http://www.abc.net.au/news/2018-03-2...llapse/9576418
There is something wrong if people can be jailed for stealing a lot less money than that. "Storm Financial" was pretty much a ponzi scheme that made a lot of money for its' owners. A lot of lives were ruined. Something wrong with justice there.
The sales tactics were very high pressure and often depended on people going into a huge amount of debt, often using mortgages, to speculate on the stock exchange. That all ended in tears with the Global Financial Crises.
Not to mention the "reputable" banks that were in on the scheme.
There is something wrong if people can be jailed for stealing a lot less money than that. "Storm Financial" was pretty much a ponzi scheme that made a lot of money for its' owners. A lot of lives were ruined. Something wrong with justice there.
The sales tactics were very high pressure and often depended on people going into a huge amount of debt, often using mortgages, to speculate on the stock exchange. That all ended in tears with the Global Financial Crises.
Quote:
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Emmanuel and Julie Cassimatis, the husband and wife founders of collapsed company Storm Financial — which left more than 3,000 clients destitute — are facing fines of $70,000 each under a Federal Court ruling. The couple copped the penalty for giving inappropriate financial advice to vulnerable cash-strapped investors and have also been banned from managing corporations for seven years. During Federal Court hearings in 2016, it was determined the pair had breached the civil, not criminal, duties of directors stemming from the Corporations Act. But the fine is seen as a slap in the face to their former clients, who lost more than $800 million when the company went under. Vietnam war veteran Stephen Reynolds was one of them, with the 70-year-old losing his house in Townsville after being left with a $1.2 million debt. At the time he signed up for a Storm Financial margin lending loan he earned just $800 a fortnight. "Is this fine enough? Because my legal bill trying to recover money from that was lent by dodgy banks was almost $80,000," Mr Reynolds said. "This does not make sense to me, this is a fine of only $70,000 when it appears it could just be pocket money for Mr and Mrs Cassimatis. "Ten years on, with many families destroyed, marriage break-ups, suicides and lots of lots of stress, I cannot see after 10 years this amount of money is enough — it is a slap in the face. |
Not to mention the "reputable" banks that were in on the scheme.
via International Skeptics Forum http://ift.tt/2Gccxxn
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