The folowing set of Westpoint related information below is drawn from Events by date. It is sufficient in itself to prove the need for a Royal Commission into ASIC's past behaviour. If one requires further proof, the reader should examine the contents of Events by date .
NOTE The owner of Westpoint Corporation, Norm Carey, The hyperlinked document, Carey countersuit document, was orignally submitted to the Victorian Court. Codes such as [P9 24] within this document give the page number and paragraph reference.
Anomalies, and the abbreviated Westpoint history in the table below present sufficient information to prove ASIC failed Westpoint investors from the outset, and continues to do so until this day. It beggars belief ASIC continues to deny the obvious.
| 1985 | Westpoint became a registered company in 1985, and constructed buildings of a much smaller size than those after 2000. It funding these projects using traditional methods (: bank loans, etc.) of funding |
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| 1006 | Westpoint retained Boston Consulting Groups with the aim of building a business that would, at sometime in the future, list on the stock exchange some time before 2007 [P6 11]. |
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| 1998 | Westpoint retained the Freehills law firm [P7 13]. Subsequently, Freehills designed a fund raising scheme using promissory notes(PNs). This would take scheme outside the Corporations Act [P9 20]. |
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| 2000 | Well-known advocate, Denise Brailey, discussed a proposed Westpoint Information Memorandum with ASIC, and warned of the problems that might arise if ASIC allowed Westpoint to market the product without a prospectus. ASIC ignored her concerns. |
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| 02-06-2000 | Freehills issued a letter to ASIC with copies to Bayview and Westpoint Management stating Promissory Notes (PNs) are neither debentures nor interests in an MIS for the reasons listed [P11 24]. Further, Freehills reassured the Australian Securities and Investments Commission in 2000 that each ;investor in Westpoint's Bayview mezzanine fund was "experienced in investing in securities" [2006_07_10_SMH]. By this it is mean Westpoint investors were "sophisticated investors" - which they were not. |
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| 07-07-2000 | ASIC gave Freehills, the Westpoint lawyers a letter stating it could find nothing wrong with a proposed mezzanine scheme involving the use of promissory notes. ASIC never rescinded the no-action letter. |
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| 2001 | Denise Brailey stated on Channel Ten's David and Kim of 2007/05/05 she flew to Brisbane in 2001, and met with the ASIC Queensland Commissioner and his senior legal council to discuss the problems of issuing the Westpoint Mezzanine Schemes, issued on Information Memoranda (IM), without a prospectus. Ms. Brailey claimed ASIC told her Westpoint Mezzanine Schemes were MIS's, and that people would lose their money. This the only occasion in which I can find any record of ASIC admitting the Westpoint Mezzanine Model was a MIS. |
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| 2002 | Beginning in 2002, the West Australian Government wrote a series of five letters to ASIC and the Treasury concerning Westpoint [Edwards letter]. No action was taken in any of these matters. The contents of these communications have never been disclosed to the public. |
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| 2002 | "The Reserve Bank contacted APRA about the use of the words Boutique Bank on a Kebbel website. APRA rang Kebbel and spoke to person they believed was Neil Burnard, who told them it had been put there by the web designer. The APRA person then wrote a report to her superior, and the matter seems to have died a natural death. The reason why she was unsure of to whom she had spoken was her notes contained the word "spiel". The judge explained in the pretrial of Neil Burnard that spiel is a commonly used term at the beginning of a telephone conversation within APRA in which unimportant information is not recorded [Neil Burnard Trial Notes]. One can only wonder at how lax procedural matters might be in APRA. It would seem that none of this was passed on to ASIC at the time. |
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| 02-01-2003 | The Howard Government, in response to Mr. Kobele's communications, replied with the comment, "If required, the Government will consider any recommendations makes to improve consumer protection in this area and the Government will consider any legislative change should ASIC identify any regulatory gap". | |||
| 01/02/2003 | Norton Capital rated Market Street a "BUY". This was not an uninformed investor - this was an ASIC licenced research house. |
