Navra Compensation Meeting

Mark C

Mark C

As discussed in the Coffee Lounge
Meeting being held tonight for former Navra clients, details below:

Penrith Panthers, Tuesday 16 September, from 6.30-8pm
Call to register, even if you can't attend
13 11 99 or [email protected]

If you have any questions in the meantime, please direct your calls to Chad Taylor from Shine Lawyers (8754 7207 or 131199)

Thanks,

Mark

Disclosure, I have never been a Navra client nor am I associated in anyway with the meeting tonight or any other aspect with the legal entities involved. I am only forwarding this on as information.
 
Terry_w said:
Where is the compensation money coming from?
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Hi Terry, I was forwarded the below email it may shed some light on that. I have not included the senders details as I haven't asked for permission to post their name and email address on a public forum.

Mark

Date: 9 September 2014 19:28:39 AWST
Subject: Navra Group Meeting


Hi All,

Just following up on the Navra Group meeting with Shine Lawyers planned for next week at Penrith Panthers, Tuesday 16 September, from 6.30-8pm. I have attached the invitation.

I have had nearly 100 people contact me to let me know they are interested in attending & getting more information, but it is important that everyone registers to attend the information session by either contacting the class actions team on 13 11 99 or [email protected].

If you are unable to attend the group information session, please also register your details on the above email or phone number. It is very important that all interested parties register their details with Shine Lawyers. Our Team at Shine Lawyers is Sasha Ivantsoff, Grant Dearlove and Chad Taylor.

The company?s business model is based on helping those that cannot afford to fight for themselves. Shine Lawyers are the law firm that featured in the movie ?Erin Brockovich?. They are the law firm that achieved a very nice settlement against the Commonwealth Bank of Australia financial planners (CBA) a couple of weeks ago for similar reasons.

Shine Lawyers is representing us on a ?no win, no fee? arrangement. They will be funding all aspects of the litigation. This means you will only pay a fee if they succeed in obtaining compensation for you. This is the best and the only chance left before time limitations run out.

Shine is looking at our cases because they believe we have a good one. It is their view that this is another STORM financial case. They believe there is a very strong case against the margin lending/ warrant facilities in the following areas:

1. Unconscionable Conduct (ASIC)
2. Breach of Contract- (Code of banking practice)
3. Linked Credit Contract. (Consumer Law)

Sandbach Roberts is the negotiating company. Both Shine Lawyers and Sandbach Roberts are working together. Sandbach Roberts was referred to us by Fox Symmes. Interestingly, a few of the group have met with Justin Fox from Bradfield & Bentley. His name is the Fox part of Fox Symmes. At this point, it would be good to look at more than one option. Unfortunately, not doing this was what got us into trouble with Navra & Co.

If you need a negotiator immediately, please call Susie from Sandbach Roberts on 82268630 or 0412 501544. They are investigating whether they can do damage control in relation to the Great Southern/Bendigo proposed settlement.

Shine Lawyers are putting together a fact sheet that I will pass onto you when it is available. If you have any questions in the meantime, please direct your calls to Chad Taylor from Shine Lawyers (8754 7207 or 131199) .

Blessings,
 
Yes I thought it interesting too.

The comment in the letter "The company's (Shines) business model is based on helping those that cannot afford to fight for themselves."

Would this by extension mean the Navra business model was also to target "those that cannot afford to fight for themselves" if it turned bad? Whether or not this was a deliberate strategy it seems to have been the way it worked out.

If I am included on any outcomes from the meeting I will post them.

Mark C
 
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Mark C said:
Hi Terry, I was forwarded the below email it may shed some light on that. I have not included the senders details as I haven't asked for permission to post their name and email address on a public forum.

Mark

Date: 9 September 2014 19:28:39 AWST
Subject: Navra Group Meeting


Hi All,

Just following up on the Navra Group meeting with Shine Lawyers planned for next week at Penrith Panthers, Tuesday 16 September, from 6.30-8pm. I have attached the invitation.

