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my greatest sympathy fatboy - it would be a dreadful feeling and I am sure the shame must hurt as much as the financial loss. Out of interest has he contacted the planner for an explanation? did the planner conduct the necessary risk assessments? Ricardo - my comments were tongue in cheek!

I am sure some compulsory disclosures and new rules can be brought in.

they don't want to sue Westpoint (as you say, they are broke) but want to sue the guys who advised people to invest in them. I agree that if they have given poor advice in light of their clients risk profile then yes they should be dragged over the coals.

riskier IMO - I have lost more on the ASX than my involvements with mezzanine. At least the underlying asset of mezzanine is a stable asset class.

if the stock market collpased tomorrow would you say the same of any planner that took a commission for investing in managed funds? if you don't want risk, buy govt bonds - but even they carry a fair degree of risk (what's a greenback really worth these days??)

is it really the financial planners fault? It was financial mismanagement (is it being referred to as fraud?) by Westpoint that caused this problem, not so much the projects themselves. Then for ASIC to talk about pursuing "non-commercial commissions" is a joke in what we often think of as a...