Property Seminars - Ugly Hear Rears again

Hi All,

Over the past couple of years there have been many posts about 'Property Investment Seminars' and the associated risks and benefits. The National Investment Institute have had plently of publicity and we have seen many inquiries from newbies.

Finally - ASIC have Henry Kaye and some of his companies in Federal Court. If you feel like you been cheated, ripped off or otherwise mislead (if you signed on, there is a very high chance you were mislead) , please read on and contact the ASIC as below.

The more people that come forward, the better the chance to have these con men charged and put out of business permanently so the honest operators can get on with their business with less stigma brought about by the likes of NII.
These guys have made millions and millions (Probably 100's of $M) out of people maybe like you, who could not afford to throw away $5000, $10,000 or $16,000 for a 5 days course !!!! You were most probably conned !! Now do something about it !

Check the ASIC Websites as below and please contact Mr. Morrie Broder with your story. You will be helping to prevent other people like yourselves going through what you have gone through. Help shut these unscrupulous people down.

Please send this Thread or 'cut n paste' it inot an email and send to anyone you know who was roped into the NII Seminars.

SW

Also Check : http://fido.asic.gov.au/fido/fido.nsf

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Subj: ASIC v NATIONAL INVESTMENT INSTITUTE PTY LTD, HENRY KAYE, NOVASOURCE
CONSULTING PTY LTD AND ALAN MEAGHER
Date: 4/7/03 4:30:38 PM AUS Eastern Standard Time
From: [email protected] (Morrie Broder)


The Australian Securities and Investments Commission (ASIC) is seeking the assistance of persons who dealt with the National Investment Institute Pty Ltd (NII), Novasource Consulting Pty Ltd (Novasource) or their agents and representatives.

You may be aware that ASIC has instituted proceedings in the Federal Court against the above parties. A copy of ASIC's Media Release regarding those proceedings can be found at: http://www.asic.gov.au/asic/asic_pu...gs+against+Henry+Kaye+and+others?openDocument

In the Federal Court, on 13 March 2003, the Defendants gave undertakings, without any admissions of contravention, not to continue the specific conduct alleged by ASIC. The matter is next set down for further directions in the Federal Court in Melbourne on 17 April 2003.

I understand that you had some dealings with NII or Novasource and ASIC would like to speak with you, at your earliest convenience, regarding your dealings and experiences with the above. (Please note that ASIC is unable to give you any legal advice as to your own specific situation - that is a matter about which you may wish to consult your own solicitor.)

If you are willing to assist ASIC I would appreciate if you could please contact me on (03) 9280 3661, via facsimile on (03) 9280 3468 or by Email:- [email protected].

Thanking you

Morris H. Broder
Senior Investigator
Email: [email protected]
Phone: +61 3 9280 3661 Fax: +61 3 9280 3468
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03-080 ASIC commences proceedings against Henry Kaye and others

Tuesday 4 March 2003


The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court in Melbourne against Messrs Henry Kaye and Alan Meagher, National Investment Institute Pty Ltd (NII) and Novasource Consulting Pty Ltd (Novasource).

ASIC alleges the parties disseminated false, misleading and deceptive information in connection with mezzanine mortgage lending facilities and the related training courses, advice and strategies provided by NII and its associates.

ASIC's concerns relate to statements that investment opportunities and training programs allegedly promoted by NII, were approved by ASIC. NII is not licensed in any way by ASIC.

ASIC alleges the statements were made verbally, and in brochures distributed to potential clients.

ASIC is seeking declarations from the Court that in making the statements, the defendants have breached a number of sections in the ASIC Act, the Corporations Act and/or the Trade Practices Act.

ASIC is also seeking injunctions restraining the defendants from making similar statements in the future, as well as advertising to correct the alleged false or misleading statements.

The matter will next come before the court on 13 March 2003.
 
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