There is a recent news article in the Dominion Post titled “Over Generious Helping of Risk Leaves Bad Taste” written by Chalkie. alias Tim Hunter, the Fairfax Business Burreau Deputy Editor. In it he makes reference to three people you will all be familiar with, our old friends Doug Somers-Edgar, Gerald Siddall, and Russell Tills. Siddall & [...]
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Chris Lee is urging investors to write to the Trustee “Calibre Asset Services” to seek help in recovering money lost in their investments with Money Managers First Step, and to ask what are the Trustee’s future role and plans in pursing compensation for all the investors he represents. See the article on Chris Lee’s web [...]
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One of our members wrote to our Orange Finance Trustee Company. After two months they have finally responded. Having done nothing positive for us over the past few years we would like to see them acting positively in our interests now. Unfortunately, from these responses it seems they will not be looking to canvas our views regarding [...]
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Recently unsolicited letters started arriving from Energy Securities LP offering $1.65 per share for your DNZ shares which are currently valued at $1.22. DO NOT accept this offer. Energy Securities LP is another enterprise run by disqualified company director Bernard Whimp. This lowlife has recently made a pathetic living by duping unsuspecting investors of their hard [...]
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Latest Report – 31 March 2010 Reviewing the recent report is further gloomy reading for investors. The moratorium was implemented in August 2009 and now in Feb 2011 we have the following facts: 37% of the principal has been repaid – but the rest of the money is a long way off, up to five [...]
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The Institute of Financial Advisors have decided to ignore the massive losses suffered by First Step investors by partnering with NZ Funds – appointing them their “Professional Development Advisors”. What skills NZ Funds will pass on to the industry are unknown – but if others adopt the historic financial management techniques of NZ Funds owners [...]
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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 [...]
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Today MMG (formerly Money Managers) officially announced they will shut up shop after their failed attempt to bury the past. This is a positive result for the many people who have lost millions through the dreadful products promoted by Money Managers. However, we note that: not once has anyone associated with Money Managers offered an explanation or [...]
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People often ask if MMG is the same as Money Managers? The legal answer is no, Money Managers has been liquidated and MMG is a new legal entity. Like a phoenix, MMG has risen from the ashes of Money Managers but here are some things about MMG you may wish to consider: MMG employs many of the [...]
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Reading the papers this weekend should be cause for some optimism. Firstly, the Serious Fraud Office has First Step on its radar read it here – And then we read the Commerce Commission is making inquiries as well read it here. Lets hope that they make progress on our behalf.
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