Ponzi Scheme Managed Account Question - Courtenay House Trading Group

[palmi]

Hi all,

I've just received word from the investment group I am part of, they work very closely with Courtenay House. I will post the email below, I honestly think that ASIC are making things out to be much worse than they are, they are bullies in the finance industry.

Hello everyone,

We have taken information from different documents and people over the past 24 hours to try to get some understanding on the ASIC case.

We can say that the Insurance is real, we have again verified this with the insurance broker who Courtney House has the insurance with. The insurance covers professional Indemnity, Crime and Cyber liability. YOU CAN NOT CLAIM ON THIS UNTIL ONE OF THOSE THREE ISSUES HAVE BEEN PROVEN TO BE INSTIGATED.

The other pressing point is whether your capital is safe. We have assumed that everyones capital is still in the bank accounts and in trading accounts of Courtney House. The figure stated in ASICs media release refers to only one bank account. There are more funds in trading accounts. The insurance relies on systems that make it very difficult for any two people to remove money from trading accounts and trust accounts and put them into other accounts. I believe there are many touch points that stop this from happening. The insurance covers only a part of the funds because the removal of money from the funds completely is not possible. This is our understanding and can not be taken as advice.

We have spoken to the head of the accounts department at Courtney House and he will be issuing an email within the next few days with a formal response from their solicitors. Courtney House have been told they are not to release any more information to clients as this needs to be done through their solicitors as the matter is with the High Court. As you can understand any lack of communication from any representative of Courtney house is likely to be because of advice from their barristers rather than malicious behaviour.

I will reiterate, there has been no misconduct found at this stage and ASIC are simply conducting enquiries. They have indicated that to us. This is the why they do it. I know it seems harsh, though looking at the bigger picture, they are doing their job looking after the wider community. If you would like to send an email to ASIC showing your support for Courtney House and the service you have received in the past, please feel free to do so at the dedicated email address. courtenayhouse.investor@asic.gov.au
Letting them know that you had been advised on the risks, that you are a sophisticated investor and your experience and that you believe the freezing of your funds should be dealt with in a quicker manner.

We are not acting on anyones behalf, though feel it is easier for us to get info and pass it on to you. That was always the reason we wanted to know who was investing.

Thank you for your support and we hope to continue informing you of any new information or inform you at the very least that nothing has changed.

thank you for your

Hi all,

I've just received word from the investment group I am part of, they work very closely with Courtenay House. I will post the email below, I honestly think that ASIC are making things out to be much worse than they are, they are bullies in the finance industry.

Hello everyone,

We have taken information from different documents and people over the past 24 hours to try to get some understanding on the ASIC case.

We can say that the Insurance is real, we have again verified this with the insurance broker who Courtney House has the insurance with. The insurance covers professional Indemnity, Crime and Cyber liability. YOU CAN NOT CLAIM ON THIS UNTIL ONE OF THOSE THREE ISSUES HAVE BEEN PROVEN TO BE INSTIGATED.

The other pressing point is whether your capital is safe. We have assumed that everyones capital is still in the bank accounts and in trading accounts of Courtney House. The figure stated in ASICs media release refers to only one bank account. There are more funds in trading accounts. The insurance relies on systems that make it very difficult for any two people to remove money from trading accounts and trust accounts and put them into other accounts. I believe there are many touch points that stop this from happening. The insurance covers only a part of the funds because the removal of money from the funds completely is not possible. This is our understanding and can not be taken as advice.

We have spoken to the head of the accounts department at Courtney House and he will be issuing an email within the next few days with a formal response from their solicitors. Courtney House have been told they are not to release any more information to clients as this needs to be done through their solicitors as the matter is with the High Court. As you can understand any lack of communication from any representative of Courtney house is likely to be because of advice from their barristers rather than malicious behaviour.

I will reiterate, there has been no misconduct found at this stage and ASIC are simply conducting enquiries. They have indicated that to us. This is the why they do it. I know it seems harsh, though looking at the bigger picture, they are doing their job looking after the wider community. If you would like to send an email to ASIC showing your support for Courtney House and the service you have received in the past, please feel free to do so at the dedicated email address. courtenayhouse.investor@asic.gov.au
Letting them know that you had been advised on the risks, that you are a sophisticated investor and your experience and that you believe the freezing of your funds should be dealt with in a quicker manner.

We are not acting on anyones behalf, though feel it is easier for us to get info and pass it on to you. That was always the reason we wanted to know who was investing.

Thank you for your support and we hope to continue informing you of any new information or inform you at the very least that nothing has changed.

 

[palmi]

Hi all,

I've just received word from the investment group I am part of, they work very closely with Courtenay House. I will post the email below, I honestly think that ASIC are making things out to be much worse than they are, they are bullies in the finance industry.

Hello everyone,

We have taken information from different documents and people over the past 24 hours to try to get some understanding on the ASIC case.

We can say that the Insurance is real, we have again verified this with the insurance broker who Courtney House has the insurance with. The insurance covers professional Indemnity, Crime and Cyber liability. YOU CAN NOT CLAIM ON THIS UNTIL ONE OF THOSE THREE ISSUES HAVE BEEN PROVEN TO BE INSTIGATED.