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| 2003 | Factors in my choosing to invest in Westpoint. ASIC claims Westpoint investors did not do their homework. It is true that many of them,realising they were not financially literate, sought advice from financial planners. It is equally true that the majority of these planners held an ASIC issued Australian Financial Services licence. ASIC had a clear duty under it's charter to ensure the protection of financial invertors. It it is understood ASIC cannot watch over every individual investor. It can, however, monitor what planners are doing. There is no evidence ASIC ever preemptively attempted attempted to find out what its planners were doing, Instead, it slept in ASIC castle, sure in the knowledge the Government would protect it from all storms. |
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| xx-05-2003 | Mr. Kolbeke, the West Australian Minister for Consumer and Employment Protection writes the third of five letters to ASIC and Treasury. |
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| 2003 | ASIC's Mark Steward says ASIC "cat and moused" with Westpoint lawyers in 2003 for months before they realised Westpoint was stalling for time [2006_05_31_TheAge] This in direct contrast to Jeff Lucy's statement in a Senate Estimates hearing that ASIC did not become concerned about Westpoint until 2004. Mr. J. Lucy, the Chairperson of ASIC has admitted in parliament ASIC became aware of problems in Westpoint in 2003, yet did not approach Treasury to seek immediate changes to the law. The incident quoted happened in a period of peak investing public of anything that might affect investment.. |
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| 2003-06 | Mr. Kolbeke, the West Australian Minister for Consumer and Employment Protection writes the fourth of five letters to ASIC and Treasury. | |||
| xx-07-2003 | ASIC commenced second investigation into PNs. Westpoint began negotiations Between July 2003 and 26-02-2004 to move away from PNs[P18 30] [P30 68][31 70]. |
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| xx-08-2003 | Between July 2003 and 26-02-2004 negotiations between ASIC and Westpoint to move away from Pns. [31 70]. | |||
| 02-09-2003 | At the ASIC-Westpoint-Freehills meeting, Freehills confirms PNs legal, and were not interests in an MIS. This was confirmed by extensive research in 1999 by Andrew Sherwood of Freehills (who was present at meeting). [P14 28]. Westpoint warned ASIC of the dangers to themselves and investor if ASIC acted against the previously approved promissory note usage. [The Carey document of 30/07/2007 sent to Tony D'Aloisio and select Senators] |
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| 02-04-2004 | Westpoint provided ASIC with an understaking to transition away from PNs [P31 71]. | |||
| 2004 | Mr. J. Lucy admits he knew there were problems with Westpoint as far back as April 2004. ASIC has alegislative duty to protect investors. Why didn't ASIC halt the sale of Westpoint products while they investigated? Lucy's statement is in direct contrast to West point's owner, Norm Carey. Carey claims ASIC initiated action against West point in 2003, and West point had given a presentation of West point's plans to ASIC in October of that year at the WA offices of Freehills[Carey Document]. |
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| 01-04-2004 | Bayshore Mezzanine commences action against ASIC seeking declaration that the PN's were not debentures or interest in an MIS. [ 18 31 ]. |
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| 13-04-2004 | ASIC wrote to Westpoint on 13-04-2004 declaring the letter of undertaking of 26-02-2004 was no longer acceptable, and threatened immediate action unless Westpoint entered into an EU to cease the issue of PNs by 20-04-2008 [P31 72]. NORM CAREY CLAIMS(nor can I find any evidence to the contrary), ASIC AT NO TIME EVER RESCINDED THE "2000 FREEHILLS LETTER". |
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| 10-05-2004 | Bayshore Mezzanine commences action against ASIC seeking declaration that the PN's debentures or interest in an MIS [18 31]. On 12 May 2004, ASIC commences Supreme Court action against Emu Brewery seeking declaration tha the PN's were debentures or interest in an MIS [18 32]. |
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| 25-05-2004 | In its Court action of 2004, ASIC demanded Westpoint not issue PN's in future offerings [MR 04_157]. There is no record of ASIC issuing a counter document to the "Freehills letter of 2000" before it could make such a demand lawfully [P30 69]. |
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| 13-05-2004 | ASIC declaredWestpoint's agreement to transition away from PN's was no longer acceptable and threatemns to take action unless Westpoint accepts an EU [P31 72]. | |||
| 25-05-2004 | ASIC demanded Westpoint not issue PN's in future offerings. [MR 04_157]. This order was in contravention of their stated position on the matter in the "Freehills letter of 2000". Further, Hansard records Mark Steward as stating ASIC went to court with a very weak case. |
