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Storm Financial Group

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Thanks to Steve Borden and Carey Ramm for clarity and information on this forum amidst the waffling. It is good to hear from those who are informed and in touch with stormified clients.
By being in touch with each other two, speaking up, and the resultant publicity, ex-clients are having an influence on educating others about financial planning and what to be careful of.
 
Also, a big thanks to solly , he has kept us well informed, dug up plenty of facts , oh and i forgot to mention , not 1 cryptic post or story that failed to deliver, i think if Bernie got to spend some time with solly he would be well informed and up to date .
 

opps crackberry prob here's the proper link;

http://business.smh.com.au/business/inquiry-holds-key-to-storms-missing-millions-20090612-c5g1.html
 

Garpal Gumnut said:
Solly its a shame Bernie Ripoll hasn't spoken to you today, your forensic collection of data on this debacle shows a knowledge of the workings better than poor ole Bernie will get from Manny or CBA.

Keep it up mate.

Well done.

gg
Click to expand...

Thanks darkside & gg. Just doing a bit to help out where I can.
Had a lunchtime chat today with a Stormer who is not in a good way, hope my postings are of benefit in some way to those who visit this little quark of cyberspace. Maybe Bernie can pm me if he needs a hand. :
 

*Tips hat to Solly* Yeah the constant vigil for new articles has been much appreciate by myself, thank you kind sir!

~Kieran
 
"Storm Financial inquiry to tour Australia"

"INVESTORS who lost millions in the collapse of Townsville-based Storm Financial will have a chance to be heard at a series of public hearings across Australia."

More by Stefanie Balogh in the Courier Mail;

http://www.news.com.au/couriermail/story/0,23739,25616585-3122,00.html

MP Bernie Ripoll is heading the parliamentary inquiry, I might just rock up and have coffee and donut with him when he's in town, .....
 

So you should Solly.

Tell him you are by acclaim, the resident Storm expert on ASF.

I will pm you a badge of office.

Otherwise he may be misinformed.

gg
 
"Commonwealth Bank 'panicked' as financial Storm hit."


"A FORMER Storm Financial manager has alleged a "seamless, very close relationship" with the Commonwealth Bank led to a relaxation of standards.

Ron Jelich, who served as national business development manager for the Townsville-based firm, maintains that there was a "creative" handling of clients' paperwork in relation to asset valuations and loan applications". "


More by Anthony Marx in The Courier Mail here;

http://www.news.com.au/couriermail/story/0,23739,25628656-3122,00.html
 
Good Citizens,

If you have anything to offer the
Inquiry into Financial Products and Services in Australia,
you can make a submission.

Remember when making a submission you are protected by parliamentary privilege. It is an offence for anyone to try to stop you from making a submission by threats or intimidation. It is an offence for anyone to harass you or discriminate against you because you have made a submission. The content of the submission is also protected but only after the committee has accepted it. This means that what you say in the submission, once the committee has accepted it, cannot be used in court against you or anyone else. You can also request that your submission be kept confidential.

To find out more visit the Parliamentary Joint Committee Website.

The first public hearing is:
Canberra, Wednesday 24 June 2009

5:30pm – 8:30pm
Committee Room 2S1, Parliament House
Canberra ACT

Time
5:30pm – 8:30pm
Witness ASIC (details to be advised)


Followed by these further public hearings.

26/08/2009 Melbourne, VIC
28/08/2009 Canberra, ACT
02/09/2009 Townsville, QLD
03/09/2009 Brisbane, QLD
04/09/2009 Sydney, NSW.


Dark Leopard: END of Transmission.
 
Dark Leopard: END of Transmission.
Click to expand...

Hello, HAL do you read me, HAL?
HAL: Affirmative, Dave, I read you.
Dave Bowman: Open the pod bay doors, HAL.
HAL: I'm sorry Dave, I'm afraid I can't do that.
Dave Bowman: What's the problem?
HAL: I think you know what the problem is just as well as I do.

HAL: I know I've made some very poor decisions recently, but I can give you my complete assurance that my work will be back to normal. I've still got the greatest enthusiasm and confidence in the mission. And I want to help you.
 
i should check these forums more often there is a lot that seems to be going on. enquiries-senate stuff-mr jelnick doing a good dump on every body-ha ha everybody seems to be smarter in hindesight. things are still tough i wish this would be all over quicker- its a lot to go back to work when your are a lot older earn crap money long hours and to think that somebody else might be eating in your family kitchen-sleeping in your bedroom-have another car parked in your garage-cooking on your bbq-looking at the flowers and plants you planted-trying to hang on to a house that holds so many family memories- the birthdays- the christmases-the fun times.
yes its hard but we will hang on and dig in for as long as it takes. mr c and the banks you guys have to come together and sort all of this out.
im not having a good day with all of this but we will never ever ever be beaten by all of this. thanks to all those that care about what we are going through.
 
