Power of ASIC?

Hi All,[biggrin]

I was trying hard to warn people about it using maths and other “black magic” stuff that was beyond the comprehension of many of the forumites (you being one of them),

I can see that you do your research very well

bugger…wrong link

I can also see that your research about ASIC, (incidentally on the topic that you introduced) leaves room for improvement

Regards
Bryce Inglis
Financial Advisor
[email protected]

Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS146.An appropriate professional should be consulted for specific advice

Hi All[biggrin]

Its that pesky uninformed dude again.

Some of the funniest arguments were from some dude who had no facts to back his views but tried to shut me up with the line “I’m a fully licensed finacial advisor, so I know these things”…….all he knows is where his commision cheques come from.

1. I know how to spell Financial, you don’t.
2. I work for fee only.
3. You are up to your old trick of insulting people and/or their professions.
4. We the insulted don’t care what you think about us

Perhaps we should widen the area of insulting professionals to include bankers and current banking practices, which may be more amusing to forumites than the drivel starting to appear in this post.
I believe that everyone but bankers would enjoy it[laughing]

Regards
Bryce Inglis
Financial Advisor
[email protected]

Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS146.An appropriate professional should be consulted for specific advice

Natalie,

Here’s a funny thing…

How can we respect your advice as coming from someone the calibre of yourself without knowing something about you?

Thanks for sharing a little of your background with us. It certainly explains what comes across as arrogance and condescension and I feel your frustration with us unwashed masses who are bumbling along learning and making mistakes in our financial lives.

Thanks for taking the time out from your jet setting lifestyle to drop little pearls upon us – sorry that we don’t always appreciate them. I will now be reading your posts with a much greater understanding now that I know you aren’t just Nat R who pops up every now and then to take an articulate swipe at other people. But you are Natalie the investment banker who stays in more expensive hotels and flies further towards the front of the plane than I usually do.

Would you share a little of your investing background with us as well?

What would be really great is if you offered us some positive advice on how you got there?

I mean someone like Dazzling, who also can show a little less sensitivity towards others at times, has been good enough to share in painstaking detail how he is building his portfolio. Noone can say they don’t know how to do it after reading what he posts – can just say that they didn’t have the courage or cojones to start a bit bigger than the $200K 3+1 in dullsville.

I know I would love to know more of the Natalie story. I am sure she is a whole lot more likeable than Nat R who condescends to telling us what we do wrong but never really gives us anything positive.

Just reread this and it sounds sarcastic – is not what I mean it to sound but I trust you are thick skinned enough not to let that worry you.

Look forward to some gems Natalie.

Kindest regards,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Sometimes I just dash stuff of the top of my head because there is nothing worse than typing a long epistle only to find the thread locked.

So are you saying that when the keyboard engages, brain disengages ?

….and therein lies the problem for newbie posters like me…. experienced posters having little spats at each other over topics that newbies would start, because thats been the way it is and has been for the last 100 years…, but if an outsider dares to say something… at best they are ignored, at worst they are banned

regards,

Paul

Paul,

Just been through your last five posts and cannot see that you were ignored so I imagine you are complaining on behalf of someone else? Can you let me know whom and I will endeavour to rectify it. I hate the idea that a new user is being ignored.

Or are you just generalising?

As far as banning goes it rarely happens. I can only think of one occassion so far this year but there may have been two. Banning doesn’t happen lightly either. But I accept that, since abusive posts are quickly deleted, the average member doesn’t see exactly why someone has been banned. And that is not a bad thing. You are not here to read abuse, spamming from the US or Eastern Europe or sexually explicit posts etc.

If there is some way that myself or the other mods can make your visit more positive please call me or email me and tell me. We are keen to make this a welcoming environment but wont do so by allowing the place to degenerate into anarchy.

Posting one line complaints that are not immediately justifiable doesn’t make it easy. The only person I know that can read minds is my wife and unfortunately she will not teach me – it will upset the balance of power in our household.

Have a prosperous day mate,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Hi all[biggrin]

It appears that in one of my earlier posts a complaint was made that matters were unclear.

The following is reproduced from ASIC explaining actions that were undertaken by them and show a highly complex process due to the limitations of enforcement acting as a Federal body when dealing with State related matters.

The link to the full article is

http://www.asic.gov.au/asic/asic_pub.nsf/byheadline/Westpoint+bulletin?openDocument

1. What is happening with the company at the centre of Westpoint, Westpoint Corporation Pty Ltd?
The Federal Court in Perth has ordered the winding up of Westpoint Corporation Pty Ltd. The Australian Securities and Investments Commission (ASIC) applied to wind up the company on grounds of insolvency.

The court appointed PPB as liquidators of the company.

ASIC believes Westpoint Corporation is responsible for arranging, managing and co-ordinating Westpoint’s property projects as well as holding money for other group companies.

ASIC was concerned that Westpoint Corporation was unable to pay its debts, including its obligations under the guarantees given to the mezzanine companies to make good expected shortfalls in the repayment of amounts owed to investors.
2. Have any other Westpoint companies been placed in external administration?
A provisional liquidator has been appointed to Westpoint Management Limited. Westpoint Management is the trustee of the 60 Market Street and 297 Murray Street Trusts, and responsible entity of the Paragon Commercial Syndicate, the Warnbro Fair Syndicate and the Westpoint Income Fund.

The Supreme Court has appointed PPB as provisional liquidators to Westpoint Management following consultation between ASIC, the receivers and managers over parts of the company’s property, and PPB.

Under the orders, the provisional liquidators are required to provide a report to the Court and to ASIC regarding the winding up of the company, as soon as reasonable and in any event, within two months of the orders. ASIC will review that report to help it determine the future of the company’s Australian Financial Services Licence and its status as responsible entity of the managed investment schemes

3. Where has the money gone?
Instead of going into individual property development projects as Westpoint investors were led to believe, ASIC alleges investors’ money was pooled and used by Westpoint for various purposes of the group.

The intermingling of investors’ funds must now be unravelled by the receivers and liquidators of various Westpoint entities. This will take some time.

4. What happens to investors whose money is locked up in Westpoint schemes?
Investors’ money remains tied up in the schemes pending the determination by liquidators of the most effective way to sell the assets in an orderly process. This process is likely to take some time.

5. Why didn’t ASIC act earlier to regulate the Westpoint Group and prevent the loss of investors’ money?
ASIC commenced action against Westpoint companies in 2004 when it became concerned that they were operating outside the provisions of the Corporations Law. ASIC sought a determination by the court that Westpoint was promoting a financial product and a managed investment scheme.

ASIC’s appeal from the original court decision was heard recently. The court’s decision in these proceedings will determine ASIC’s jurisdiction over the activities of Westpoint and the avenues it can pursue in respect of Westpoint directors and the financial planners and advisers involved.

6. Can it happen again?
Investors should be aware that if they put their money into high interest products they are accepting high risk. Some investment schemes are deliberately structured so that they fall outside the provisions of the Corporations Act. Those schemes, many without an approved product disclosure statement or prospectus, carry the highest risk.

I hope this clarifies why it has taken a long time for ASIC to deal with Westpoint.

Regards
Bryce Inglis
Financial Advisor
[email protected]

Replies on this site are intended as general information only, as any specific investment solutions/advice must only be given in accordance with the requirements set out in the Financial Services Reform Act 2001 and the ASIC guidelines as set out in PS146.An appropriate professional should be consulted for specific advice