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| 03-06_2004 | ASIC did not issue any document countermanding the "no action letter" of 2000, and took Westpoint to court using Emu Brewery and Bayshore Mezzanine as test cases. One of the claims of ASIC's action was the PNs were debentures. The court directed ASIC write to mezzanine investors and ask them did they want to co-join the case. Despite the two mezzanine companies were test cases for all of the mezzanine companies, ASIC wrote a letter to the 256 investors in Emu Brewery and Bayshore Mezzanine and ignored the other almost 4000 investors. Universally, the recipients didn't understand one word of the document, couched in the legal language of the court. The investors contacted Westpoint, which informed them it was only a minor technical matter, and not one investor contacted ASIC. ASIC had a clear duty to write to ALL Westpoint Mezzanine Investors and clearly explain to them the full implications of the test cases in simple English easily understood by all investors. |
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| 2004 | ASIC resolves to commence investigation into the solvency of the Westpoint Group despite external evidence of insolvency. These investigations commence shortly after the initiation of the court proceedings in 2004. [P32 77] | |||
| 2004 | PIR issued research on the Westpoint Income Fund - rated 3 stars. Lucy decried investors for not doing their homework. Where is ASIC's condemnation of a company it thought highly enough of it to issue it with a special licence? |
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| 15_09_2004 | Schiftan resigned as Westpoint Director on 15/09/2004. West point failed to notify investors of Chieftain's resignation, and did not appoint a new director to oversee investor interests. |
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| xx-10-2004 | In October of 2004 Mr. Ian Jonstone, the then Acting ASIC Chairman, flew to Mumbai (India) to give a one hour lecture to the Fifth Annual Conference of the Australian Independent Order of Financial Planners AIOFP. Two events significance occurred at that conference. a). Mr Richard Beck, posing as Director of the fictional Kebbel investment Bank gave a lecture to the group within three hours Mr. Johnstone's lecture [Conference Book]. Mr. Beck was also the Director of several West point Mezzanine Companies, and ASIC had an ongoing Court Case against Westpoint). b) An official AIOFP summary of the meeting thanks Mr. Johnstone for his soft appoach on regulation and his acceptance of a request to approach he Minister tohave the onus of SOA's (Statement of Advice(s) removed from planners to bring them into alignment with Stock Exchange requirements [Conference Overview]. Not exactly what one expects of someone heading an organisation charged with protecting financial consumers. |
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| xx-11-2004 | In November of 2004 KPMG signed off the Westpoint books on unqualified basis [P32 77]. |
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| 17-11-2004 | Freehills wrote to ASIC’s Mr. Byrne pointing out KPMG’s had signed off the books without reservation, and did not express concern about the solvency of Westpoint as a going concern; realisable value of the assets. Freehills warned of the damage to investors. ASIC did not reply to the letter [P33]. |
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| xx-11-2004 | The Court Case was finalised with each side winning and losing elements of it. The most important outcome was that it was the Judge who stated the Westpoint Mezzanine Model was a MIS. |
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| post 11-2004 | Despite the Judge's statement in the 2004 case, ASIC took no action against Westpoint. ASIC ignored the obvious fact every Westpoint Investor had put their money in an unregistered Managed Investment Scheme ith ASIC's blessing. The non action on the part of ASIC resulted money continueing to pour into Westpoint in 2005. |
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| 19-11-2004 | J. Simmonds determines the Supreme Court proceedings [P18 33 ]. Note. Although not part of either party’s submission, the Judge stated at the end of the case the Mezzanine Model is an MIS. This is in direct contadiction to ASIC’s claim the PN’swere debentures. |
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| 22-11-2004 | 2004 Emu Brewery appeals. | |||
| 2004 | Westpoint lists a large number of complaints about the manner, and legality, of ASIC’s
2004 investigations [P32 78]. |