It has been reported that ASIC is considering proceedings against the Comm Bank under the public interest powers of section 50 of the ASIC Act to recover damages on behalf of Storm investors.

More to come.......
 
Solly said:
It has been reported that ASIC is considering proceedings against the Comm Bank under the public interest powers of section 50 of the ASIC Act to recover damages on behalf of Storm investors.

More to come.......
Click to expand...

Very interesting Solly.

I always find that rats prefer to jump a ship sinking, on a weekend.

ASIC must be lining all the rabbits up at long last.

gg
 
Solly said:
It has been reported that ASIC is considering proceedings against the Comm Bank under the public interest powers of section 50 of the ASIC Act to recover damages on behalf of Storm investors.

More to come.......
Click to expand...

I wonder if this is the reason for Slater and Gordon delaying there proceedings?

Wonder what they have planned for salesman manny.
 
So pray tell...do the holier than thou's still think the banks have done no wrong.... .... perhaps the storm survivors are not just lone sailors after all...as a group have we per chance been able to show that the banks have some aportionment of blame for the juganaut EC and his coherts produced... People power will finish strong!!!!!
 
"ASIC may take CBA to court"

"THE corporate regulator is considering proceedings against the Commonwealth Bank to recover damages on behalf of investors in Storm Financial.

Australian Securities and Investments Commission (ASIC) chairman Tony D'Aloisio has told a Senate Estimates committee hearing the regulator is looking at a potential case under its public interest powers of section 50 of the ASIC Act."

"Mr D'Aloisio said their investigations were looking at `wrongdoing'.

"That is in the sense of breaches of the law – but we are also looking at the potential to recover compensation for the investors for breaches of the Corporations Act," he said."

Read the story here by Tony Raggatt in the Townsville Bulletin;


http://www.townsvillebulletin.com.au/article/2009/06/14/58785_hpnews.html
 
Slater and Gordon are in detailed "without prejudice" negotiations with the CBA. They wrote to all their clients with a detailed confidential update a few weeks ago and stated that they expected a negotiating timeframe of 6 weeks. All of these negotiations by there very nature are confidential but by the fact that they are actually underway is a promising sign. If you are a Slater's client and havent received this update then contact them and ask for this. If u arent a Slater's client, or without legal representation, then i suggest you speak with the CBA hardship team. I am amazed that only 40% of storm clients have opted for legal respresentation.

ASIC too have signaled publicly that they may also act for restitution for clients from banks - again the fact that ASIC have raised such a move publicly is another promising sign. ASIC have achieved a good outcome recently with Opes Prime.

Based on the research AEC have done for our submission to the enquiry CBA accounts for over 70% of Storm clients so this is why it is the focus of attention at present as any settlement here will do the greatest good. Of course once u have a settlement / restitution with one bank than the others will more than likely follow suit.

I also think that in the coming weeks we will start to see more detail emerge on the Colonial management of the Storm margin loans. From what i have collected and passed on this will become very interesting.

To all those storm clients out there that read this forum, and i know there are a lot of u, all i can urge is to hang in there. I know i have been saying hang in there for the last few months - BUT- please keep this in perspective - it has been under 6 months since this fiasco has occurred and enormous progress has been made to date even getting banks into a negotiating and settlement fame of mind. Remember also that all of the detail to date on the wrongdoings has mainly been pulled together and exposed by outsiders trying to help u - people on the outside digging away - there has been no help or exposure from Storm of relationships or wrong doings (Jelich is a late starter) despite their early promises. EC has simply left u all in the lurch. His court case is defunct so there should be nothing stopping him putting all the evidence from his court case of alleged wrongdoing by the banks into the public arena so it can at least increase the pressure on the banks to settle with his former clients. If the Storm directors had any shred of decency left then now is the time for them to do this.

If u r doing settlements with the CBA that u can live with then that is great news but please use a lawyer as u dont want to be screwed over again. If u dont have legal representation then u need to move very fast - otherwise u could be left out in the cold.
 
For those interested, have a look at the Hansard Senate Economics Legislation Committee Budget Estimates of 4/6/09

http://www.aph.gov.au/hansard/senate/commttee/S12054.pdf

There is some interesting reading especially between Senator Ian MacDonald, Senator Williams and ASIC chairman Tony D'Aloisio.

Go to page 95 on the pdf and look for.

CHAIR””The suggestion is that we deal with Storm first and then move on to other issues.
Senator IAN MACDONALD””I guess the first question might be just for a brief update on where ASIC is with the investigation into Storm?

Enjoy.....
 
"Storm inquiry targets banks"

"THE head of the federal parliamentary inquiry which is investigating the failed Storm Financial investment advisory company says he will work with corporate regulators to bring the banks to account for their part in the collapse."

More from Mitch Gaynor in The Sunday Mail here;

http://www.news.com.au/couriermail/story/0,23739,25630844-3122,00.html

Stormers, maybe that weight is beginning to lift just a little...
 
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