Storm Financial Group

[donteventryit]

So after reading 40 odd pages of the "storm thread" and the opinions of some very wise people, what do some think the outcome will be, will EC full fill his promise to bring "justice for all", will the evil banks give all the money back so their clients can have another throw of the dice, or will it just die a natural death, and then serve as a warning for some and an expensive lesson for others. No intent here just after an opinion. Cheers

I'm guessing that ASIC will pursue him for a couple of things:

1. Trading whilst insolvent
2. The to-be-proven fraud ie dodgy bank apps etc

I believe that Slater and Gordon and also other legal firms will pursue damages for dodgy advice ie not taking clients goals and objectives into account when providing advice, amongst other things etc. Not sure if they'll end up pursuing only EC and JC on this one, or the adviser or ... this will come out over the next few weeks/months I expect. Pretty sure that there'll be a few hung out to dry though.

Also, the banks are going to be named somewhere ...

 

[Judd]

....Also, the banks are going to be named somewhere ...

And this is probably the really upsetting bit. It isn't going to be bank branch in Brisbane, or Sydney, or Gosford or Albany. Nope, it's going to be the person(s) who work(ed) in the CBA/BoQ Townsville Branch.

Obviously, organisations are, with few exceptions, responsible for the actions of their staff but I'll bet that there will be a few people in the area who, when asked what job they do, will proudly state that they work for the Tax Office rather than admit they work for a bank.

 

[Solly]

FEDERAL COURT OF AUSTRALIA
Queensland Registry
Thursday, 23 April 2009

Justice Logan Court No. 3, Level 7

9:30 AM Hearing

4 QUD73/2009 STORM FINANCIAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) (ADMINISTRATORS APPOINTED)
v VICTORIAN FAMILIES RETIREMENT & INVESTMENT GROUP PTY LTD

 

[Solly]

So after reading 40 odd pages of the "storm thread" and the opinions of some very wise people, what do some think the outcome will be, will EC full fill his promise to bring "justice for all", will the evil banks give all the money back so their clients can have another throw of the dice, or will it just die a natural death, and then serve as a warning for some and an expensive lesson for others. No intent here just after an opinion. Cheers

darkside, Herbert Spencer in his 1864 book titled "Principles of Biology" coined the phase "Survival of the fittest".......that will be the outcome.

 

[Garpal Gumnut]

Mate I'm not having a go at you personally, but you just have to have a look at the Auction of Storm effects.

The whole show was a schmooze.

From the moment you walked in the door you were being manipulated by the ambience and that continued with the oxygen that was pumped in to the rooms where you listened to the Storm spiel.

Yes, you were trying to be self sufficient, and good on you, you are the oil that makes the engine of Australia run.

No, you are not blameless totally. You were done over OK, but you have to accept some responsibility for being gullible.

Many folk walked in to Storm and said to themselves, "this is a scam" and walked out again.

Manny could sell not just the ice to eskimos, but a whole refrigeration plant.

gg

A contact in Brisbane has flagged me about more bad news for Storm Investors.

It will be in The Austrslian or AFR in the next few days.

gg

 

[carey ramm]

GG

I dont believe there is any more bad news for Storm Investors per se - perhaps some news that may worry certain Storm Directors and a Qld bank.

I do see that the AFR are reporting that the Bank of Qld will be first cab off the rank in the Slater and Gordon action:

"BoQ in eye of first Storm case
Wednesday, 22 April 2009 | The Australian Financial Review | Duncan Hughes

Bank of Queensland will be sued for negligence and several breaches of the Trade Practices Act in the first case for victims of the collapse of Townsville-based Storm Financial Services."

http://www.afr.com/home/login.aspx?ATL://20090422000031066180&section=Financial Services

The AFR certainly have their teeth into the Storm / CBA / BOQ saga!!!

To all those Storm clients - hang in there!!! I know u are doing it tough but there are a number of good people in there fighting for u and we all knew up front this would be a tough fight.

 

[chrisgee]

Solly, mate,

I've read all your posts and have been contacted by Manny Cassimatis, to hear his side of the story.

It appears to me that the Storm Investors have been silly and greedy in equal measures, with a dollop of poor governance from the Banks/ Macquarie.

Were we in a bull market again, Manny would be trying to sell his model on market again.