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| April 2005 | Hansard records Mr. J. Lucy, the ASIC Chairman, as claiming ASIC first became aware of Kebbel Investment Bank in April 2005 [2006_02_20_SMH], and passed the matter over to APRA. In July of that year ASIC visited Kebbel NSW, and on notfinding any signage deemed the matter trivial. APRA told Kebbel not to do it again. APRA took no punitive action against Kebbel. Kebbel Investment Bank did not have a licence. It did not even have a registered business name, yet operated under the noses of APRA and ASIC in full public view,with common Internet mention, flyers and stationery, for four years, without detection. Understandably, investors believed it was a genuine bank. It was a prime reason why people invested in Westpoint. The only reason someone falsely represents themselves as a director of bank is the gaining of advantage by pretence. Why did neither ASIC nor APRA not take punitive action when they first learned of Kebbel Bank's "existence"? Why did someone have to make a complaint before ASIC found out it existed? Four years is a long time. |
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| 25-08-2005 | Freehills writes to ASIC employees Cooper and Waldron setting out evidence in support of Westpoint solvency. [P33] | |||
| 25-09-2005 | Cooper rings CEO of KPMG and tells him in words to the effect, "give Westpoint an absolute workout when auditing the 2004-2005 accounts" . [P33] | |||
| 4-11-2005 | In the period 4-11 November 2005 5 ASIC officers issued notices requiring the production of over 200 boxes of books and records within 5-8 days. [P33] | |||
| 05/11/2005 | Senate Estimates Committee (5/11/2005) questions ASIC deputy Commissioner Jeremy Cooper on all the negative comments by in the press (over 150), and not one positive comment. | |||
| 21-11-2005 | Freehills writes to Lucy complaining about the intervention of Cooper and the issuing of notices. ASIC never answers the letter. [P33]. |
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| Dec 2005 | The Judge in York Street Mezzanine hearing learned at least one Westpoint Company (Westpoint Constructions) failed to present signed accounts in 2003 and 2004 [December 2005]. Given Mr. J. Lucy's admission ASIC became concerned about Westpoint in 2003,how could ASIC have not noticed that Westpoint Constructions had not presented audited accounts for two years? |
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| 02/12/2005 | Westpoint pays KPMG $100,000 for audits on top of $274,167.50 already paid between July 06 and October 06 [ 2006_03_22_WAN ]. | |||
| 09-12-2005 | Carey says ASIC tactics will hurt investors. | |||
| 21_12_2005__INFOCHOICE | Jeffrey Lucy, chair of the Australian Securities and Investments Commission, said that investors may have between $3 billion and $5 billion in mezzanine funding vehicles similar to those operated by Westpoint
At that stage there were 24 companies at risk. Compare the 2005 figures with 2007 when ASIC admitted there were 83 companies and $8 billion at risk. |
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| 25_01_2006_SMH | The Auditor General criticised ASIC for its failure to implement an AFSL registration scheme. He went on to say that the extensive delays probably forced planners who would normally have become AFSL holders to become unregistered planners [ Registration systems are not rocket science in either computing or management skills. Why did the Treasurer not take action to ensure ASIC was better run? |
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| 17_02_2006_AFR | WESTPOINT WOBBLE FOR ASIC All very strange for a very short vaguely remembered conversation. |
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| 17_02_2006_AFR. | Jeremy Cooper withdraws from Westpoint investigation because of possible conflict of interest at Senate Committee of 16-02-2008. at Senate Committee of 16-02-2008. “Mr Cooper, formerly a partner with Blake Dawson Waldron, said a search of the firm's records after a query by a journalist found Blakes had advised Westpoint founder Norm Carey. Mr Cooper had no recollection the company was a client or of spending 20 minutes discussing a question about a Westpoint prospectus with a colleague from Blake's Perth office in April 2000". All very strange for a very short vaguely remembered conversation. |
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| 20_02_2006_MoneyManagement | Labor's criticism of the corporate regulator's inactivity over Westpoint stems from warnings about the corporation provided by the Western Australian Department of Consumer and Employment back in 2002. ASIC admitted to the committee that it had not acted on this information because investors themselves had not lodged any complaints about losing money. Just another example of how ASIC views regulation: sleep while waiting for someone to come in to report something has happened. |
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| 20_02_2006_SMH | Mr Lucy admitted ASIC knew there were problems at Westpoint as far back as April 2004 when it took legal action to determine whether Westpoint's investment schemes fell under its jurisdiction, a case still afoot. However, it was not until late last year that it took action to wind up some Westpoint companies specifically to protect investors". |
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| 23-02-2006 | ASIC hosted a meeting of 70 Westpoint Investor Group members, and the following took place. |
