Posted on January 25, 2010 by moneymanagersactiongroup
Warning to investors: In this article, Mike, a Money Managers Action Group member, has told his story so that others can have their eyes opened and may appreciate they are not alone. Well done Mike.
If any other members would like to do this in their local area please send in an email and we will tell you how to go about it. Remember, the more people on board, the easier it will be to get some action.
Update: The Rodney Times has carried a further story on Money Managers – click here to read more
Posted on January 25, 2010 by moneymanagersactiongroup
It is with interest that we read the Director of the SFO has widened his investigation into Club Finance / First Step.
“Club Finance was funded through a complicated investment scheme called the First Step Trusts.
Club Finance is part owned by a company associated with Doug Somers-Edgar – the founder of financial advisory group Money Managers, which sold the First Step Trusts to the public…..
Feeley said initial research had led the SFO to widen its search beyond ClubFinance.
“We are looking at the transactions more widely and some of the other parties involved.”"
Finally a public official is taking this matter seriously.
Let’s hope that the Commerce Commission takes his lead and launches and investigation of their own.
Posted on January 15, 2010 by moneymanagersactiongroup
Overwhelmingly the members of the Money Managers Action Group believe that DNZ should be liquidated – both for economic and personal reasons.
Currently the choice is status quo, list on the sharemarket (with million dollar payouts for two people) or MMG take over board control. None of these have any appeal.
DNZ is a Frankenstein creation by Money Managers so let’s send it to its grave. Check out what the Companies Act says about companies whose actions prejudice shareholders by clicking here
Posted on September 22, 2009 by moneymanagersactiongroup
Lost your retirement savings from investing with Money Managers? We are doing something about it!
We are an organization for clients of Money Managers who have suffered financial losses over the past few years and are looking for advice, support and direction on how to seek redress for the losses to their retirement nest-egg.
Money Managers was a New Zealand based, franchised network, of sales agents who promoted mainly in-house investment products to vulnerable retired citizens.
We are researching the actions of Money Managers, along with the actions of those who developed and ran the schemes it promoted.
Click to join
Our members share similar stories of trusting their Money Managers sales agents without reservation. However it has now been revealed that the recommended investments were entirely inappropriate for them.
Very conservative investors have discovered their retirement savings were used to fund a used car finance business or to finance developing geothermal projects.
As a Group we are investigating where customer’s retirement money was invested, inquiring whether it was in accordance with promises made by sales agents and pressing for recompense where a suitable case can be established.
By joining the Action Group members share a common purpose – working together to get their retirement savings returned.
Our organisation has investors who have lost money on the following schemes:
