Options scheme duped banks and buyers in Queensland

Hi Ben,

thanks for sharing those. Here's the article from Focus of this weekend's Australian newspaper to round out the trilogy.....Mystery of Mermaid Beach:

http://www.theaustralian.com.au/news/features/mystery-of-mermaid-beach/story-e6frg6z6-1225872727258

It seems that smoke and mirrors were not only reserved for Lehman's and cohort. Imaging registering sales figures and sucking in banks and valuers then securing finance to make money out of thin air. Only cost (to get value registered on land titles office records) is paying stamp duty.

This helped ramp up values along that strip of Hedges and Albatross Avenues. I had heard that something along these lines was happening from 2004 and 2005 by identities mentioned in that article.

No wonder Hedges Avenue is on special nowadays. GFC issues and business softening being compounded by a false value base. Fair trading and police are now involved. Those found guilty should be charged with fraud.
 
For those interested, Today Tonight will be running a story tomorrow (Thurs 10th) night on the smoke and mirrors that they play on he GC and I did see Hedges Avenue mentioned, so might relate to those articles above.
 
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