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Another Storm Financial About to Happen

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Garpal Gumnut

Garpal Gumnut

Ross Island Hotel
Joined
2 January 2006
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The occupancy rate of Financial Advisors Car Parks is in Inverse Proportion to the Future Wealth of the Clients of the Financial Advisor consulted.

I generally, no I should say exclusively, invest on my own instincts and knowledge of the market and financial indices, technical analysis and interest rate projections.

As the Gumnut wives increased, their and my progeny are now giving forth grandchildren of many hues and temperament. It is my duty and pleasure to travel widely to pat a descendant on the head before it spits the dummy or does a poo.

On these wanderings throughout Australia I have noticed that the Financial Advisors car parks are becoming more full, often to over-capacity. I usually park in Financial Advisor's carparks in large towns or cities (especially) as they would dare not to tow a Bentley Arnage away.

So the gulls are descending for their chips.

It is 101 for a huge Capital Loss.

Financial Advisors Car Park Capicty = Imminent Financial Collapse.

Poor bastards.

gg
 
I should add that Volatity as expressed by the VIX is at a high and I've stopped watching the News as it's all bad News and that adds further to my argument. I remember noting and doing this in past crashes. Go to Cash widely dispersed or suffer is my opinion.

gg
 
Garpal Gumnut said:
Go to Cash widely dispersed or suffer is my opinion.
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Good idea. Can't fault your proposed self-sufficiency either...
Joining the dots with the contents of your post #1: Do you disperse your cash as widely as your wives and their multi-hued progeny? (Merely asking :p )
 
pixel said:
Good idea. Can't fault your proposed self-sufficiency either...
Joining the dots with the contents of your post #1: Do you disperse your cash as widely as your wives and their multi-hued progeny? (Merely asking :p )
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Essential with the $250,000 get out of gaol card should the banks go belly up.

I have my concerns about some banks should their share price fall by 30%.

gg
 
Are any financial advisors out there still encouraging the use of the "double gearing" strategy that some clients of Storm Financial Group used? Surely the collapse of Storm put an end to such risky investment strategies.
 
Managed Investment Schemes​

MISery for another 12,400 lured into losses

$1.2 billion in peril with the recent collapse of Shield Master Fund, First Guardian Master Fund and Australian Fiduciaries.

Six years after the banking royal commission exposed a quagmire of financial advice conflicts, poorly designed products and egregious failings in investment governance, it is all happening again.

Investors trapped by the collapse of three managed investment schemes have become the guinea pigs in a new era of soul-searching about why laws and regulations designed to protect superannuation savings are not working.

Shield and First Guardian were originally sold as diversified portfolios of liquid assets delivering higher returns than those available in industry super funds. Liquidators discovered they held a grab bag of illiquid assets, most of which are, in the opinion of many, valueless or out of the reach of creditors.

Australian Fiduciaries was placed in administration on 16 June at the behest of ASIC, which is investigating poor management of conflicts of interest, the methods used to sell units in the schemes, the suspected failure to conduct regular valuations, and the loss of value in the underlying assets.
 
Dona Ferentes said:
Managed Investment Schemes​

MISery for another 12,400 lured into losses

$1.2 billion in peril with the recent collapse of Shield Master Fund, First Guardian Master Fund and Australian Fiduciaries. (aka mobsters in suits running funds)

Six years after the big pink elephant banking royal commission exposed a quagmire of financial advice conflicts, poorly designed products and egregious failings in investment governance, it is all happening again.

Investors trapped by the collapse of three managed thieving investment snake oil schemes have become the guinea pigs in a new era of soul-searching about why laws and regulations designed to protect superannuation untouchables savings are not working.
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I'll fix that for you by adding my commentary and thoughts.
 
Every group benefitting from the lack of governance of ASIC, especially media and advertising is complicit in rip offs such as this. The only advertisement more nauseous than the Trivago ad is that of two farty mushroom cooking middle aged harridans hitting off at golf spruiking Industry Super Funds and encouraging the unwary to plonk their hard-earned in to these sinks of mug investments.

We are due to get a new telly, so once it's arriving I will sit the night before with a brick waiting for them to tee off in between breaks for "Vera" and risk death from Mrs Gumnut.

gg
 
Dona Ferentes said:
Managed Investment Schemes​

MISery for another 12,400 lured into losses

$1.2 billion in peril with the recent collapse of Shield Master Fund, First Guardian Master Fund and Australian Fiduciaries.

Six years after the banking royal commission exposed a quagmire of financial advice conflicts, poorly designed products and egregious failings in investment governance, it is all happening again.

Investors trapped by the collapse of three managed investment schemes have become the guinea pigs in a new era of soul-searching about why laws and regulations designed to protect superannuation savings are not working.

