Ponzi Scheme Managed Account Question - Courtenay House Trading Group

[Septemberrain]

I think everyone is entitled to their opinion. This is a forum and people can speak about their insecurities, thoughts and ask questions. Just because people read things and don't understand doesn't mean they discuss it in this forum. If people don't like that then don't come to this forum. There is enough evidence for negative speculation after what this company has done to people and just to also say can we really trust what Tony and his side kick Sapina say? Are they that awesome and truthful?The only people that can tell us the truth now are ASIC and the liquidators.

 

[Guacamayo]

According to a conversation with one of the liquidators from Grant Thornton, the total amount invested by clients was approximately 180 million. The amount stored in various bank accounts is approximately 50 million, and the amount stored in trading accounts (which is apparently greater than the amount stored in the bank accounts) will be confirmed over the next 1-2 weeks. Additionally, the insurance which was supposed to cover around 40 million dollars of clients' funds will only be activated once ASIC's case against the directors is concluded - dependant upon ASIC being able to prove that there was some financial or criminal misconduct on the part of the directors.

Otherwise all exact and final numbers will be provided by Grant Thornton sometime during the July - September window.

 

[MightyOwl]

@Guacamayo thanks for the info -who did you speak too? do you know if its possible they will assign funds prior to 6months wait? also there insurance policy expires end of year so don't know if that matters and the court case could drag into next year so insurance could be an long way off if it's even possible.

i had problems getting the information you posted when i called up,they tell me they are still trying to get figures e.g how much money is available and owed and trying to build an client registery and the case is complex. they did say they would be holding meetings for investors to discuss liquidators fee etc.

Also if anyone is wondering you will get paid cents to the dollar return and before that will be liquidators fees etc, before you can recieve anything, liquidators fee is tba but it wont be cheap

 

[AsstModerator]

Please do not ask about the FaceBook group. The admin of that group proved what kind of person he is by getting banned twice. He is persona non grata at the FPA. Based on the statements he made and behaviors he exhibited here, I would not trust any advice from him about Courtenay House.

People should be sharing information with ASIC and the liquidators. If you are owed a large sum, you should also consider talking to a lawyer.

 

[Sarah2500]

Is it possible for ASIC to do something like "Plea Bargaining" is it within ASIC's power to grant immunities to existing officers or directors of Courtenay House in exchange for their co-operation and discovery of their investors and subsequent possible losses?

 

[Pharaoh]

Sarah,

Anything is possible. It depends on how ASIC decides to approach the issue. Each regulator has it's own rules and policies. I've seen both the US and UK accept large sums of cash to pay fines (and allow the company to "not admit guilt") instead of pursuing criminal charges. In the US case, payback of clients is a priority over the amount of the fine due to the regulator, but I still shudder at some of the criminals I've seen buy their way out of charges.

I hope the liquidators don't decide to max out their possible fees. This may come down to ASIC supervision of what are "reasonable charges" as well as the ethics of the liquidation company.

I hope that the information Guacamayo got from the liquidators is correct. If it is, the losses won't be nearly as big a percent as they have been in other cases of liquidated forex companies.

 

[Sarah2500]

Thank you very much Pharaoh.

Sarah,

Anything is possible. It depends on how ASIC decides to approach the issue. Each regulator has it's own rules and policies. I've seen both the US and UK accept large sums of cash to pay fines (and allow the company to "not admit guilt") instead of pursuing criminal charges. In the US case, payback of clients is a priority over the amount of the fine due to the regulator, but I still shudder at some of the criminals I've seen buy their way out of charges.

I hope the liquidators don't decide to max out their possible fees. This may come down to ASIC supervision of what are "reasonable charges" as well as the ethics of the liquidation company.

I hope that the information Guacamayo got from the liquidators is correct. If it is, the losses won't be nearly as big a percent as they have been in other cases of liquidated forex companies.

 

[Hardworker68]

I invested some money from an inheritance last year with Robert Sindoni who said he worked with this company. Since reading about the situation few weeks back I contacted Robert who assured me not to worry. He hasnt returned 3 calls in the last 10 days. Now Im panicking. Has anyone ever dealt with him in relation to this company?

 

[studentessa]

According to a conversation with one of the liquidators from Grant Thornton, the total amount invested by clients was approximately 180 million. The amount stored in various bank accounts is approximately 50 million, and the amount stored in trading accounts (which is apparently greater than the amount stored in the bank accounts) will be confirmed over the next 1-2 weeks. Additionally, the insurance which was supposed to cover around 40 million dollars of clients' funds will only be activated once ASIC's case against the directors is concluded - dependant upon ASIC being able to prove that there was some financial or criminal misconduct on the part of the directors.

Otherwise all exact and final numbers will be provided by Grant Thornton sometime during the July - September window.

Can you tell me the name of the person you spoke to please.

 

[studentessa]

I invested some money from an inheritance last year with Robert Sindoni who said he worked with this company. Since reading about the situation few weeks back I contacted Robert who assured me not to worry. He hasnt returned 3 calls in the last 10 days. Now Im panicking. Has anyone ever dealt with him in relation to this company?

Hi I have never heard of him. Sorry.
I don't know what actually happened at CHCTG. Does anybody know any of the traders there and if any trades actually took place? I spoke to Luke one of the apparent traders when David Sipina used to have his recruitment drives at their office but he tells me he hasn't been with them for the last 8 months. Panic is setting in.
Cuacamayo. Please reply that what you posted earlier is authentic.