Manny and his ilk feed off other folks greed.

gg

Mr gg, I don't think we are silly and stupid, it might be ok for you as i see you are a rich person. we put our faith in a company/man that assured us that all will be ok, we trusted them/him. we are honest down to earth aussies just trying to be self sufficient rather than live off the government but now it looks like we will be. call me/us silly if you wish but i'm no einstien but how can an ordindary bloke be ripped off like this in aust. it's Anzac day tomorrow and i'm sad that this country can let it's own people down. it like there are enemies within and not in the trenches in europe. i take responsibility for where i am today, but surely their must be laws and processes and checks and balances that protect the ordinary people. i still say i want to see people go to jail if there has been any criminal things done....(end of rant)

 

[pilots]

GG

I dont believe there is any more bad news for Storm Investors per se - perhaps some news that may worry certain Storm Directors and a Qld bank.

I do see that the AFR are reporting that the Bank of Qld will be first cab off the rank in the Slater and Gordon action:

"BoQ in eye of first Storm case
Wednesday, 22 April 2009 | The Australian Financial Review | Duncan Hughes

Bank of Queensland will be sued for negligence and several breaches of the Trade Practices Act in the first case for victims of the collapse of Townsville-based Storm Financial Services."

http://www.afr.com/home/login.aspx?ATL://20090422000031066180&section=Financial Services

The AFR certainly have their teeth into the Storm / CBA / BOQ saga!!!

To all those Storm clients - hang in there!!! I know u are doing it tough but there are a number of good people in there fighting for u and we all knew up front this would be a tough fight.[/QUOTE
My bet is you will find that the banks have WON, and the storm holders will get shafted AGAIN.

 

[Garpal Gumnut]

Mate I'm not having a go at you personally, but you just have to have a look at the Auction of Storm effects.

The whole show was a schmooze.

From the moment you walked in the door you were being manipulated by the ambience and that continued with the oxygen that was pumped in to the rooms where you listened to the Storm spiel.

Yes, you were trying to be self sufficient, and good on you, you are the oil that makes the engine of Australia run.

No, you are not blameless totally. You were done over OK, but you have to accept some responsibility for being gullible.

Many folk walked in to Storm and said to themselves, "this is a scam" and walked out again.

Manny could sell not just the ice to eskimos, but a whole refrigeration plant.

gg

Mr gg, I don't think we are silly and stupid, it might be ok for you as i see you are a rich person. we put our faith in a company/man that assured us that all will be ok, we trusted them/him. we are honest down to earth aussies just trying to be self sufficient rather than live off the government but now it looks like we will be. call me/us silly if you wish but i'm no einstien but how can an ordindary bloke be ripped off like this in aust. it's Anzac day tomorrow and i'm sad that this country can let it's own people down. it like there are enemies within and not in the trenches in europe. i take responsibility for where i am today, but surely their must be laws and processes and checks and balances that protect the ordinary people. i still say i want to see people go to jail if there has been any criminal things done....(end of rant)

Mate, sorry to bear down on you in your pain, but if you were invested in Storm Financial , you were silly and stupid. Full stop.

Now whether you were led in to this by bad advice, or ripped off by financial institutions is another matter.

What you have to remember is that lots of folk looked at Storm, and left it alone, because they were uneasy about its model and governance.

Now if you were stupid enough to get involved that is another matter and one which you need to address yourself.

gg

 

[Garpal Gumnut]

I feel SICAG, the victim's support group could have been more pro active in pursuing Manny Cassimatis.

I think that one of their problems is that some members have a belief still in the "Storm Model".

They do however have a disclaimer on site about the Cassimatis connection. It seems like a bob each way.

gg

 

[darkside]

So does anyone think that EC will be returning to his website in a few days with hope and goodwill to all the people who would be checking in often, or is the sentiment that one day in the very near future the webpage will be pulled down and the browser will be re directed to "page can no longer be displayed"

http://cassimatis.com.au/

 

[Garpal Gumnut]

So does anyone think that EC will be returning to his website in a few days with hope and goodwill to all the people who would be checking in often, or is the sentiment that one day in the very near future the webpage will be pulled down and the browser will be re directed to "page can no longer be displayed"

http://cassimatis.com.au/

I doubt if the webpage will play out as you have described darkside.

When you follow the lineage of this website it goes all the way back to ozdaq, a failed imitation of the NASDAQ by Manny.

Oh I do love Jazz.

Manny oh my Mannny where are yoooooooooooooou

If Manny can communicate with gg why doesn't he communicate with his investors?



gg

 

[darkside]

Ah gg faircall and also for the fact that he has the "Cassimatis.com" domain name registered it is probably not something he would want to part with in a hurry, but in saying that one could be forgiven for wondering how long it takes to "update the content" of the page even just to keep his loyal subjects informed of whats going on , surely he owes them that, even kleenmaid had the decency to update their site and keep the punters up to date , although i do believe they were running one giant "Ponzi scheme"


http://www.kleenmaid.com.au/

 

[Garpal Gumnut]

Ah gg faircall and also for the fact that he has the "Cassimatis.com" domain name registered it is probably not something he would want to part with in a hurry, but in saying that one could be forgiven for wondering how long it takes to "update the content" of the page even just to keep his loyal subjects informed of whats going on , surely he owes them that, even kleenmaid had the decency to update their site and keep the punters up to date , although i do believe they were running one giant "Ponzi scheme"


http://www.kleenmaid.com.au/

darkside you are well named.

