Storm Financial..

Discussion in 'Living Room' started by willair, 30th May, 2016.

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  1. willair

    willair Well-Known Member Premium Member

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  2. pinkboy

    pinkboy Well-Known Member

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    Ted Varrick, willair and Perthguy like this.
  3. willair

    willair Well-Known Member Premium Member

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    It's was never going to any good from the start,plus i don't know what the limitations period for something like this is six years so the could be various factors..
     
  4. Redwing

    Redwing Well-Known Member

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    Storm Financial clients slam $140k fine after 3,000 investors left destitute

    Emmanuel and Julie Cassimatis, the husband and wife founders of collapsed company Storm Financial — which left more than 3,000 clients destitute — are facing fines of $70,000 each under a Federal Court ruling.

    The couple copped the penalty for giving inappropriate financial advice to vulnerable cash-strapped investors and have also been banned from managing corporations for seven years.

    During Federal Court hearings in 2016, it was determined the pair had breached the civil, not criminal, duties of directors stemming from the Corporations Act.

    But the fine is seen as a slap in the face to their former clients, who lost more than $800 million when the company went under.
     
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