Chris Lee, a sharebroker on the Kapiti Coast, has written this damning commentary of the First Step fund.
Archives / Taking Stock / 3rd February 2011.
http://www.chrislee.co.nz/index.php?page=newsletter-display&list=2&month=February&year=2011
He clearly demonstrates that “First Step” was a house built on sand.
The lawyers cleverly constructed the foundations to protect the few who made millions but inevitably it failed due to its poor lending practices and lack of capital.
It is a sad indictment of New Zealand that three individuals can make ten’s of millions of dollars at the expense of investors – yet suffer no official sanction.
They would legally be entitled to launch the same scheme again today!
Those that fail to learn from history, are doomed to repeat it.
- Winston Churchill
Filed under: Uncategorized
The M.M. advisers must have to accept that they were responsible for the safe keeping of their clients investments, that is why we placed our trust in them them in the first place. They must have known, or should have known that First Step and Cash Plus were looking shaky many months before the crisis, therefore in my opinion we should have been “ADVISED” to withdraw our funds. These advisers were either incompetent or insidious, either way I hold responsible for not managing my investments as promised. I note that many of these charlatans are still operating under another name. My question is, have any of these advisers been taken to task? If not why not? In my opinion we have been paying these people substantial fees under false pretenses.
R.M.