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Storm Financial Group

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Is there anything specific you can share with us?

Is there something that is about to happen?

Are you connected to Storm ?
 


For those who are interested the McArdles have posted a supplementary submission which I believe is the 2nd of 3 submissions that they will post.

It is here at this link

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub30a.pdf
 


RADOMIR (RON) JELICH has sent his submission to the
Inquiry into Financial Products and Services in Australia,
some quite interesting reading.

Read it here, submission number 54
http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub54.pdf
 
Solly, or anyone that may know, a lot of the agents came from MLC according to Ron Jelich in his submission, did they just leave MLC and take their client base or did MLC not trade any longer in these areas and they just picked up the slack , i can't work out the link between the companys ?
 
"Bank 'linked' system to Storm"

"THE Commonwealth Bank devised a computer system that encouraged clients of Storm Financial to increase their borrowing, making them more vulnerable to a sharemarket plunge, according to a former senior manager of the collapsed financial planner.

A submission to a Government inquiry by Ron Jelich focuses on the close relationship between the Commonwealth, its subsidiary Colonial First State, and Storm, which was placed into voluntary administration in January."


The full story is here by Jacob Saulwick in the SMH;

http://business.smh.com.au/business/bank-linked-system-to-storm-20090609-c288.html
 

darkside, this may help, these are my recollections of EC's MLC link based on Storm's old website Multimedia presentation.

In 1972 EC had an agency with MLC Life and within 5 years was MLC's highest producing agent in the country and stayed in that position for the next 14 years. He specialised in life and risk insurance and superannuation. He was awarded MLC's Garvan medal and was inducted into the MLC Hall of Fame. In 1980 JC worked in the MLC offices, in approx 1983 she was granted an MLC agency and was one of the MLC Top Ten Achievers. From 1996 EC & JC merged businesses and became Cassimatis Securities P/L and were a total financial planning business and also got their own dealers licence. Ozdaq & Storm then followed.
 
As Ron details in his submission a lot of MLC insurance salesman left MLC to go independent/to EC - including one ex-bankrupt, some asked to leave MLC for non compliance . . . recruited to Ozdaq/Storm . . . interesting David McCullough and Carey Fraser are ex Cwth Bank employees . . . .
Now have more of the picture . . .there is an applicable term in all this - Greek actually - 'hubris' about those who tempt the gods - really their egos get too big and then the gods strike them down . . . think EC did not believe market would drop to the extent it did (this can't happen to me attitude) and if it did he thought banks would just carry his debt and that of those in margin call . . .the ego got so inflated it had to burst (some almost divine force struck) and did EC & JC care about their clients? . . they're still in the Belmont mansion and buying up big . . . Ron made a good point about millions going missing in Dec - more than 2 million . . . .bring on the parliamnetary enquiry

 

Its always easier to get money back when you've been done over by one person. Then you know that person and you can apply pressure to get back the money.

It sounds like these poor stormers have been done over by hundreds of people, all feeding off their naievity, a few thou here , a few thou there, a million here a million there.

So , it is more difficult to put pressure on hundreds of people who have ripped you off, because of the number of them, you would need to employ hundreds of people to apply the pressure.

So , the stormers have zilch chance of getting anything back in my opinion.

This will go on forever, and Manny will resurrect.

And a Cohiba to the first person who pms me with the name of the poster in this thread recently who has to be Manny in disguise. He uses the same crap English syntax that was on Manny's site before it went down, a linguist mate of mine tells me.

gg
 
Dark Leopard said:
Those who have done nothing wrong have nothing to fear.
Click to expand...

That I vehemently disagree with that. I have been embroiled in the past in quasi legislative enquiries where I have done nothing wrong but expediency insists I might have. Truth is not the outcome of the legal system.

Garpal Gumnut said:
So , the stormers have zilch chance of getting anything back in my opinion.
Click to expand...

Agree.

Garpal Gumnut said:
This will go on forever
Click to expand...

Agree.

Garpal Gumnut said:
, and Manny will resurrect.
Click to expand...

Agree. Sh_it floats

and I don't think people can be protected from the likes, it is repeated all the time. Peoples own desire to "better themselves financially" with no self education, will see to that.

All I can say is best of luck to them though... I hope they manage to shake it off. I would be interested to revisit in 10 years and 20 years if it wasn't to painful for those that still lived.
 
Well my appearance on the forum has caused a slight stir. For those who are wondering, I am in no way connected to Storm, the principals or the industry.

I'm just an observer, a helper and a friend to those in need. I have observed first hand the anguish, the pain and the suffering. I'm here to assist in small measured manner.

I'm sure there are many who are a little uncomfortable.

The truth carries weight, just wait and see.
 
A big welcome to Dark Leopard.... us storm survivors need all the help we can get...and we are willing to take support and help from whoever is willing or able to provide it.. we know we did nothing wrong..and a big raspberry to those who think the banks are totally blameless in this mess......... as you say "the truth carries weight".... the truth will come out....hopefully sooner rather than later.... until then we will continue to support each other in any way we can.....
 


Jayzoo, jayzoo, jayzoo,

What is the difference between a Storm Victim and a Storm Survivor, pray tell in this hyperspace that the fallen occupy.

gg
 

Lucky there is someone here like you, who no doubt knows what a dog, and what a misleading useless ripoff fool Emmanuel Cassimatis is am I right?

I like it when people like you and Cerebrus come to places like this, it makes us believe that people like Emmanuel Cassimatis REALLY is interested in the lives he destroyed, or perhaps just his life, which even though is still opulent, is nowhere near as private, and pleasurable as it was before he took down many innocent, though naive investors with his greed. I'd hate to be him at the moment, he has no friends, and probably can't sleep at night, gets sweats and probably knows where the smoking guns are that would put him away for good... but then again nobody will be smart enough to find them I guess.

Welcome to the forum
 
"Founder readied Storm for CBA injection"

"At the height of last year's financial crisis Storm Financial's founder, Emmanuel Cassimatis, allegedly altered the full extent of the business's current liabilities as the now failed group attempted to make a funding deal with the Commonwealth Bank."

See the article here by Stuart Washington in the SMH.

http://business.theage.com.au/business/founder-readied-storm-for-cba-injection-20090610-c2u4.html


Stuart has asked in his article,

"Exactly why there were delays in acting on people's margin loans has not been clearly answered by Colonial Geared Investments or Storm Financial"

Do you know what happened between October and December?
E-mail swashington@smh.com.au
 
"Colonial Geared Investments' systems were flawed: former Storm Financial executive"

"The Commonwealth Bank of Australia’s Colonial Geared Investments arm did not have the human or technological resources to handle the share market meltdown and the subsequent sell-down of Storm Financial clients’ share portfolios, a parliamentary inquiry has heard."

Story here by Lucinda Beaman in Money Management;

http://www.moneymanagement.com.au/article/Colonial-Geared-Investments-systems-were-flawed-former-Storm-Financial-executive/485380.aspx
 

I don't want to be rude, but I can't see the point of your two posts, Dark Leopard.

If you have something useful to contribute, why not simply post it?

The attempt at building up suspense just seems a bit silly to me.
 
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