Ponzi Scheme Managed Account Question - Courtenay House Trading Group

[Froso@FXNET]

Nobody knows the exact update that what is happening. Facebook groups are old thing now as there are telegram channels trending in now. FB group or Telegram channel? these can never be trusted source of information.

 

[smuff82]

Meeting in Sydney held between investors and liquidators this afternoon 31.7.17. A brief summary: Liquidators confirmed that Tony Iervasi was running a Ponzi Scheme. As Tony had admitted this in interviews it is expected criminal charges will be laid. David Sipina to date has refused to be interviewed by liquidators, denying any involvement as a director.

 

[MightyOwl]

Meeting in Sydney held between investors and liquidators this afternoon 31.7.17. A brief summary: Liquidators confirmed that Tony Iervasi was running a Ponzi Scheme. As Tony had admitted this in interviews it is expected criminal charges will be laid. David Sipina to date has refused to be interviewed by liquidators, denying any involvement as a director.

Did they provide any other useful information?how long it will take to finalize or how they will be looking at disbursement of funds?

 

[Pharaoh]

Liquidators confirmed that Tony Iervasi was running a Ponzi Scheme. As Tony had admitted this in interviews it is expected criminal charges will be laid.

Based on this alone, I believe a significant number of people in this thread need to come back and publicly apologize for their vicious attacks against anyone who dared to warn that this obvious Ponzi scheme was a Ponzi scheme.

 

[Sothatsit]

Based on this alone, I believe a significant number of people in this thread need to come back and publicly apologize for their vicious attacks against anyone who dared to warn that this obvious Ponzi scheme was a Ponzi scheme.

Fat chance pal.
Given the fact your manners are demonstrably questionable. If I were you I'd be satisfied that you were right and walk on. Asking for an apology? Clown.

 

[Toldyaso]

Pharaoh, I wouldn't waste your breath mate. These people are quite obviously thick and can't face the fact that they were wrong all along and refused to listen to what was basically common sense. Leave them to it. I suspect the same people will turn up here again when they invest in the next get rich quick, no downside scam.

 

[AnotherCreditor]

For all creditors/investors who were not at the liquidators meeting on the 31st here is the main information for you:


For the first time the liquidators stated unequivocally that Courtenay House Capital Trading Group was a Ponzi Scheme. In previous updates they have used terms such as “has the hallmarks” and “we are still investigating”. No more.


They said they came to this conclusion based on interviews they held with Tony Iervasi and their initial forensic investigating.


The investors (unsecured creditors) are owed $197 million.


GT has recovered $51.32 million which they have placed in a term deposit.


Of the $51.32 million recovered, $29 million is BREXIT money, $21 million is held in a Westpac account (CHCTG) and $1.3 million was found in FX trading accounts.


From 2014 - 2017 GT found CH used funds in the following way: 89% was used for investor capital returns and interest - the Ponzi scheme. 3% went to ‘Persons of interest’, 1% for company expenses, 1% to FOREX trading accounts and 7% was unknown.


The two other “special trades” that were held in November and January were never traded at all, the money sat in the bank for the month.


GT has interviewed Iervasi, Athan Papoulias, Anshul Gupta and some contractor traders that were used by CHCTG. David Sipina denies he was a director and refuses to be interviewed by GT.


The contractors said they only traded $50K at any one time, mainly traded from their home, sometimes lost money, sometimes broke even and were never consistent.


The freezing orders ASIC asked the court to apply are still in place and will be until September 4th. GT is going to seek an extension.


GT are going to court in the next three weeks to ask the court with help on how to handle the BREXIT money. It may be given back (minus costs) or placed in the pool with the rest of the funds. A decision won’t be known for at least three months depending on the court process.


The final payout of whatever is left won’t be made for at least 12 months time.


ASIC is focused on the potential criminal matters and they don't share all their information with GT.


Iervasi has signed a statement saying there is NO money overseas despite what he has been telling investors since this all went down.


There hasn’t been a decision made on whether money that creditors received from CH will be deducted from what they are owed.