I have had nearly 100 people contact me to let me know they are interested in attending & getting more information, but it is important that everyone registers to attend the information session by either contacting the class actions team on 13 11 99 or [email protected].

If you are unable to attend the group information session, please also register your details on the above email or phone number. It is very important that all interested parties register their details with Shine Lawyers. Our Team at Shine Lawyers is Sasha Ivantsoff, Grant Dearlove and Chad Taylor.

The company?s business model is based on helping those that cannot afford to fight for themselves. Shine Lawyers are the law firm that featured in the movie ?Erin Brockovich?. They are the law firm that achieved a very nice settlement against the Commonwealth Bank of Australia financial planners (CBA) a couple of weeks ago for similar reasons.

Shine Lawyers is representing us on a ?no win, no fee? arrangement. They will be funding all aspects of the litigation. This means you will only pay a fee if they succeed in obtaining compensation for you. This is the best and the only chance left before time limitations run out.

Shine is looking at our cases because they believe we have a good one. It is their view that this is another STORM financial case. They believe there is a very strong case against the margin lending/ warrant facilities in the following areas:

1. Unconscionable Conduct (ASIC)
2. Breach of Contract- (Code of banking practice)
3. Linked Credit Contract. (Consumer Law)

Sandbach Roberts is the negotiating company. Both Shine Lawyers and Sandbach Roberts are working together. Sandbach Roberts was referred to us by Fox Symmes. Interestingly, a few of the group have met with Justin Fox from Bradfield & Bentley. His name is the Fox part of Fox Symmes. At this point, it would be good to look at more than one option. Unfortunately, not doing this was what got us into trouble with Navra & Co.

If you need a negotiator immediately, please call Susie from Sandbach Roberts on 82268630 or 0412 501544. They are investigating whether they can do damage control in relation to the Great Southern/Bendigo proposed settlement.

Shine Lawyers are putting together a fact sheet that I will pass onto you when it is available. If you have any questions in the meantime, please direct your calls to Chad Taylor from Shine Lawyers (8754 7207 or 131199) .

Blessings,
Click to expand...

Was wondering where he got to as he disappeared from Qld pretty quickly a few years ago. Last seen chasing a dead accountant among others.

When all is said and done just remember that you have a right to ask for an itemized bill even after it has been paid. Just sayin.
 
I'm not a client of Navra but I'm interested in how they are actually going to get money from a bankrupt company.

Dodgy CBA advice - CBA is still running and they have deep pockets to make payouts.

Storm Financial - CBA made payouts as they were doing dodgy things to get loans approved.

Navra Invest - dodgy advice? maybe? Inappropriate investment recommendations? Maybe? but they don't exist anymore, the company has gone bust. Who pays the settlement?

A judge could rule that previous clients are entitled to a $1 Billion Dollar settlement, But if Navra Invest doesn't have the money no one gets anything.

I'm pretty sure Steve Navra would have structured his assets for maximum protection, just in case of events like these.
 
D.T. said:
Perhaps try giving the above posts a read. The bankrupt company is not what they're going after.
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Yeah I did and I'm still confused.

From my knowledge this is what happened:

Many people were advised (rightly or wrongly) to pursue a wealth creation strategy built on their share trading methodology leveraged up with debt (either by a Margin loan, home equity loan or Warrant). That was often combined with other tax advantageous investment products like tree plantations(Great southern etc).

When you make a bunch of long term market assumptions the above results in maximum returns and everyone ends up rich.

For a while this worked, but then came the GFC, the trading methodology came to a screaming halt resulting in large losses and combined with the collapse of companies like great southern and magnifying effect debt can have on losses it all ended very badly for all involved.

I really hate to see people lose financially especially when they did the "right" thing, you know, saw someone, got advice and put their faith in someone with more experience and knowledge than themselves to better their financial situation. It?s really a terrible situation to be in and my heart goes out to those affected. I really, really, want those affected to be successful, but at the back of my mind all I see is this sort of thing drawing out their suffering for longer than it needs to and lining the pockets of lawyers.

