Wellington Capital PIF/Octaviar (MFS) PIF
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Michael West has a very interesting article in the SMH Business Day today titled "Can investors trust ASIC?". The comments at the conclusion of the article are also worth a read.
http://www.smh.com.au/business/can-investors-trust-asic-20111108-1n4wv.html
http://www.smh.com.au/business/can-investors-trust-asic-20111108-1n4wv.html
WC assures me they are 'unaware of who sent the correspondence' relating to the PIF reaction group fliers. In view of the fact that the PIF AG narrowed the use of the PIF unitholder register down to a 17 day period relating to the mailout makes it easy to investigate. To the best of my knowledge Wellington Capital chose not to investigate the misuse of the PIF register. I am a bit intrigued then as to this following statement also from Wellington Capital ::Wellington Capital have indicated, "Wellington Capital has had a number of communications with persons representing to be part of the 'PIF Reaction Group.' The Fund has a diverse variety of Unitholders who choose to communicate with each other in a variety of methods". Does this mean that Wellington Capital Limited has knowledge of persons directly associated with the 'PIF Reaction Group'?? Has Wellington Capital Limited pursued this opening for a thorough investigation to reaffirm that all has been done to identify all possible links/associations with the misuse of confidential personal details relating to investors of the PIF? WC reassures me that they take the protection of PIF personal details and their obligations to protect that information seriously. Well, at least PIF AG members are supportive, thanks to all those who have responded re unopened fliers.
If the PIF REACTION GROUP really existed and they wrote what they honestly believed I pose this question to them, "Come forward, explain your actions and be adjudged from thereon." I await your early response. In the meantime you are standing by causing some anxiety for others.
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ASIC on the defensive?
What odds on underground betting board for either of them?
What odds on underground betting board for either of them?
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Let's really stick it to them!
The so called "PIF Reaction Group" is the shadow from Wellington Capital's offices operating outside normal office hours. The "shadow" has unlimited and so far untraceable accesses to WC (read legitimate PIF) funds and Member Register.
By circumventing ASIC's barbed wire legislative installations (read peacock's plume barrier), WC and its shadow roam unfettered with a corporate smirk so familiar from mug shots of Alan Bonds, Bernie Madofs of this world.
Smirk while you can, you vultures.
We are wide awake.
Regards,
This post was made by a good friend of mine many years ago on another forum:
What seems to have slipped under the proverbial radar here is this:
The son of the ASX Chairman, Maurice newman obtained a Financial Services Licence. But this particular licence " ... included a nominee company called Green Frog Nominees. By having its own nominee company, Nexus was in a position to hold its own clients' securities and to run its lending practices away from the gaze of the ASX."
Did you get that ..."A-W-A-Y from the gaze of the ASX"
Why?
Why would a respectable entity need to conceal anything at all from the ASX?
Because even if there was something sinister about it, it remains doubtful, history has shown, whether the ASX would want to disturb the status quo which allows it to be the regulator and at the same time, P-R-O-F-I-T from the activities of those whom it is charged to R-E-G-U-L-A-T-E.
Did you understand that? The regulator is also involved in profiting from the activities, but to this day, D-E-N-I-E-S and conflict of interest.
Am I stupid, blind, or what?
Did I misunderstand that you can be both Judge AND defendant?
Last law book I read said there needs to be uninvolved parties before an impartial judgement can be passed down by any regulator ... but hey! What the fique would I know?
So here is a little family secret ... Dad arranges for Son to obtain Licence, which is held for a little while as a 50% partner ... then quietly on-sold to form a company which would NEVER otherwise have gotten through the regulator.
And here it is, operating under the nose of ASIC, with the full blessing of none other than the Chairman of the ASX, no less, who vicariously needs to be held accountable because this arrangement has come about with not only his full knowledge, but quite possibly his active participation in the application for the Licence in the first instance.
Was the licence obtained for a mate with the intention of later selling the half-share to allow the formation of Opes Prime?
Unless I am getting too old to read the public domain reports on this, it seems so to me.
But then, I am from Frog's Hollow, and what the fique would I know - we are all too naive over there, and far too trusting.
Now the innocent investors with Opes are going down with the guilty, and that is N-O-T freaking F-A-I-R. (We do not use expletives in Froggy)
Would someone please tell me where one can still invest safely in this country, and have that fact overseen by a RESPONSIBLE, IMPARTIAL and HONEST entity?
There is enough circumstancial evidence to suggest that it was hutson herself behind the mailout and creation of the PIF reaction group.
The name of the group was clearly designed to look similar to PIF action group and to create confusion with investors.
The ONLY beneficiary of the fraudulent letters was hutson.
hutson also had access to the register.
hutson refuses to investigate or provide information that it may have been another party.
We have all seen her tactics and stunts pulled such as the hired actors that she personally addressed in Sydney.
