NII Sydney was closed down this morning..
NII Brisbane is next…followed by NII Melbourne
May you rest in peace Henry Kaye….
Geeeez, you must hate him. [
]Go to URL [
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http://www.propertyreview.com.au/19112003/headline/20112003001.html
EXCLUSIVE
Henry Kaye’s major NSW sales arm
shuts down
Ted McDonnellHenry Kaye’s property empire started showing signs of disintegration yesterday when its main source of leads in New South Wales, the Empower Group, closed its doors.
Empower was National Investment Institute’s master agency in NSW providing thousands of leads for Kaye’s NII through door knocking, cold calls and shopping centre spruiks.
propertyreview.com.au spoke to the three main players in NII, Henry Kaye, Alan Meagher and Brian Barnard late yesterday evening for a comment, but all were hesitant to discuss the future of their property education empire.
Kaye refused to comment on Empower asking propertyreview.com.au to refer all questions to Brian Barnard. Meagher said he knew nothing about Empower’s closure.
Barnard, confirmed, however, that Empower had closed its doors, but would not give specifics as to why the NII’s major source of NSW leads had shut up shop.
“They were our New South Wales sales arm. They have closed,” Barnard confirmed.
When asked whether Empower’s closure signalled the beginning of the end for NII, Barnard said it would be business as usual for the group tomorrow.
“They were our New South Wales sales arm. They have closed,”
Kaye refused to answer the same question.Empower, based in Forbes Street, Woolloomooloo, offered people free in home consultations. The participants were told the “Free” consultations would normally cost in excess of $300.
From that point, Empower would sign up participants for a $45 “Unlimited Wealth” workshop promoting a ‘money-back guarantee’. NII promised the course was government approved with full education accreditation.
The next step for an “inductee” was the “Property Mastermind” course at a cost of $990.
NII would be “individually select” course participants to go further in their Mastery series with courses costing between $14,000 and up to $55,000.
This year, has not been a good one for property millionaire Kaye. He has been hauled before the Courts on a number of occasions by the Australian Securities & Investments Commission and more recently the Australian Competition & Consumers Commission.
Kaye is still facing charges laid by the ACCC for misleading and deceptive conduct over his ill-fated “Property Millionaire Challenge” which was aborted. He is also to face ASIC again in the Federal Court over enforceable undertakings and refunds to course participants, who believed NII’s courses were ASIC approved.
In March, Kaye was forced to resign as a director of major developer Urban Property Corporation. One of his other companies, Vilacon Corporation, only recently sold its shareholding in UPC.
A rumour doing property circles earlier this week that Kaye had fled to Israel proved to be just another episode in the Henry Kaye saga.
Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Hi All[
]One down and lots to go. It seems as if Dudley, the king of two tiered marketing scams has fled to New Zealand as things are hotting up for him on the Gold Coast.
Regards
Bryce Inglis
[email protected]
http://www.ipal.com.auI used to get stuck into a ripp-off guru on a particular (shares) website by exposing his lies and bulls..t and found that most of the sheep which were about to be shorn resented hearing bad things about their guru.
The problem is that the way most people are they somehow have a perverted need to believe in a guru and there isn’t really any way to protect them from themselves if they are hell bent on allowing themselves being ripped off.
A sad but sorry state of affairs.
After receiving a blatant death threat from the guru (on his website mind you) and finding that very few people actually supported my stance I have since stopped feeling sorry for the sheep about to be shorn.
I feel that a similar type of situation is at play with Henry Kay’s willing sheep.
Pisces133
Well, ones person’s guru is anpother person’s ripoff merchant. It just depends on which guru you believe in, really. Independence of thought is a good thing, and it will keep you safe from all gurus :o)
kay henry
>>ones person’s guru is anpother person’s ripoff merchant<<
Henry you will know the difference between the two after you have spent excessive sums of money
and find that whatever it is that you were being taught hasn’t benefitted you.Cheers,
Pisces133
Maybe a new marketing company will pop up soon?
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Or they might do it ‘in house’
Cheers
MelLet me expand a little bit further on what I said earlier :
Someone who has knowledge charging for passing on his knowledge in seminars or courses etc is fine.
Even if that person were to charge (what many people would consider) an excessive price for his or her seminars one cannot really object as no-one is forcing anyone to pay too much for a service.
There is even a case to be made that it is O.K. for a teacher, who hasn’t him or herself practiced what he/she preaches, to charge a fee
for that teaching.What is unconscionable is when
(a) the promotion is done in such a way as to suck people in with lies and bulls..t
and/or
(b) the teacher puts out a lot of hype without also passing on the pitfalls to the pupils causing such unsuspecting pupils to dive in and, the moment the picture changes (i.e. the economic climate – or rather, the population’s perception of the economy) the s..t will hit the fan and many people will get cleaned out either because conditions have changed on them or because they dived in without having sufficient knowledge to see through the proposed proposition.
This is what I think has been happening to many people attending Henry Kay type seminars and also with the two tier sales.
I personally know one young man who 2 years ago bought a $ 450 K unit in Melbourne off the plan (using a deposit bond) and who now is facing disaster because he is unable to resell nor able to obtain finance.
I also know of someone else who bought a $ 2 M unit in Sydney off the plan (also using a deposit bond) and who, despite being a high income earner, is looking at a $ 400 K or more loss (which he cannot fund) because he too is unable to offload the property nor able to obtain finance to purchase the property.
Pisces133
Like Pisces133 I know of a number of “graduates” of HK’s expensive weekend course who have bought off the plan and have recently settled on properties and had very significant capital losses.
Further he gets them to sign a FIVE YEAR property management agreement with his company. He then onsells the agreement to another estate agency again getting large sums of money.
An agreement of this length is not binding and against the law. Unfortunately many of his investors don’t realise and feel “stuck” with this scondary proper manager.
Metropole Property Management has helped a number of clients get out of their agreement. email me if you are in a similar position and need help
[email protected]Michael Yardney
Metropole Properties
http://www.metropole.com.auPererM,
I see what you’re saying :o) I guess my thoughts are that people need to be investing very carefully anyway. A lot of the investment seminars were attended by “mum and dad” first time investors. A 450k OTP apartment bought 2 years ago was probably an unwise investment for the young man- given that the deposit bond strategy ended at least a year before that. If people read the newspapers- all of them- every day, and read every book they can lay their hands on, then they can be aware of the trends that are occurring. And I wouldn’t pay one cent for seminars when you can find the information elsewhere, for example, on forums like this.
I guess what I am saying is that HK is an easy target. I think it’s wise for all people to do their research and to be able to question anything about the strategies of any person- whether it be Kiyosaki, or HK, or anyone, and that questioning things keeps us safe. And I imagine that the ones who are open to questioning, and are happy to discuss why they do what they do, including the the legalities and the ethics of their practices, are the ones who will come out the end of the RE boom with their reputations intact.
I agree with you that it’s sad when there is a shutdown mentality on discussing certain things on forums:
You said:
“I used to get stuck into a ripp-off guru on a particular (shares) website by exposing his lies and bulls..t and found that most of the sheep which were about to be shorn resented hearing bad things about their guru.”
The silencing of alternative perspectives can’t be good for anyone.
kay henry
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