I see the outcome as something like this:

1. You were put in an investment (strategy) that wasn't appropriate for your age, personal circumstances and goals. Then your advisor is to blame, sue them. But they are bankrupt so you get nothing.

and/or

2. There was a culture amongst the lenders, where they knowingly received or they falsified documents, pushed through applications that shouldn't have been done, or knew that the underlying asset was likely to fail. And you were one of those people who had an application falsified etc - sue the lender and you may walk away with some $ (aka Storm and CBA).

I haven't heard that number 2 happened, it certainly wasn't reported in the press. I hope for those affected it was the case, but without it I can't see it happening.

Look at the saga with great southern, 4 years later and most who sued in a class action lost their case

http://www.bendigoadvertiser.com.au/story/2438821/bendigo-bank-class-action-settled/
 
Where is the money coming from?

One of the most successful strategies of litigation is to litigate the entity that has money. Who still has money in the Navra Invest saga....

I suspect questions are being asked if, and to what extent the lending institutions are at fault? Have any regulations been breached? Just because the media haven't reported similarities to Storm and CBA doesn't mean none exist. In my experience the media are last to the ball on most things.

Is it morally or ethically right to pursue the lending institution?
If there is fault then in my opinion, yes.

I'm suspect on The Great Southern outcome, I think there is more to this story we don't know about.

I believe ERA prepared the class action for the Great Southern case, someone could confirm this for me but didn't Navra's son start the ball rolling with ERA?

I'm not asserting that there was any impropriety, only taking note of the success anything with the name Navra attached to it has produced over recent years.

Mark C
 
Steve Navra - The gift that keeps giving

If you were a client of Navra Financial Services between 2005 and 2014 and you acquired Royal Bank of Scotland (RBS) issued warrants and lost money as a result
of acquiring these products, you may be entitled to compensation. Shine Lawyers has commenced proceedings against RBS in relation to the warrants, and has secured litigation funding from Litman Holdings Pty Limited to fund the class action.

The firm will hold a free public information session on Wednesday, 4th February for anyone who believes they may have been affected. A representative of Litman Holdings will also be in attendance. The details of this event are listed below:

When: 6:30PM - 8:00PM, Wednesday 4th February (6:15PM registration)
Where: The Epping Club, Grand Salon Function Room, 45 - 47 Rawson Street Epping, NSW 2121
RSVP: Please RSVP by Tuesday, 3rd February 2015 to [email protected]

If you are unable to attend this information session, but are interested in the content presented, please do not hesitate to contact us.
We encourage you to check future posts on the Navra Action Support Group so that we may keep you informed of valuable updates as the class action progresses.
Should you have any questions or any aspect of the proposed class action require clarification please contact our Class Actions Team on 13 11 99 or [email protected].
 
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D.T. said:
Being a financial planner must be so much fun.
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Being a financial planner that charges Fee For Service (not % of FUM, which is just pseudo commissions) and actually has their clients' interests at heart would be fun, I imagine.

As a paraplanner, I love my job. No desire to be a planner, though. I like working behind the scenes.
 
Steve Navra - ANZ losses

See attached that appeared in 'The Australian' on the 3rd.
 

Attachments

  • 3 Jan 2015- Investors pursue ANZ for losses families seek compensation The Australian.pdf
    173.5 KB · Views: 142
This provided a free podium for Navra when he was still solvent. Perhaps the owners can chip in with some cookies and crackers and donate to any compensation fund?
 
Lord Shanghai said:
This provided a free podium for Navra when he was still solvent. Perhaps the owners can chip in with some cookies and crackers and donate to any compensation fund?
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Seriously?

This is an open discussion forum for discussion of investment strategies. Anyone is allowed to post provided they follow the rules.

How are the owners of the site in any way responsible for the advice given by third parties and the investment decisions made by their clients?

Do you also ask Rupert to chip in for bad investments you read about in his papers?
 
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