The evidence suggests that we should be investigating hutson herself for the fabrication and creation of this false pif reaction group, and that we should be looking into her and links to her for evidence.
The name of the group was clearly designed to look similar to PIF action group and to create confusion with investors.
The ONLY beneficiary of the fraudulent letters was hutson.
hutson also had access to the register.
hutson refuses to investigate or provide information that it may have been another party.
We have all seen her tactics and stunts pulled such as the hired actors that she personally addressed in Sydney.
The evidence suggests that we should be investigating hutson herself for the fabrication and creation of this false pif reaction group, and that we should be looking into her and links to her for evidence.
New tools to help Australian plan for retirement http://www.moneymanagement.com.au/news/new-tools-to-help-australian-plan-for-retirement
'The Australian Securities and Investments Commission (ASIC) has launched a new retirement planning guide and an online calculator in an effort to support Australians who are preparing their retirement finances.'
No mention in the article of there being a very strong chance of being a victim of fraud of some description no matter how much due diligence you do, how safe the 'product' invested is purported to be, how well the whole financial product/investment industry is NOT REGULATED and how many millions of retirees there currently are, financially crippledd as a direct result of having their retirement funds frozen, stolen, misapropriated or whatever. Issue all the guidelines you like ASIC, bottom line is you would serve retirees better by using the TOOLS already in place and actually start regulating as is your job because by the time you act (if at all) those reading your 'NEW' set of guidelines could well be ripped off by the same existing crooks who reinvent themselves time and time again simply because they can.
'The Australian Securities and Investments Commission (ASIC) has launched a new retirement planning guide and an online calculator in an effort to support Australians who are preparing their retirement finances.'
No mention in the article of there being a very strong chance of being a victim of fraud of some description no matter how much due diligence you do, how safe the 'product' invested is purported to be, how well the whole financial product/investment industry is NOT REGULATED and how many millions of retirees there currently are, financially crippledd as a direct result of having their retirement funds frozen, stolen, misapropriated or whatever. Issue all the guidelines you like ASIC, bottom line is you would serve retirees better by using the TOOLS already in place and actually start regulating as is your job because by the time you act (if at all) those reading your 'NEW' set of guidelines could well be ripped off by the same existing crooks who reinvent themselves time and time again simply because they can.
I was recently reading a book in which an FBI agent, about to arrest a fraudster during a sting
operation says to him, "You left a calling card!" "Huh?" "Fingerprints all over the cheque..." Let's hope that life imitates art and provides uneasy times for the spineless Reaction mob.
operation says to him, "You left a calling card!" "Huh?" "Fingerprints all over the cheque..." Let's hope that life imitates art and provides uneasy times for the spineless Reaction mob.
I am pleased with the response concerning the unopened PIF REACTION GROUP mailout. A Unit holder has contacted me from England and has documents also. The number is building up, the more the better of course. Keep them coming, please. There are people who know exactly what took place and eventually "the truth will out" at the appropriate time.
I would imagine you should be getting mine today by registered post or early tomorrow. Please let me know when you get it.
I am glad I did not open that letter and had the perception to realise from the first mailout that it was something fraudulent.
As I said there is enough circumstancial evidence to suggest hutson and that cohort yaun essentials or whatever he calls himself are two prime suspects with the most to gain from the mailout. It is them who the investigation should focus on as I am confident that it was a combined effort of both of them to ochestrate this little scheme.
I am assured that the current state of the PIF is under close scrutiny along with many other funds of a similar structure facing oblivion due to mismanagement, false committments and alleged fraudulent behaviour. It appears that the 'volcano' representing managed funds which has been recently continually spewing out evidence relating to possible corrupt activities from a closely related inner circle is no longer dormant and is reaching boiling point, the pressure point is being tested and the volcano is no longer in a trance. (PS, this post was solely for the purpose of giving the Wellington Capital Limited ASF forum spy/monitor something to report as I understand they have been working overtime recently!! )
I hope you are right because it really makes my blood boil to see the way they are running our fund into the ground.
I am only 30 years old now and when they froze MFS they froze my entire life savings that I was forcing myself to save and not touch for house/new cars. The inability to get money back put me into debt.
Short of selling what I have with my rate of savings it will be by the end of next year before I am out of debt.
These people really dont know how they effect the little people and all the lifes they destroy.
I am one of the lucky ones as there are others in worst situations than me.
Sutho81, I have it on good authourity that Ms Hutson from Wellington Capital Limited stood up in front of staff from one of the PIF related assets, the Forest Resort in Creswick Victoria and stated how she persnonally 'loved spending other peoples money'. Well she got that right!! (if nothing else) more to come re KAM = Kooralbyn Asset Management and their close association and billing arrangements with work done in and around Victoria with Wellington Capital related entities. Don't you just love technology???