A MESSAGE FOR TOLDYASO


I have been keeping an eye on the forum as this has unfolded and held my tongue until now. It is not your fault that creditors lost their money, that some people invested with very little research and that it turned out to be a Ponzi. But let me say you are one of the lowest most miserable human beings in Australia. The fact you call people thick, basically taunt them over their loss and even signed up to FPA with the name TOLDYASO speaks volumes about the type of person you are. You claimed in an earlier post how it was gutting to see people lose their money like this but you don’t seem so gutted judging by the way you've spoken here. While other investors have offered what information and support they can, you have added NOTHING to the conversation other then to gloat about how right you were and to basically say TOLDYASO. There are people out there who have lost nearly everything, who are going to have to sell their home and cars and others who are on the edge of nervous breakdowns and your more concerned with getting on here and making sure we all know how smart you are. (As I said I don't blame you for what happened with CH and YES some people including myself could have looked at this much harder and taken more care). I recall someone in an earlier post saying despite what we all have lost we can be happy with the fact we are not YOU. I couldn’t agree more. I’ve learned a lot over the past few months and if I ever find myself in your position in the future looking from the outside in I will offer my advice, let people know how sorry I am for what they are going through and leave it at that. Not shove it in their face. And if you have a problem with anything I’ve said or would like the chance to call me thick to my face, PM me with a time and location. We’ll see how brave you are.


To Pharaoh: You have put up a lot of good info and it turned out to be right. No one should personally attack you for doing so. In saying that as I wrote above some people are in financial ruins from this and the best you can say when this is confirmed is that some people need to come back to a forum and apologise to you or that idiot I mentioned above? Give it a rest mate.

 

[MightyOwl]

@AnotherCreditor thanks for the update ,one quick question if you have a minute or two to answer!

The final payout of whatever is left won’t be made for at least 12 months time - did the liquidators provide a timeline of 12months plus for disbursement of funds?

My main concern is that the liquidators can charge up to $820 a hour and i think the minimum charge is $280 a hour, at these rates for 12months will eat alot of the funds and not leave much left for creditors so i hope they will be fast in disbursing the funds and give a good resolution.

also in my opinon the problem of returning brexit funds is that some of that money was money returned from payments from CHCTG so will be intresting how the courts handle that!

 

[AnotherCreditor]

@AnotherCreditor thanks for the update ,one quick question if you have a minute or two to answer!

The final payout of whatever is left won’t be made for at least 12 months time - did the liquidators provide a timeline of 12months plus for disbursement of funds?

My main concern is that the liquidators can charge up to $820 a hour and i think the minimum charge is $280 a hour, at these rates for 12months will eat alot of the funds and not leave much left for creditors so i hope they will be fast in disbursing the funds and give a good resolution.

also in my opinon the problem of returning brexit funds is that some of that money was money returned from payments from CHCTG so will be intresting how the courts handle that!

Hey mate, not sure if this helps or gives you a better idea as to final liquidator fees but they did mention at the meeting that they were up to $400,000 thus far. The obvious question is how many million will it be by the time this is done. 3? 5? Who knows.

It will be interesting to see how the courts handle BREXIT. I can see an argument both ways. I suppose the judge will maybe try to look at other similar cases, see if there is a precedence and go from there. Hope this helps.

 

[MightyOwl]

Hey mate, not sure if this helps or gives you a better idea as to final liquidator fees but they did mention at the meeting that they were up to $400,000 thus far. The obvious question is how many million will it be by the time this is done. 3? 5? Who knows.

It will be interesting to see how the courts handle BREXIT. I can see an argument both ways. I suppose the judge will maybe try to look at other similar cases, see if there is a precedence and go from there. Hope this helps.

thnx for the info hard to find anything out until the liquidator release the report of the meeting which they havent done yet.

also did they say it will be 1year plus until disbursement of funds ? from my understanding soon as they get final $$ figures together into a report,done all the bank tracing and get a disbursement method approved from the court than they can release funds, the question is how long will the bank tracing and final numbers for 6+years of transcations will take them.

Also i think there will be unhappy people eitherway with how the funds are distributed is why they are going to the high court for approval of any funds being released.