Henry Kaye & NII - Refunds !!

[Splinter Wood]

Hi All,

Some good news for the little guys.

ASIC have made some inroads to restrict Henry Kaye and his associates "after alleging that the defendants (HK) were making false, misleading and deceptive representations that NII and its training courses were approved by ASIC."

While these people abused the platform provided to all honest operators to deliver their highly overpriced 'Property Seminars' - this is all ASIC could pin on him for now. I believe they are guilty on several more offences but our laws are still too friendly and have allowed these operators to slip under the wire.

http://www.asic.gov.au/asic/asic_pu...kings+from+Henry+Kaye+and+others?openDocument

Note that certain participants will be able to claim a refund for the course fees. You should read the report made on ASIC's Web sites and no doubt the newspapers will run some articles on this outcome.

Regards to all
Splinter Wood

""Just remember, If it sounds too good to be true - it probably is."

 

[geoffw]

There was a story also on Today Tonight- with Neil Jenaman saying that he was the biggest, but that there are other property seminar presenters who have a lot to answer for.

It looks as if the URL you gave has slightly changed- the link is now this one

Edit:
as per Les's advice in another post, that link doesn't work either.
Either try http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/373BA1332865F092CA256D74000B2963?opendocument or go to www.asic.gov.au and search for 03-237

 

[KEM]

Any idea why the refund is only for people that enrolled between March 1st and Dec 31st 2002 ?

i.e.

'NII will also offer a full refund of fees to any clients who enrolled in a training program costing more than $1000, between 1 March and 31 December 2002, subject to an independent reviewer being satisfied that the clients relied on the statements and representations made by NII that ASIC approved the course or the mezzanine finance product'

Why not before or after that ?

 

[sbe]

And because you can never have enough links to a good story.....

Herald Sun

 

[geoffw]

Mr Jenman is sticking the boots in- and broadening the horiizon- http://64.191.119.203/~jenman/NewsNews1.php?id=94

 

[kissfan]

Hi all. Have never been to a Henry Kaye seminar (thankfully), but it's good to see his company get what it deserves. Does anyone have any idea who these other unscrupulous seminar presenters may be?
Cheers
Marty

 

[hwd007]

I would steer way clear of the Property Consulting Group in Melbourne also ! PCG

 

[Splinter Wood]

Refund time limit ?

Kem,

I think the answer to your Question is that only the people who attended the courses where the course/ promo materials had the false claims, can request the refund.

HK and his merry band really only got a 'wrist slapping' in my opinion. ASIC cold only get them on 'False Claims' i.e. saying they were ASIC recognized etc. (refer to article www.asic.com.au)

Hence the course or promotional material use which contained those claims, would enable the ruling to be effective in this case. This would be the time period which has been designated as the potential for refund. Course materials etc prior to the date given, luckily for HK, did not have the false claims - even though it was all still the same crap.

Unfortunatety, this is fairly weak charge because the real crime is the complete 'Rip Off' of almost all attendees who paid the extortionate fees to hear readily available information (and a lot of crap), presented in a highly 'motivated pitch', which has the Messiah Effect to those less experience people. These people were conned into attending - and many were given interest free loans on the spot to cover the cost (because they couldn't afford it). Many were charge $15,000 and up.

The punters get to think Henry is a God like figure. This deal is supported by his merry band of 'Consultants' who are mostly unqualified in any hard science related to the property or finance industry. They are also suckers as they have to pay commissions to HK on the commisions they rip from the attendees. They are well trained in psycological sales techniques i.e. how to handle all the objections the attendees may have, especially when they get nervous and start look to get a refund before the 'Cool Off' period ends.

Smart boy old Henry. He generally doesn't lose a dime.

He will now probably try to get his boys 'licensed' to give investment advice, set up a few more companies and then go about business as usual, waiting for his con men to trap the next wave of gullible suckers.

Make sure you are not in that group. Let your friends know about this type of Scam and esp the HK NII party.

Other seemingly similar types of programs were starting to appear. One of note was the 'Investment Works' or 'Property Works' (??) mob run by Roy McDonald (Syd).

The Property Investigator did good article on one of their Seminars a while back before he mysteriousy disappeared - apparently after a bout with the boys from 'Harvard Securities'.

Anyone have any feed back on these companies ??

Regds to all

SW

 

[hwd007]

" ASIC cold only get them on 'False Claims' i.e. saying they were ASIC recognized etc. (refer to article www.asic.com.au) "

Actually buddy HK was correct in a way. They were in fact ASIC recognised. Recognised as bandits !