Shield and First Guardian were originally sold as diversified portfolios of liquid assets delivering higher returns than those available in industry super funds. Liquidators discovered they held a grab bag of illiquid assets, most of which are, in the opinion of many, valueless or out of the reach of creditors.

Australian Fiduciaries was placed in administration on 16 June at the behest of ASIC, which is investigating poor management of conflicts of interest, the methods used to sell units in the schemes, the suspected failure to conduct regular valuations, and the loss of value in the underlying assets.
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more on this story

 
I read somewhere that one of the perpetrators made transfers to offshore havens and the investigators say it will be hard to recover funds.
Firstly types like this deserve severe deterrent prison sentences but why doesn't judicial law contain within it the power to leverage sentences? An example would be withdrawal of prison privileges for someone like Ivan Milat who refused to disclose locations of other victims.
In this fraud case a sentence could be harsher or lighter according to the cooperation of the perp in recovering funds. He's knowingly destroyed or crippled lives in the financial sense, so at far end of the scale impose a deterrent and retributive life sentence that could be retrospectively dialled back relative to his degree of restitution.
This keeps happening because the elite are never affected. Complex web of companies should be illegal.

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In the coming days, ASIC is expected to issue banning orders on a number of financial advisers who herded consumers into these funds. Advisers and lead generators were paid hefty fees to push consumers into the funds, according to the regulator.

In the case of First Guardian, its responsible entity, Falcon Capital, whose directors David Anderson and Simon Selimaj were also running the First Guardian funds, handed in excess of $45m * in fees to three marketing and lead generation companies between 2021 and 2023, with more than half of the money siphoned directly from First Guardian fund assets, according to the corporate regulator. The Federal Court this week made interim travel restraint orders against Mr Anderson and Mr Selimaj, prohibiting them from leaving the country until early next year.
.
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*Of the $45 million, at least $13m went to former VFL ruckman Ferras Merhi’s Cornerstone Strategic Management firm, $21m to Osama Saad’s Atlas Marketing — in just over nine months — and $5.7m to Rashid Alshakshir’s Indigo Group.
 
Dona Ferentes said:
In the coming days, ASIC is expected to issue banning orders on a number of financial advisers who herded consumers into these funds. Advisers and lead generators were paid hefty fees to push consumers into the funds, according to the regulator.

In the case of First Guardian, its responsible entity, Falcon Capital, whose directors David Anderson and Simon Selimaj were also running the First Guardian funds, handed in excess of $45m * in fees to three marketing and lead generation companies between 2021 and 2023, with more than half of the money siphoned directly from First Guardian fund assets, according to the corporate regulator. The Federal Court this week made interim travel restraint orders against Mr Anderson and Mr Selimaj, prohibiting them from leaving the country until early next year.
.
.
*Of the $45 million, at least $13m went to former VFL ruckman Ferras Merhi’s Cornerstone Strategic Management firm, $21m to Osama Saad’s Atlas Marketing — in just over nine months — and $5.7m to Rashid Alshakshir’s Indigo Group.
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Australia following France steps..one similarity at a time..
Why in this religion of peace....
So happy to be with SMSF...
 
qldfrog said:
Australia following France steps..one similarity at a time..
Why in this religion of peace....
So happy to be with SMSF...
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In my humble opinion it is so much safer to be in charge of one's own finances, so the blame game stops at these feet.
To have a paid adviser looking after their own interests first is always fraught with danger.
Been there and was not impressed.
 
Sadly there are crooked accountants, lawyers, real estate agents, doctors, dentists, builders, electricians, plumbers, pharmacists and a host of other crooks. Laws and regulations will never eliminate ratbags from relieving others of their money. It's worthy to have those laws but unless the members of the "police state" are embedded in the industries (and subsequently become equally corrupted) no particular law will have any effect on someone who is going to be a dirt-bag.

It's been the case in centuries past, it's the case now and it'll be the case if the future.

Only my view of course.
 
Bellcose said:
Sadly there are crooked accountants, lawyers, real estate agents, doctors, dentists, builders, electricians, plumbers, pharmacists and a host of other crooks. Laws and regulations will never eliminate ratbags from relieving others of their money. It's worthy to have those laws but unless the members of the "police state" are embedded in the industries (and subsequently become equally corrupted) no particular law will have any effect on someone who is going to be a dirt-bag.

It's been the case in centuries past, it's the case now and it'll be the case if the future.

Only my view of course.
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@Bellcose Perhaps "only" your view, but totally correct.
When money is involved, greed takes over.
 
qldfrog said:
Australia following France steps..one similarity at a time..
Why in this religion of peace....
So happy to be with SMSF...
Click to expand...
I think you miss the subtleties involved. The names of the three 'influencers' have an identifiable, if stereotypical, provenance. What we probably have is not random cold calling but mining of community networks. Throw in a bit of mischievous sales pressure, and prejudice that the 'system' isn't their friend, and the brothers can do better, ... too easy
 
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