Click to expand...

Tell that to Manny , Trev.

We need Manny to make a statement.

I know you read these posts Manny.

Give us your advice.

gg
 
Garpal Gumnut said:
Tell that to Manny , Trev.

We need Manny to make a statement.

I know you read these posts Manny.

Give us your advice.

gg
Click to expand...


gg, yesterday I was with an ex Storm client and he asked the same question of how come EC seems to have gone underground. I must admit this ex client was very hot under the collar about how he ended up in the predicament he's now in. He comes from a building industry background, straight down the line sort of guy and realises he made a bad choice following the Storm model.
His doctor wants to put him and his misses on some pills to settle them down.
But he decided to hit the "Jack" a bit instead, he says it give him more clarity.

He eagerly wants to hear from EC and also asked about how he was progressing "getting justice for all". He's wondering when EC's website will be back as well.

He's now almost broke, he and his wife are working there ar_ses off just to keep their home and feed themselves. He also said how they were told it was impossible for anyone to lose their home as the Storm system would never allow this to happen. He asked about why the Phormula program that he thought was supposed to monitor and protect the clients portfolios could fail and not pick up the trend down in the market and give appropriate advice and actions to save everyone. He also had a bucket of money he was going to invest in the Storm float but thankfully that never went ahead. He also said that his ex adviser is also broke, that's a good endorsement, isn't it.
All he dreams about is to have his house back from the clutches of the bank, have money in the bank and be able to retire comfortably. All the things Storm said he could have.


So gg, if EC does read these forums maybe he could sign up and answer a few questions while his site is down, I'm sure many, many people would love to hear from him. Especially one disappointed "brickie" wearing "Jack aftershave" and his medicated misses who have a page full of questions to ask.
 
Julia said:
"if there's a hint of criminal wrong doing by anybody involved it's into the slammer they go": Has some lawyer assured you of that? I might be entirely wrong but I'll be surprised if anyone goes to jail. There have been plenty of previous examples where so called professional advisers in various capacities have given bad advice, causing clients to lose everything, and they haven't even been stopped from practising!

Can you say what you mean when you say that Storm were "backed by the CBA"?

Thanks.
Click to expand...

Julia I mean that cba were endorsing the loans, colonial had cobranded funds, you can't tell me that cba didn't have some idea of what was going on. It's all starting to stink a bit to me. I hope the enquiry finds what is going on, thanks to Bernie Rippol something at least is being done. Now Bernie thinks that there maybe some criminal activity,well time will tell. It's not a good easter for us at the momnet, it wasn't meant to be like this, what have we done wrong to end up like this. all that was done was to take advice, invest the money, leave it in the hands of the so called 'professionals'. Beleive me all those involved are starting to have a stench of shait around them. Banks,storm,regulators,associations..all of them are to me on the nose. Happy Easter everyone,excecpt the onees who are the liars and cheats involved in this whole disaster
 

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