Investors win $30m damages case

[Ecogirl]

I found this in the Aust web site. So there's hope out there for people who have lost $$ to these guys.

A GROUP of investors has won a damages action in a Victorian court against a financial advisory service, claiming losses of up to $30 million in investment schemes.

The action concerned a range of investment schemes which included film, theatrical, agricultural and property projects.

The judge said most of the investors were making plans for their retirement.

They were looking for conservative investment advice which would have enabled them to increase the relatively modest capital which they had available to them for that purpose, mainly in superannuation funds, he said.

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Ecogirl

 

[geoffw]

Thanks Ecogirl.

I'd be eligible to have a go at that!

But the company which cost me so much is no longer. The principal pf the company was slapped on the wrist- I think he paid less in fines than many who invested on his advice. (I lost $53K- I think he was fined something like $100K)

 

[DaleGG]

Hi

To be honest, this will be the first of many such cases where investors who have lost money will sue the financial advisors who were meant to protect them from losses......

And, so it should be in many, many cases.

Dale

 

[geoffw]

To be honest, this will be the first of many such cases where investors who have lost money will sue the financial advisors who were meant to protect them from losses......

And, so it should be in many, many cases.

People go to financial advisors looking for advice on how to improve their own financial position.

And the advisors give them advice on how to improve their financial position in far too many cases.

I lost a lot, but I am in a position now where I recovered. With initial techniques from Peter Spann, then ongoing advice from the forum and from further reading.

There's a lot of people who were advised by my former adviser, who are now still a lot worse off than before.