The other pressing point is whether your capital is safe. We have assumed that everyones capital is still in the bank accounts and in trading accounts of Courtney House. The figure stated in ASICs media release refers to only one bank account. There are more funds in trading accounts. The insurance relies on systems that make it very difficult for any two people to remove money from trading accounts and trust accounts and put them into other accounts. I believe there are many touch points that stop this from happening. The insurance covers only a part of the funds because the removal of money from the funds completely is not possible. This is our understanding and can not be taken as advice.

We have spoken to the head of the accounts department at Courtney House and he will be issuing an email within the next few days with a formal response from their solicitors. Courtney House have been told they are not to release any more information to clients as this needs to be done through their solicitors as the matter is with the High Court. As you can understand any lack of communication from any representative of Courtney house is likely to be because of advice from their barristers rather than malicious behaviour.

I will reiterate, there has been no misconduct found at this stage and ASIC are simply conducting enquiries. They have indicated that to us. This is the why they do it. I know it seems harsh, though looking at the bigger picture, they are doing their job looking after the wider community. If you would like to send an email to ASIC showing your support for Courtney House and the service you have received in the past, please feel free to do so at the dedicated email address. courtenayhouse.investor@asic.gov.au
Letting them know that you had been advised on the risks, that you are a sophisticated investor and your experience and that you believe the freezing of your funds should be dealt with in a quicker manner.

We are not acting on anyones behalf, though feel it is easier for us to get info and pass it on to you. That was always the reason we wanted to know who was investing.

Thank you for your support and we hope to continue informing you of any new information or inform you at the very least that nothing has changed.

thanks for your post its comforting to here from other investors on here that are involved with positive reassurance , investor 123 would you be able to say which investment group your involved with or work for thanks .

 

[palmi]

Dear PeaceKeeper

My thread/statement is not endorsing or criticizing Courtenay.
ASIC is taking action which is very serious. You need to get in touch with ASIC and enquire first hand.
I am not dampening your hope but you need to talk to ASIC what the issues are and how you are protected.

Dear PeaceKeeper

My thread/statement is not endorsing or criticizing Courtenay.
ASIC is taking action which is very serious. You need to get in touch with ASIC and enquire first hand.
I am not dampening your hope but you need to talk to ASIC what the issues are and how you are protected.

hi zion thanks for your posts do you work for zion capital in sydney and are they involved on the forex market .

 

[ZionCapitalComAu]

hi zion thanks for your posts do you work for zion capital in sydney and are they involved on the forex market .

Zion Capital is a firm trading in FX FUTUREs AND commodities
We are currently applying for afsl hence why I know a bit on licensing

 

[palmi]

thanks zion its good to get some information on other traders on here ,if anyone else on here or know of anyone else involved with courtney that may have been contracted to trade for them , it would be appreciated if the they came forward , there is the real possibility that they may have outsourced some funds and this is where it may be a contravention against asic guidelines ,asic has to know where all the accounts are if people come forward , i myself am a trader and sometimes with large amounts of capital it may be better to spread your risk.

 

[ZionCapitalComAu]

thanks zion its good to get some information on other traders on here ,if anyone else on here or know of anyone else involved with courtney that may have been contracted to trade for them , it would be appreciated if the they came forward , there is the real possibility that they may have outsourced some funds and this is where it may be a contravention against asic guidelines ,asic has to know where all the accounts are if people come forward , i myself am a trader and sometimes with large amounts of capital it may be better to spread your risk.

It is illegal to take money from anyone without a MIS license. Even MDA you cant take money from anyone.
I do not take/accept money from anyone or Courtenay. I traded only as a POA on Courtenay Company account and this is legal up to 3 POA's.
After that the FX/Future Broker will require you to provide a license to operate more MDA's and license is very very very difficult to get until you have met all the necessary requirements by ASIC and AFSL license holder.

 

[investor123]

Hi palmi,
I don't work for them, just been to their seminars, it's Ian Ugarte's Hi Res Investment Group.

 

[breathing]

Hi everyone. I too am caught up in this mess and severely anxious.
This is how i see it so far. CHCTG wants to go independent and break away from Halifax. They are working on their licensing issues but Halifax found out about this and didn't like it so they dropped the contract with CHCTG on 24th April. CHCTG immediately stopped trading and informed us by email. Someone has complained to ASIC and they have come down hard. I personally don't understand the 3 points made by the courts.
1. I don't think they were carrying on an unregistered managed investment scheme as they had stopped trading on the 24th.
2. With the dealings I've had with them, and others i know, at no time did they give any financial advise. Far from it.
3. This point is the deal breaker. Courtenay House Trading Group and Courtenay House have dealt with investor funds in a manner inconsistent with the conduct of a managed investment scheme.
What the heck does that mean, and was it really illegal?

I guess my greatest concern is that as far as we can see, ASIC has frozen an account with only 25mil.
How much is in the pool???
What is the difference and where is the rest???

Come on ASIC, we deserve answers... Don't punish us investors... Find the accounts and release our funds ASAP.

 

[Peacekeeper]

Anyone has any update on the meeting with ASIC on Monday?

 

[almost]

I contacted asic this morning, I inquired about the meeting. They told me that they are currently unaware of any scheduled meetings.

Although I'm sure if there is in fact is a discussion between clients and asic, we will all be updated with relevant info quiet quickly. Either on this forum or from asic themselves.