Anybody 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 fundâ€™s assets at risk.
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.