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Storm Financial Group

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Here's another link I just got:

"Bank backs down over Storm loans"

"THE Commonwealth Bank has suspended repayment obligations on loans made to customers caught up in the Storm Financial debacle.

In an embarrassing backflip, the bank admitted it made mistakes in the way it lent money to customers involved with the failed financial adviser, which collapsed earlier this year."

More here by Allison Jackson in The Australian;

http://www.news.com.au/business/story/0,27753,25650607-31037,00.html


And it's also hit the ABC

"CBA admits Storm mistakes"

By Online business reporter Michael Janda

http://www.abc.net.au/news/stories/2009/06/17/2601097.htm

Quite good exposure ...
 

Thanks for the info Solly.

This will be a great relief to many Stormers in Townsville.

gg
 
Another interesting submission to the
Inquiry into Financial Products and Services in Australia

Stated in Submission No 66, (Name Withheld)...

"Having recently perused the loan documents mentioned above we found the
information contained in our balance sheet was incorrect. Our assets were over stated by
approx $700000.00 in one entry and it showed we had $20000.00 with bank we have
never dealt with, ever………….."

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub66.pdf
 
the key message in the statement today is that even those storm victims who have accepted a settlement already will not be precluded from improving on that agreed settlement now that CBA has accepted some responsibility for the storm fiasco - we must remember that without the home loans from CBA and others there would have been significantly lower margin loan debt exposure for storm clients to the flawed storm model.

lets also make it very clear that this statement from CBA in no way exonerates EC and the Storm directors as they were at the very heart of these loan irregularities.
 
Now that the top man, Ralph, knows he is gonna have to stand up and answer the question,

" Did CBA breach numerous guidelines, and even regulations, with regard to making loans"

Clearly the answer is going to be yes, in a number of cases.

There is no way the bank should foreclose those homes under these circs IMO.

Seems like they may realise this

It will be interesting what they do with the cases where loans were issued in accordance with proper practice
 

Well for what its worth I think you have a great sense of humor and I don’t think any of us should be dismissive of what your message is really saying.
Come on folks if you know something that can help the Stormies, any thing at all, just come forward otherwise you will carry the burden for the rest of your life.
This is the chance to really help when it is most needed.
We just want the truth to come out and then we can get on with the rest of our lives.
You can also think of it in another way and that is that you could be helping your generation or even your future children’s or grand children’s generation.
Here is your chance to make a difference.
Make it a little harder for this to ever happen again.
 

Carey,

I am having settlement of my mothers house next week. My husband & I have got a home loan to pay her mortgage which she could not pay. There are heaps of legal issues with the loans still being in fathers name when he is dead amoungst other things. Should I not buy the house?? and hold off??

I have consulted my solicitors and they have said they can't give financial advise.
 
"Commonwealth Bank admits mistakes over Storm collapse"

"THE Commonwealth Bank head has admitted wrongdoing in the case of the failed advisory group Storm Financial, which has ruined thousands of investors"

More by Anthony Marx in The Courier Mail

http://www.news.com.au/couriermail/story/0,23739,25652144-3122,00.html


"Storm Financial clouds threaten Commonwealth Bank of Australia"

THE Commonwealth Bank's reputation as one of the nation's most trusted institutions has taken another blow after it admitted "shortcomings" in its dealings with thousands of customers affected by the $3 billion collapse of Storm Financial.

More by Anthony Klan in the Australian

http://www.theaustralian.news.com.au/business/story/0,28124,25652968-20501,00.html
 
"Bank 'villain' in investor's wipeout"

"COOLUM Beach policeman Sean McArdle is in no doubt -- Storm advisers were the "used car salesmen" but the Commonwealth Bank was the villain.

The forensic police officer is one of thousands of Storm customers wiped out in the $3 billion investment maelstrom."

Story by Tony Raggart and Andrew Fraser in The Australian

http://www.theaustralian.news.com.au/story/0,25197,25653101-5006786,00.html
 
"Commonwealth Bank's backflip as Storm breaks"

"THE Commonwealth Bank's spectacular backflip yesterday over its involvement in the $3 billion collapse of Storm Financial has cleared the way for a full settlement later this year of issues affecting 2500 of its customers -- but only in cases where it admits wrongdoing."

More by Richard Gluyas and Sara Rich in The Australian

http://www.theaustralian.news.com.au/business/story/0,28124,25652215-643,00.html
 

This is great news for investors who will hopefully have a legal leg to stand on, but absolutely damning for storm financial.

It just shows how corrupt storm financial was, and how commission motivated they were.

Shame on Emmanuel Cassimatis for fostering such deceiptful practices, placing people's retirements, their lifelong work rewards and their mental health on the line for a profit.

We will probably see him prancing around as a white knight now that this has come to light, but the focus should always remain on the fact that it was storm who were supposedly managing these assets and should have stated them correctly.

I think that we will find out however that people were signing blank documents and allowing the con-artists at storm to fill in their paperwork, and if this comes out, perhaps they will receive nothing, and storm and bank employees will be in very very big trouble.
 
Good Citizens,

Investigators and Enforcement Officers are hard working and dedicated.

If you have anything to contribute to assist in the successful finalisation of this issue

please consider contributing to the Inquiry into Financial Products and Services in Australia.

If you consider that you have anything of value to assist ASIC, contact them directly.

There are people reading this message that can assist.

ACT NOW:

Dark Leopard: END of Transmission.
 
Dark Leopard said:
There are people reading this message that can assist.
Click to expand...

There are also people reading, and maybe even contributing to these very forums , who caused the mess.

Dark Leopard. I note that you have never attempted to answer my questions regarding your thoughts on Emmanuel Cassimatis.

Please enlighten us otherwise no doubt anyone with half a brain will put 2 and 2 together..
 

I don't think EC would bother jumping on forums and stirring the pot, if he had half a brain he'd be hiding himself and as much money as he can lay hands on under a very very deep rock, not drawing attention to himself...

This could well be one of the brainwashed employees though...
 

Soft Dough, VERY good post, I like you have smelt a rat for some time.
 
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