I have recently been encouraged to post Wellington Capital related responses to previous PIF related enquiries, please post your own communications as well.
Thank you for your emails of 20 and 22 April 2009.
Wellington has disclosed the intention to make a 3 cent distribution from its earliest statements as responsible entity of the fund. The intention was a central part of information provided to the EGM of 15 October 2008 at which unitholders overwhelmingly voted in support of Wellington’s plan for the fund. Wellington has also given undertakings to ASIC in relation to the proposed distribution. Therefore, Wellington is of the belief that it has both a responsibility and a mandate to make the 3 cent distribution as soon as able.
Wellington shares your concern at the sale of assets and reduction of capital in order to fund distributions and operating costs. However, the holding costs of assets and the overhead costs of the Fund significantly exceed the revenue earned by the present assets of the Fund. These costs can only be met in the short term by the structured sale of assets. Wellington has undertaken an analysis of all assets with respect to identifying those that are suitable for immediate disposal, those that should be held as is pending market recovery, and those that can be developed and in time will deliver a premium to the fund.
You rightly observe that the payment of the proposed distribution and the disposal of appropriate assets will result in a short term reduction of the net asset value of the Fund. Wellington believes that this step is necessary in terms of transforming the largely non-performing present asset base into one which can deliver both modest distributions to unitholders and ultimately rebuild the capital value of the fund.
The buyback remains on the agenda as it was overwhelmingly support by unitholders.
Your questions highlight the key challenges faced by the Wellington management team. The team has worked tirelessly on your behalf to discharge the last of $200 million of debt by the end of March 2009. The distribution is desperately needed by many of the unitholders and the management team will work hard to deliver that as the next priority. Throughout this process, all decisions have been made with a frugal eye to preserving value in the fund. There has been no fire sale and no asset has been sold for less than market value.
Wellington continues to believe that the Fund is worth more to all unitholders as a going concern and it is pleasing to note that you share that view.
Kind regards
Caroline Snow
Associate Director
Thank you for your emails of 20 and 22 April 2009.
Wellington has disclosed the intention to make a 3 cent distribution from its earliest statements as responsible entity of the fund. The intention was a central part of information provided to the EGM of 15 October 2008 at which unitholders overwhelmingly voted in support of Wellington’s plan for the fund. Wellington has also given undertakings to ASIC in relation to the proposed distribution. Therefore, Wellington is of the belief that it has both a responsibility and a mandate to make the 3 cent distribution as soon as able.
Wellington shares your concern at the sale of assets and reduction of capital in order to fund distributions and operating costs. However, the holding costs of assets and the overhead costs of the Fund significantly exceed the revenue earned by the present assets of the Fund. These costs can only be met in the short term by the structured sale of assets. Wellington has undertaken an analysis of all assets with respect to identifying those that are suitable for immediate disposal, those that should be held as is pending market recovery, and those that can be developed and in time will deliver a premium to the fund.
You rightly observe that the payment of the proposed distribution and the disposal of appropriate assets will result in a short term reduction of the net asset value of the Fund. Wellington believes that this step is necessary in terms of transforming the largely non-performing present asset base into one which can deliver both modest distributions to unitholders and ultimately rebuild the capital value of the fund.
The buyback remains on the agenda as it was overwhelmingly support by unitholders.
Your questions highlight the key challenges faced by the Wellington management team. The team has worked tirelessly on your behalf to discharge the last of $200 million of debt by the end of March 2009. The distribution is desperately needed by many of the unitholders and the management team will work hard to deliver that as the next priority. Throughout this process, all decisions have been made with a frugal eye to preserving value in the fund. There has been no fire sale and no asset has been sold for less than market value.
Wellington continues to believe that the Fund is worth more to all unitholders as a going concern and it is pleasing to note that you share that view.
Kind regards
Caroline Snow
Associate Director
I know how you feel Sutho81.
I had to move to Tassie, so sold my house in Adelaide, moved down, invested all I made from selling my house beofre I was going to buy another, only for this tripe to happen. Now, with my wife and 2 young children, I have been renting for 5 years. Everyone knows rent money is dead money.
Thanks Wellington, thanks PIF
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I know how you feel Sutho81.
I had to move to Tassie, so sold my house in Adelaide, moved down, invested all I made from selling my house beofre I was going to buy another, only for this tripe to happen. Now, with my wife and 2 young children, I have been renting for 5 years. Everyone knows rent money is dead money.
Thanks Wellington, thanks PIF
Hello coppo,
A word of sympathy to you, sutho81 and many among us
in as painful situations as yours.
And it pains me personally to interpret your inclusion of PIF in thanking Wellington for these disasters.
I hope you did not really mean to align PIF in the same line of fire we had Wellington nailed to for a number of years.
PIFAG need our recognition till successful end.
Work towards this end continues.
We will get there,
Cheers,
