Warning signs for clients of BBY

[helpme]

BBY claimed to be the largest independent stockbroker in Australia and New Zealand by market share before its bankruptcy. Due to its size, many Australian retail investors must have been hurt badly then. Hope they recovered most, if not all, of their money.

What were some warnings that could have been heeded for ex-clients of BBY?

https://en.wikipedia.org/wiki/BBY_Ltd

 

[skc]

BBY claimed to be the largest independent stockbroker in Australia and New Zealand by market share before its bankruptcy. Due to its size, many Australian retail investors must have been hurt badly then. Hope they recovered most, if not all, of their money.

What were some warnings that could have been heeded for ex-clients of BBY?

https://en.wikipedia.org/wiki/BBY_Ltd

I don't know but you might find the answer in the Administrator's report.

https://home.kpmg.com/content/dam/kpmg/pdf/2015/06/bby-limited-439a-report-12-june-2015.pdf

 

[helpme]

I don't know but you might find the answer in the Administrator's report.

https://home.kpmg.com/content/dam/kpmg/pdf/2015/06/bby-limited-439a-report-12-june-2015.pdf

On Jan 2015, BBY was fined for the inadequacies of its risk management system. This should be a warning sign.

I am glad my broker Interactive Brokers is known for strong risk management.

 

[skc]

On Jan 2015, BBY was fined for the inadequacies of its risk management system. This should be a warning sign.

I am glad my broker Interactive Brokers is known for strong risk management.

Probably but I wonder how many BBY clients were aware of this and how many actually moved their trading away from BBY as a result of the news.

IB is a much better broker because it's a listed entity. Set an alert for IB's share price at 30% below today's price - it would be a pretty good early warning sign.

 

[freebird54]

And of course a certain director of BBY was seen enjoying wimbledon on TV last week

 

[tech/a]

NEVER put ALL you eggs in one Broker

 

[freebird54]

Never put all your eggs in anything in this country ;-)
SEGC have confirmed there is no compensation for IB clients of BBY
It seems unless you have a HIN (which IB have not) you are on your own as far as they are concerned

 

[freebird54]

IB are moving accounts to OZ as we speak - I wonder why

 

[freebird54]

Latest report from the liquidators - do you understand it to say nothing left?

Wish my kids answered phones and shuffled paper for KPMG - they charged a minimum of $140 an hour and the average much higher

jailtime - I don't think so?

https://home.kpmg.com/content/dam/k...iquidators-annual-report-18-december-2017.pdf

 

[tech/a]

That’s not expensive

 

[freebird54]

Another final hearing 5/4?

 

[freebird54]

Final? I must have been dreaming - this still goes on so no doubt any monies will go to the vultures
Details on KPMG site

 

[freebird54]

Finally after many years the liquidators are asking for claims - anyone involved?
And like to forecast % return if any
And will anyone go to jail - theft has happened according to reports

 

[freebird54]

And still nothing has been heard and the liquidators doesn’t reply other than refer you to website news of last September