Storm Financial collapse left wealthy clients destitute http://www.2013lululemononline.com - lululemon sale
On the second day of the corporate regulator's case against two banks http://www.chanluwrapbracelet.com - chan luu bracelets , counsel Allan Myers, QC, said inexperienced investors were seduced by Storm's image of "luxury, lavishness and success" http://www.gosocialid.com - vivienne westwood .
The Townsvillebased company required potential clients to attend 20 hours of seminars before securing bank loans to invest in a standardized scheme recommended to all.
One retired couple, both aged 75, had $1 http://www.helpfightpancreaticcancer.org/facts_risk.html - lululemon .3 million in assets but just $14 http://www.allgoneibiza.com - vanessa bruno ,0000 a year in income. They secured a $429 http://www.campaniaregioneaperta.com - lululemon sale ,000 home loan from Bank of Queensland and a $705 http://www.2013lvoutletjp.com - ルイビトン ,000 margin loan from Macquarie Bank http://www.monteemare.com - tiffany blue nikes .
Today they have a $100 http://www.alma-tools.com - chan luu bracelet ,000 debt on their home and are on Centrelink payments.
Mr Myers also told the court about another investor with $2 http://www.miss-milady.com - tiffany blue nikes .64 million in assets who received a similar package of loans and was later forced to sell his home, two cars http://www.transxecute.com - tiffany , a boat and caravan.
"They don't have any substantial assets left. The stories are the same everywhere http://www.asmalikonakciftligi.com - true religion jeans ," Mr Myers said.
These investors "fell into the clutches of Storm" with the "knowing involvement" of the banks http://www.ytuoyunculari.com - toms shoes .
The Australian Securities and Investments Commission alleges that Macquarie and BoQ operated an unregistered managed investment scheme in conjunction with Storm http://www.windsorrtc.com - pandora beads , which collapsed in early 2009.
Mr Myers said he expects to wrap up his opening comments today.
The trial before Justice John Reeves, expected to take two to three months http://www.adultfantasybookstore.com - vanessa bruno , will also hear two class actions againt the Commonwealth Bank and Macquarie Bank.Related：
|