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| 25_02_2006_AAP | We are trying to engage with investors to try to help them," Mr Lucy said. Not one example exists to date of how ASIC has helped a Westpoint investor. |
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| 27_02_2006_the_Australian | Consider the following two excerptsfrom the Australian "I don't think that by itself would have been sufficient. In fairness to Westpoint, promissory notes continue to be a lawful and legitimate way of raising money. While we may not like them and while we may have concerns about them, that's the law ... which is what we appealed. You can't do more than that." If the PNs were not illegal, how then could ASIC ban Westpoint from issuing them? [ASIC MR 04 ]. |
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| 27_02_2006-Investor Daily | "A copy of ASIC's allegations regarding the Emu Brewery Mezzanine and Bayshore Mezzanine schemes was sent to each investor in June 2004, Lucy said". Jeff Lucy failed to mention that it was the judge who ordered ASIC to write to the investors. ASIC complied by writing to Emu Brewery and Bayshore Mezzanine investors, despite the fact the proceedings were test cases for all Westpoint Mezzanine products. |
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| 12-03-2006 | Jennifer O'Donnell opens her speech to the AIOFP conference in Canberra with "ASIC can't detect fraud in advance." It would seem they also have difficulty in recognising what will become an unregistered Managed Investment Scheme when presented with the model beforehand. |
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| 2006_04_03_SMH | Senator Watson said the Westpoint fiasco had revealed problems not only with the regulator detecting and acting on risky promotions but "with the law as it currently operates" Prior to the Westpoint collapse, Senator Watson had been a strident critic of ASIC performance. |
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| 2006_04_19_TheAustralian | The institute, an industry body that includes property valuers, said that about 70 per cent of respondents to its latest six-monthly survey on the property market regarded fringe mortgage backed trusts with "moderate to major concern". Some concerns related to the need to increase the disclosure by financial planners and developer-sponsored funds, and also the need to increase disclosure of the quality of the loans by the funds.
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| 2006_04_26_AFR_2 | The headline is, DID ASIC FAIL OVER WESTPOINT. Lucy claims "no one has shown anything to me to suugest we were given information that we could reaonably act on" |
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| 2006_04_26_AFR_2 | Mark Steward, ASIC Deputy Director Enforcement, says "That would have needed evidence that Westpoint was insolvent" when asked about ASIC winding up Westpoint after the WA supreme Court decision, or that investors weren't able to redeem their funds" |
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| 2006 | Jeffrey Lucy's claim ASIC could not take action against Westpoint because of the restrictions placed on it by existing legislation is at odds with legal opinion, including that of IMF's Hugh McLernon. Further, there is no evidence ASIC ever approached the Parliament to have the law changed. |
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| 27_01_2007_The_Australian | In January 2007 the Auditor General again castigated ASIC. This time it was over their poor prosecution rate per complaint []. |
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| 30_03_2007_InvestorDaily | Westpoint spruiker tied to Fincorp. Online Super caught in Fincorp mess. | |||
| 05_07_2007 | The WIG executive met with ASIC on 05/07/2007, and outlined many ASIC's past failings. At the end of the meting we left the new ASIC Chairman, Mr. Tony D'Aloisio, with a set of formal questions, which he promised to answer at the following meeting. At the following meeting he refused to provide the promised answers. Further, he refused to answer any question relating to ASIC before his appointment as Chairman. Why would the ASIC Chairman refuse to answer simple, straightforward, questions. |
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| 07/05/2007 | Tony D'Aloisio reports on Westpoint at Senate Estimates. | |||
| 21-06_2007 | Westpoint spruiker's $18m payout. Neil Burnard received three times as much in commission as ASIC previously thought. | |||
| 21_06_2007 | Senator Coonan contradicted herself on Westpoint in Parliament. Does this suggest a cover up to protect ASIC and the Government? |
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| 27_07_2007_AFR | There are indications the regulator contributed to the Westpoint collapse By its failure to carry out its duties the regulator has caused needless misery 4000+ investors, most of whom were of senior years. |
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| Sherry_MacAulay 30-07-2007 | Nick Sherry promised a Rudd Labor government would open an inquiry into the financial serices industry. Perrhaps it wasn't a "core" promise, or was it made with fingers crossed behind his back? |
