I don't know how many people on this site looked at the Sunday program about the effects of another property crash like Fincorp has done into our community. Before I get shot down by all the "I told you so experts" the fact remains that there is a lot of decent older humans that are being scammed by grubby money raising blood suckers.
I hope that Jenman wins this one and the ASIC get hung drawn and quartered, this government regulator needs to make these people accountable.
Any company and personal asset held by directors, shareholders, wives children or any family member should be frozen pending further investigation, IMHO – any asset derived from, in the name of any public officer, must be frozen because the business was founded by public raising of funds.
I also hope that any person on this site who fantasies on borrowing hard earned money from private individuals intents it to be paid back under such an agreement
D
Hear Hear. Did'nt see the show, but Fincorp and others like them advertise in a manner that attracts many to trust them with their hard earned money as a 'safe investment' (including the financial advisers whoi recommend them) and while many point at the returns and call them unrealistic, I can appreciate how someone wanting to fund a retirement may find them attractive – and could reason not overly high risk, as the return is low to what many have got from LPT's, managed funds, some shares, and other property trusts over the years. Of course, if companies like this do well, we tend to say how wonderful and farsighted the investors in them were, they go bum up and many sit back and say 'told you so' and 'serves you right for being greedy…' It does'nt. and theses guys and ANYONE else responsible for the promoting or decision making within these groups that think they can 'take the money and run' deservce to be held persoanlly laible, and I think asic are criminally culpable (strong words) as well based on their purported role in the 'finance industry'.
Thank v8
How is it that a past vacuum cleaner salesman gets to run a company raising monies from plus 50 year olds then sells off assets of the company to his stupid wife and family then build a hideous multi million dollar house (from public raised money) on 5 acres in Camden then ……….. get my point … how stupid is John Howard and the ASIC … Jenman is wright these guys have robbed a bank and are left walking the streets … we should have an area on this site for SCAMBUSTERS
D … if u think i'm b@##dy angry you're correct !!
And all those millions haven't disappered into thin air either.
I really feel for those investors, mostly elderly, who now face an uncertain future. For many of them, their life savings gone.
Unfortunately this sort of thing will keep on happening.
Once it happens to a high ranking cabinet member it will all stop. Until then….
Exactly LA Aussie,
Since it appears that it hasn't yet happened to any pollies (or their families) they have continued to let it go through to the keeper. Didn't see the TV program, but it makes my blood boil to think that these "humans" are still allowed to breath free air on the outside. They are low life scum and it's good that there is someone out there fighting against them. Maybe some ASIC executives need their Mum/Dad/Grandma to be ripped off before they take action. I know we are all responsible for our (investing) actions but enough is enough for these loosely called "Property Investment" companies….How many more will fall in the next 18 months?Buyer beware. It's a very sad, unfortunate situation. Let me share some sunshine. I know a private day trader (took private investor money in 100k increments and played the markets) who lost everything – and was responsible and displayed incredible, independent integrity.
He sold his assetts to pay back his investors, when he could have closed down the company and kept his houses, which were protected from such an event. He has since bounced back, and is now a financial planner. Mistakes don't make us untrustworthy, failings don't make us failures. Our responses to life's curve balls are what identify men from mice, and integrity from insincerity.
This isn't a one off. I know of at least one more development company director who did likewise, and it wasn't even his responsibility, but he didn't become bitter or selfish. If only THESE stories were on tv.
What's sad is that future good advice and opportunities may be missed by people now too scared to trust anyone, and that has robbed those nice people as well. Buyer beware.
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