Investor's club investigated by ASIC

I don't get it ..why is it so hard to prosecute club members?

I met someone in southern Sydney and he was part of club..had no REA license(was try to sell me an apartment in QLD) . let's assume he would have used licensed REA to complete the transection.

However, the way I saw he was trying to sell financial product(one that allegedly will make $400-$500k in 10 years)...no financial planners(or equaliant) license.

I am sure it be will lot easier to skin this cat... If government authorities really want to.
 
I don't get it ..why is it so hard to prosecute club members?

I met someone in southern Sydney and he was part of club..had no REA license(was try to sell me an apartment in QLD) . let's assume he would have used licensed REA to complete the transection.

However, the way I saw he was trying to sell financial product(one that allegedly will make $400-$500k in 10 years)...no financial planners(or equaliant) license.

I am sure it be will lot easier to skin this cat... If government authorities really want to.

Property is not a financial product - corporations act and regulations define this. So anyone can give property advice atm. But selling requires licencing.
 
I have had a large number of my clients contacted by an investigative reporter in the last week or so regarding their former involvement with the club.
 
Will any forumites jump to his defence?

There are plenty of vested interests on this forum. The mortgage brokers, buyers agents, lawyers et al offer fee for service advice. And then there are lots of people who talk up their suburbs. Fair enough.

But the hardcore spruikers on the other hand promise to make people rich. In particular, TIC promises participants that they can be millionaires! Did this TIC organization or its sock puppets post on this forum? Did any forumites become millionaires by listening to them? How many lost money from flawed advice?

We could ask the same difficult question of people who listened to their buyers agents. Did your BA promise to make your rich? Or did he/she merely say "I found you a house that's good value and will appreciate with time"?
 
We could ask the same difficult question of people who listened to their buyers agents. Did your BA promise to make your rich? Or did he/she merely say "I found you a house that's good value and will appreciate with time"?

The BA is engaged by the client and works to the client's brief vs buyer's club working to their own agenda (?)
 
We could ask the same difficult question of people who listened to their buyers agents. Did your BA promise to make your rich? Or did he/she merely say "I found you a house that's good value and will appreciate with time"?

I think TIC are being investigated over the claims about their past performance (was it that 4,000 people actually became millionaires through the club ?). That sort of statement need to be supportable with facts.

Claims about future performance would only need to be reasonable.
 
I think TIC are being investigated over the claims about their past performance (was it that 4,000 people actually became millionaires through the club ?). That sort of statement need to be supportable with facts.

Claims about future performance would only need to be reasonable.

It's kind of like putting Al Capone away for tax evasion.
 
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