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| 06_11_2007_MR 07_288 | ASIC has banned Mr Jason Lowth, of The Vines in Western Australia,from providing financial services for five years. Mr Lowth provided financial planning services through Brighton Hall Securities Pty Ltd (Brighton Hall) between 17 September 2001 and 14 June 2004. During this time he was a proper authority holder and then an authorised representative of Brighton Hall" [ASIC MR 07-288]. It is interesting to note Brighton Hall Winthrop Securities, which was owned by John Whitehead who was banned by ASIC. Brighton Hall, which sold Westpoint products, has now gone into liquidation and many of its members have formed a new company. |
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| ASIC/WIG meeting of 08/11/2007 | The Government refuses to answer the fundamental question: why is ASIC not responsible for the losses incurred by Westpoint investors because they failed to recognise the Westpoint Mezzanine Schemes were unregistered Managed Investment Schemes and not debentures. |
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| 08_11_2007 | The comments on the WIG/ASIC meeting of 08/11/2007 display just how little ASIC understands or wishes to perform its true role of not only regulating the marketplace, but setting the standard of behaviour for the financial industry. |
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| 2007 | ASIC, FICS, and the Australian Government refuse to answer the fundamental question: why is ASIC not responsible for the losses incurred by Westpoint investors because they failed to recognise the Westpoint Mezzanine Schemes were unregistered Managed Investment Schemes and not debentures. What a cosy little cosy menage a troi. For proof of my claims see the ASIC/WIG meeting of 08/11/2007, the correspondence with FICS and the Assistant Treasurer,Peter Dutton on this Website.You decide the reason the Government refuses to admit the proven problems with ASIC and FICS exist. |
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| ASIC charged Karen Carey (Norm Carey's sister) with not providing the reports they demanded. Karen Carey's claimed she had no way of providing the reports as ASIC had held the books of the company for two years, and ASIC had not supplied her with copies of the information that would allow her to do so. ASIC charged Karen Carey. The matter went to Court on 04/12/2007, where ASIC withdrew their case hearing, before proceedings commenced. ASIC refused to answer any questions of why they had done so I'm awaiting an answer from Tony D'Aloisi on on this matter. but in this case it is difficult to see any other reason than to hide another monumental mess of its own making. I intend to write to Tony D'Alosio as to why no reason was given for the withdrawal of the case, and to request how much public money was wasted on the exercise. However, it is not only the loss of money that is troubling. When there is so much to do in cleaning up the problems in the marketplace, caused by ASIC's woeful past performance, the wastage of valuable resources borders on the criminal. |
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| 2007_12_12_MacAulay_DAloisio | I write to Tony D'Alosio on the Karen Carey Matter. Although Jan Redfern sends a reply, it does not nswer the questions I asked. I am still waitiong for a full reply. |
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| 26_06_2008_WABusinessNews | ASIC SETBACK IN $245M WESTPOINT CASE [ | |||
| 04_07_2008_InvestorDaily | FORMER PIS ADVISER BANNED |
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| 09_07_2008_InvestorDaily | ASIC CONTINUES WESTPOINT CLAMPDOWN. Another three minnows, who deserve to be outed, receive punishement - but why were they not included in the Section 50's? When is ASIC going to take action against Westpoint directors, and other high profile perople involved in the Westpoint disasrter? |
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| 2008_08_09_HeraldSun | WESTPOINT CASE TO BE TRIED TOGETHER | |||
| 2008_08_18_08_InvestorDaily | ADVISER FAILS TO OUTRUN ASIC. Another Westpoint minor outlawed. |
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| 25_08_2008_InvestorDaily | WESTPOINT SENTENCE TOO LENIENT: ASIC. Call that a sentence? |
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| 26_09_2008_InvestorDaily | FORMER PIS ADVISER BANNED OVER WESTPOINT You might remember the ASIC pproved PIS research house gave Westpoint a qualified buy. |
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| 03_10_2008_MoneyManagement | BURNARD SENTENCE APPEALED | |||
| 2008_10_10_The West | WESTPOINT PROMOTER BANNED FOR LIFE [2008_10_10_InvestorDaily], BURNARD BANNED FOR LIFE But he is not serving time yet. |
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| 10_10_2008_HeraldSun | WESPOINT'S NORM CAREY BLAMES WATCHDOG FOR COMPANY COLLAPSE I have come to believe anyting is possible. The court case should be interesting! |