Manny is The Man.

He is, who is, etc. etc.

Even the SICAG people have not disowned him.

Watch the AFR and the Australian in the next few days.

gg

 

[Solly]

Mate, sorry to bear down on you in your pain, but if you were invested in Storm Financial , you were silly and stupid. Full stop.

Now whether you were led in to this by bad advice, or ripped off by financial institutions is another matter.

What you have to remember is that lots of folk looked at Storm, and left it alone, because they were uneasy about its model and governance.

Now if you were stupid enough to get involved that is another matter and one which you need to address yourself.

gg

"Mr gg" (I like that) you are very hard and uncaring to "Mr chrisgee" but unfortunately your words however harsh reflect the reality. I have read a few posts from chrisgee I'm unclear where chris is an ex-client or whether it's family or friends who are involved, it doesn't matter, you've got to take it on the chin and "man up" or "woman up".

First rule, admit you farked up, rule two, get moving, rule three, dig yourself out, rule four, seek a remedy that you accept, rule five don't repeat the mistake, rule six, you don't owe an explanation to anybody except yourself.

I can't tolerate, whingers, victims, the "why me" mentality. Pick up the pieces, that's if you can find any and get moving.
If it is proven that anybody has caused you any harm, if you chose, seek to be compensated, if not get moving.
I've met some master scammers both on shore and off shore, I've helped some who have lost out and I have attempted to get them back on track. (I wish there where more like the late Ed Pankau in this world...he's greatly missed)

Whether people triumph or fold because of this episode is entirely up to them. Chris if you read this, I don't want to hear a whinge or a rant from you again. I endorse the wisdom of gg, consider his counsel.

 

[pilots]

"Mr gg" (I like that) you are very hard and uncaring to "Mr chrisgee" but unfortunately your words however harsh reflect the reality. I have read a few posts from chrisgee I'm unclear where chris is an ex-client or whether it's family or friends who are involved, it doesn't matter, you've got to take it on the chin and "man up" or "woman up".

First rule, admit you farked up, rule two, get moving, rule three, dig yourself out, rule four, seek a remedy that you accept, rule five don't repeat the mistake, rule six, you don't owe an explanation to anybody except yourself.

I can't tolerate, whingers, victims, the "why me" mentality. Pick up the pieces, that's if you can find any and get moving.
If it is proven that anybody has caused you any harm, if you chose, seek to be compensated, if not get moving.
I've met some master scammers both on shore and off shore, I've helped some who have lost out and I have attempted to get them back on track. (I wish there where more like the late Ed Pankau in this world...he's greatly missed)

Whether people triumph or fold because of this episode is entirely up to them. Chris if you read this, I don't want to hear a whinge or a rant from you again. I endorse the wisdom of gg, consider his counsel.

Solly, good post.

 

[darkside]

Solly you hit the nail on the head, i was thinking it, but as new to this forum, certainly did'nt want to offend anyone by pointing out the facts and what could be considered the blatent obvious

 

[Solly]

"Storm 'blocked' attempts to sell down investments"

"STORM Financial talked many clients out of selling down their investment portfolios months before the market tanked last year in order to maintain revenue, former clients claim."

Read more by Sara Rich in "The Australian"

http://www.theaustralian.news.com.au/business/story/0,28124,25377211-20501,00.html

 

[Solly]

"Way clear to probe Storm Financial pair"

"STORM Financial's joint founders will not appeal a Federal Court ruling that wound up their company last month.

The 28-day window for Emmanuel and Julie Cassimatis to lodge an appeal closed yesterday"

Story by Anthony Marx in The Courier Mail here;

http://www.news.com.au/couriermail/story/0,20797,25377774-3122,00.html

 

[Solly]

"Storm Financial offshoot to be wound up in Federal Court"

"A financial planning offshoot of Storm Financial, Victorian Families Retirement and Investment Group"...appears in the Federal Court in Brisbane.

"Money Management understands the financial planning group, which was placed into liquidation last month, will be formally wound up."

Story by Lucinda Beaman in Money Management here;

http://www.moneymanagement.com.au/Article/Storm-Financial-offshoot-to-be-wound-up-in-Federal-Court/478240.aspx