$18m Fine - Rick Otton & We Buy Houses

Discussion in 'Property Experts' started by RPI, 15th Nov, 2018.

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  1. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    Ouch.

    $6m personally for Otton.

    Banned for ever in relation to property advice or transactions.

    Record fines.
     
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  2. kierank

    kierank Well-Known Member

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    Poor Rick ;).

    He was a very smooth presenter.
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    "Following action from the Australian Competition and Consumer Commission (ACCC), the Australian Federal Court has imposed record penalties reaching $18 million against Otton and his company for making false or misleading representations about wealth creation through buying and selling real estate."

    Members of the forum should be careful in making claims, especially those doing so in connection to a business.
     
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  4. willair

    willair Well-Known Member Premium Member

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    Maybe he and his team were just to smooth...
    quote..

    "In her judgement on liability, Justice Gleeson said the free seminars were a waste of time, and that the boot camps and the mentoring programs were an expensive waste of time."
     
  5. KinG3o0o

    KinG3o0o Well-Known Member

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    whos next in the firing line ?
     
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Well he may be a bit now :rolleyes:
     
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  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I hope a lot of people read it and start to believe that there isnt a get rich quick scheme that you can suddenly learn attending a seminar or taking a costly course.

    But its just one more tale. Its nothing new. I expect another new post within hours asking if someone should attend the new seminar etc by XYZ.
     
  8. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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  9. Aaron Sice

    Aaron Sice Well-Known Member

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    I can't wait to see them turn their attention to Massland.
     
  10. Francesco

    Francesco Well-Known Member

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    Spruikers created false expectations to millennials that property investors are raking it in at their expense. This unrealistic expectation will be rebalanced as more examples come out of investors and wannabees being undone in the downtrend of real estate market exacerbated by APRA and IO2PI, Labor and Coalition policies, US credit squeeze and interest rise. Interesting times...
     
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  11. Gockie

    Gockie Life is good ☺️ Premium Member

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    It came up on my Facebook feed. Credit to the ACCC.
     
  12. Morgs

    Morgs Well-Known Member Business Member

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    Sorry for those of us not paying attention, what was his proposing?
     
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  13. Lindsay_W

    Lindsay_W Well-Known Member

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    That you could buy a house with only $1 - no deposit, no loan, literally $1
     
  14. Lil Skater

    Lil Skater Well-Known Member

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    I literally came on here to post the exact same thing. Youch.
     
  15. Random Username

    Random Username Well-Known Member

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    What happens to these fines collected?]
    Internal revenue or?
     
  16. Scott No Mates

    Scott No Mates Well-Known Member

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    One helluva Christmas party :D
     
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  17. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    But I heard you can throw one helluva Christmas party for just $1
     
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  18. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    What makes you think they will collect it?
     
  19. Random Username

    Random Username Well-Known Member

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    Not much in this case, but what happens to the fine money when the do collect it?
     
  20. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I think it goes into consolidated revenue