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| 13_11_2008_InvestorDaily | KPMG CALLED TO FILE DEFENCE IN WESTPOINT CASE The opening salvos in the ASIC V KPMG case! |
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| 14_11_2008_MoneyManagement | ASIC BANS PERTH-BASED FINANCIAL ADVISER. The twentieth Westpoint adviser banned. Onl forty odd to go. |
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| 17_11_2008_InsuranceNews | KPMG DEFENDS ITSELF OVER WESTPOINT CLAIMS Note the words: Will defend itself vigorously. |
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| 25_11_2008_AFR | JUDGE FINDS FINANCIAL PLANNER NEGLIGENT Six Westpoint investors might get their money back - if Brannelly's have the $850,000. |
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| 28_I1_2008_InvestorDaily | MASU SETTLES WESTPOINT CLASS ACTION ASIC finally has a win - and we should all be glad to see it. |
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| 03_01_2009 | In the last few days many of us received an eleven-page double-sided document from ASIC offering to supply personal relevant information to Westpoint Investors. I cannot understand why ASIC does not already possess much of the information it requests. Nor can I understand why ASIC demands an investor agreeing to the terms and conditions that he/she indemnifies ASIC. I don't wish to advise anyone on a course of action that may cost them money. However, I have written an email to ASIC's Ms Helen McNally requesting answers to specific questions. I will post her reply when it arrives. My own response to ASIC's offer is dependent on her answers. |
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| 2009_01_04_MacAulay_McNally | My document raises questions to the packs sent out by ASIC on 16_12_2009. I feel ASIC has once again shown its lack of understanding of both systems, and the nature of the average Westpoint Investor |
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| 01_09_2009_McNally_MacAulay | I found her document a typical ASIC reply: verbose and generalised. I stil fail to see what extra information ASIC can supply an investor that cannot be put on the ASIC website until such time ASIC wins the case. |
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| 15_01_2009_MacAulay_McNally | My reply to Ms McNally's communication of 09_01_2009. |
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| 01_16_01_2009_MacAulay_McNally | It's about time ASIC answered these questions. | |||
| 03_02_2009_AFR | WESTPOINT: GLOBAL MEDIATION FLAGGED ASIC fouls up badly, and now wants everone to pay for it. I respectfully point out Westpoint investors already have! |
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| 10-02-2009 | 2009_02_10_SMH, 2009_02_10_BusinessSpectator, and 2009_02_10_BrisbaneTimes ALL REPORT THE DISMISSAL OF NEIL BURNARD'S APPLICATION FOR THE DISMISSMAL OF HIS CONVICTION - AND THE DISMISSAL OF ASIC'S APPEAL FOR A STIFFER SENTENCE My own thoughts on the matter. |
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| 13_02_2009_SMH | FORMER WESTPOINT BOSS FACES COURT It's not ASIC prosecuting Carey. |
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| 14_02_2009_QueenslandBusinessReview | ASIC BANS BRANNELLYS FROM FINANCIAL ADVICE Only six years? The interesting question is will Brannellys apeal and win? |
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| 31_03_2009_BrisbaneTimes | WESTPOINT FOUNDER TARGETS JUDGE | |||
| 07_05_2009_TheAustralian | NICK SHERRY - ASICS LEADERSHIP ROLE Difficult to understand given Nick's letter to me before the election. | |||
| 18_05_2009_MoneyManagement | ADELAIDE MAN ON WESTPOINT ADVISER CHARGES ASIC is improving its performance - its only three and a half years after ASIC collapsed Wonder why they didn't find out when Westpoint was in business? |
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| 19_05_2009_TheAustralian | SPRUIKER IN ASIC PROBE AS WATCHDOG TARGET LINKED TO FALLEN EMPIRE It's PIS again. |
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| 27_05_2009_TheAge | WESTPOINT LINK TO DEBT Richard Beck loses money? |
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| 25_06_2009_AFR | WESTPOINT MEDIATION HAS WAY TO GO At this stage, I think the only conclusion one draw is that the meeting has been adjourned to 01/09/2009. |
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| 09-07-2009 | 2009_07_09_MoneyManagement, 2009_07_09_SMH, 2009_07_10_InvestorDaily_2 ALL RELATE TO THE COURT DECISION ON PI INVOLVING WESTPOINT INVESTORS THROUGH QUANTUM | |||
| 02_09_2009_ABCOnline | TRUSTEE SUED AFTER FINCORP COLLAPSE Sandhurst was also the Market Street Mezzanine trustee |
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| 15_09_2009_SMH | ASIC STRIKES PAYOUT DEAL OVER WESTPOINT We will just have to wait and see how this pans out |
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| 22_09_2009_SMH | WESTPOINT ASSOCIATE FINCHLEY TO CLOSE |
