Save Yourselves!
Tue 8 Aug 2006Anybody been in this IT business a while? Saved a few bikkies? Socked-away some Super? Don’t do what my wife and I did.
We entrusted the management of our superannuation and investment funds to this man.
He has lost us a 6-figure sum, mainly on WestPoint but also on other crazy investments. We’re not talking about under-performing investments; we’re talking complete capital loss. A loss we cannot even claim until about 2009 when the receivers finally declare “That’s all there is, kiddies!”
We’ve had to tip-toe around the issue because he still has a major chunk of our remaining funds tied up in another company; a company where he was on the board.
But it gets worse! Many of his other clients also have funds invested in this other company and are understandably clamoring for their money back. Any collapse of this other company would place even more of our superannuation fund’s assets at risk.
AAAAAAaaaarRRRGGH!
The “stick your money under the mattress” option is looking pretty good at the moment. In fact, we would have been better off burning half our money and then sticking the remainder under the mattress!
It’s OK. I’ll be calm now.
August 8th, 2006 at 21:47
Oh Mike that’s terrible!! This man should be facing a mandatory jail sentence, in my opinion and there should be some sort of guaranteed money replacement for investors (in a perfect world). I find this beyond appalling. I notice that the Westpoint investment paid high commissions to financial planners who recommended it to clients - there should be some kind of full-disclosure law about that (is there already?). This will come as no consolation for you but, for what it’s worth, I invest my super (I’m too poor for other investments) in a managed fund with Colonial, who have been truly excellent. For what it’s worth.
August 8th, 2006 at 23:08
Thanks for the thought, Boff.
It’s hard to pin down any illegality, but at the very least he was really crap at his job. He probably disclosed lots of stuff in the fine print. I knew I was paying him lots of money. Like, when you go to a doctor or lawyer, you usually presume you are paying them to advise what would be in your best interest.
I reckon I should at least get back the commission he pocketed.
Some days I’m able to say to myself “Well it’s just money. We’re still alive”. Other days I really feel like burning down … well, his wheelie bin at least. (If you see me on TV being led out of a court in handcuffs, you’ll know it got out of hand.)
Yeah Colonial. Good choice. Before I went to this guy, I had stuff with Colonial. Those were the days.
August 11th, 2006 at 12:14
We also lost a 6 figure sum in our pasts due to a short sighted greedy bloke. Honest people get hit, crooks get caught, and the real benneficiaries get your money and live the high life.
Bottom line, dont you let it poison yours and your significant others outlook. We share your grief and know what it means to you. What we tell ourselves is that there is no insurance against deception. You grieve as if you lost someone, because in fact what you have done is surrendered part of your own future.
You have lots of mates out here and you are welcome to lean on us any time. Further, there will be other opportunities for you mate. The way forward is to focus on each other, not on what you lost.
Neil and Leonie.
August 12th, 2006 at 3:05
Thanks for the encouragement, Neil. And thanks for the links from your new site. Cheers — Mike