Ponzi Scheme Managed Account Question - Courtenay House Trading Group

[Pharaoh]

Read that ASIC link. They were carrying on an unlicensed financial investment scheme. What this means is simple. Just because some company claims to be under ASIC doesn't mean you shouldn't verify ASIC registration. Even if a company is registered, you need to check and see what activities they are and are not licensed to do.

So, the insurance was BS. I recommend everyone who contacted the insurance companies send those companies a copy of the ASIC announcement.

Each person who invested needs to contact ASIC and share every scrap of evidence available, including claims of "Anti-Ponzi Insurance".

At this point, only ASIC has any idea what percent of the investments are still there to be recovered.

 

[Toldyaso]

I noticed that the ASIC notice only mentions the fund that was paying annually. Does this mean that those who had funds with this bunch and were paid monthly have likely lost their money?

 

[Toldyaso]

As in the monthly payments have been reducing because their money has been diverted to pay the fund?

 

[Rhino]

Read that ASIC link. They were carrying on an unlicensed financial investment scheme. What this means is simple. Just because some company claims to be under ASIC doesn't mean you shouldn't verify ASIC registration. Even if a company is registered, you need to check and see what activities they are and are not licensed to do.

So, the insurance was BS. I recommend everyone who contacted the insurance companies send those companies a copy of the ASIC announcement.

Each person who invested needs to contact ASIC and share every scrap of evidence available, including claims of "Anti-Ponzi Insurance".

At this point, only ASIC has any idea what percent of the investments are still there to be recovered.

Your comment that the insurance was BS, I assume, in regards to "anti ponzi insurance" is fairly inaccurate, whilst anti ponzi insurance doesn't exist alone per se, a comprehensive Crime coverage will potentially indemnify claims relating to both internal and external theft, internal theft relating to monies that are in the care custody and control of the firm - if client funds are being systematically stolen, a crime coverage may respond depending on the facts.......whist it's not ponzi specific insurance, the product is designed to cover internal theft ......

 

[Toldyaso]

As a former equities dealer in both London and Sydney I have seen this type of action taken by the regulator before and it never ends well. This company will not trade again. As for how much money is or will be returned to clients is anyone's guess. I have a feeling the insurance cover claims are false. They were operating unlicensed for heavens sake. I know people involved with this company and have warned them on several occasions that it will not end well, however the lure of easy money is too much and people get burned. They still believe these are "good blokes" and that everything will be alright. I'm afraid not

 

[Oshir1]

I have had people I know tied up with this and I've told them time and again its a Ponzi scheme. Its nice to be finally proved right

You are wrong!!

 

[Toldyaso]

You are wrong!!

Wrong about what? the fact that they won't trade again? the fact that they have been running an unlicensed investment scheme? That their main 'trader' has been slapped with a travel ban? they don't do that for minor licencing issues.

The fund that they set up give people 7.5% a month return lost 75% of its value.

7.5% a month return? Please

 

[Guacamayo]

From ASIC's website, those people who had money invested in their fund which paid out annually are still able to get their funds back. It's only those who had money in the investment fund which paid out monthly who will not be able to get any money out until at least September 4 and are in serious problems (myself being one of them). @Pharaoh - would it be at all wise to get a lawyer at this point and make a claim against Courtenay House (separate from the one being made by ASIC)?

 

[Gorgedd]

You are wrong!!

Do you have any positive news? I am also one of the idiots who has money invested with them

 

[Gorgedd]

Wrong about what? the fact that they won't trade again? the fact that they have been running an unlicensed investment scheme? That their main 'trader' has been slapped with a travel ban? they don't do that for minor licencing issues.

The fund that they set up give people 7.5% a month return lost 75% of its value.

7.5% a month return? Please

Are you able to show me where you found the info about the 75% value loss? I am also one of the idiots who have money invested with them