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| 23_09_2009_WAToday | KEY WESTPOINT PLAYER TO BE WOUND UP Given the number of failed companies with which the directors of Kebbel were involved, it is more than difficult to understand fow this matter was alowed to drag on for so long. |
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| 07_10_2009_WABusiness | ASIC STARTS ANOTHER WESTPOINT ACTION Most believe Brighton Hall had a lot to answer for. |
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| 07_10_2009_ASIC | ASIC COMMENCES PROCEEDINGS AGAINST PERTH PERTH FINANCIAL SERVICES BUSINESS | |||
| 08_10_2009_InvestorDaily | ASIC CONTINUES WESTPOINT ACTION Interesting reading. |
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| 2009_11_19_AFR | WESTPOINT PAYOUT NO DIRECT HIT FOR PIS That hit was taken by those who took their advice |
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| ASIC SETTLES WITH BONGIORNO ON WESTPOINT Without admitting any liabiliy. |
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| 16_12_16_WABusiness | ASIC IN 4TH SETTLMENT Refers to Victorian Estates |
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| 16_12_2009_businessSpectator | COURT APPROVES WESTPOINT SETTLEMENT There are actually two settlements. One with Bobiorno and the other with Victorian Estates, |
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| 2010_03_04_BusinessSpectator | ASIC REACHES FOURTH WESTPOINT SETTLEMENT There were a number of papers reporting this matter, which was only a legal formality. |
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| 2010_04_14_InvestorDaily | WESTPOINT CHARGES DROPPED Could that public interest becuse ASIC knew in 2003 the Westpoint Mezzanine model was an unregistered MIS, but did nothing about it? |
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| 2010_05_20_TheAustralian | KPMG FIGHTS BACK IN WESTPOINT STOUSH The evidence, and the outcome of the claim, should be interesting reading. |
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| 2010_05_24_FourCorners | DIRTY MONEY Another cover-up? |
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| 2010_06_09_SMH | KPMG DENIES LIABILITY FOR WESTPOINT LOSS A key point in the article is that ASIC knew the mezzanine model was a MIS. |
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| 2010_06_10_ABCNews | CAREY GETS HIS LICIENCE BACK Court finds he is a fit an proper person |
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| 2010_06_11_ABCNews | WESTPOINT BOSS SAYS HE WILL ETURN TO REAL ESTATE West Australian real estate regulator loses case. |
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| 2010_06_18_WABusines | $3.25 WESTPOINT SETTLEMENT IMF got it back - not ASIC |
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| 2010_06_22_SMH_2 | WESTPOINT DOCUMENTS IN ThE DARK Is keeping documents secret a breach of democracy? |
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| 10_08_2010_InvestorDaily | MF SETTLES QBE, QUANTUM ACTIONS Undisclosed terms of course. |
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| 10_08_2010_WABusinessNews | MF COMPLETES ANOTHER WESTPOINT DEAL The last of the Westpoint cases involving IMF. |
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| 11_08_2010_WABusinessNews | WESTPOINT MANAGER FACES JAIL TIME But will ASIC put him in there? |
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| 17_08_2010_TheAge |
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| 19_08_2010_AFR |
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| 14_09_2010_SMH | INVESTORS TRIED TO REDEEM FUNDS More on the MFS tragedy. |
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| 2010_11_16_ABCOnline |
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| 2011_02_01_FinancialStandard 2011_02_01_SMH 2011_02_01_WABusinssNews 2011_02_01_ABCNet 2011_02_01_TheAge 2011_02_HeradSun 2011_02_SMH 2011_02_TheAustralian 2011_02_TheAustralian_2 2011_02_02_AFR |
All relate to KPMG agreeing to pay $67m to Westpoint investors. It is intersting to note that ASIC were claimng $200m from KPMG, and they now say the hope to see $160-170 resturned to Westpoint investors when the originally set the recovery figure at $538m. | |||
| 2011_02_11_PerthNow |
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| 2011_02_12_TheAustralian |
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FORMER DIRECTOR GUILTY OF FALSE STATEMENTS RUNDLE GUILTY OVER $400m WESTPOINT COLLAPSE Why arent all of the others, including ASIC, guilty of the sam charge? |
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| CAREY CHARGED OVER WESTPOINT COLLAPSE Well, he hasn't been charged yet.I am not legal, but I do understand that ASIC failed to provide the Court with any information relating to ASIC's "secret" audit of Westpoint by Deloittes. |
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| 2011_07_01_HeraldSun |
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| 2011_07_01_ABCOnline |
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| 2011_07_02_the Australian | WESTPOINT FOUNDER FACES CRIMINAL CHARGES | |||