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BFCSA: ASIC never informed investors they were taking Sevelle Financial Services to court, before they shut him down. Today 69 mum & dad investors are owed $13.5 million

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Neil Toplis - Posted on Saturday, February 15, 2014

We also were investors in the Sevelle group. ASIC never informed investors they were taking him to court.  Before they shut him down ASIC contacted the investors asking did they have any dirt on him but DID NOT inform investors that any information provided could actually shut him down.

We wrote to Wayne Swan and stated 69 mum and dad investors who mostly borrowed using their homes as equity had lost 13.5 million dollars.  Mr Swan replied ASIC did what they did to protect us.

ASIC lied.  At first they stated to us that they shut Sevelle down because he used pressure to coerce an investor to sign a transfer from property development to shares, but now they state they took action because he didn't have the appropriate license.

It was years later, only when some of the investors got together that we discovered LAF fraud. ASIC was approached with damning evidence and even a witness stating that they saw the broker and his three close associates locked in the office all day shredding evidence. But ASIC refused to act. The broker was bank trained and even had ex bankers working for him. 

The victims had done half of ASIC's work for them by collating all the evidence for them but they still weren't interested.

I truly think that ASIC are more interested in writing or amending laws, not the physical side of carrying them out. When ASIC are forced into action they get a few small guys as sacrificial lambs and any big player they encounter they go into a gentlemans agreement, enforced undertaking.

This is why a Royal Commission must result from next weeks Senate hearings.


An extract from a News article written in 2007 about the collapse of Westpoint, Bridgecorp, Fincorp, Australian Capital Reserve and Sevelle Financial Services


Property loss $1bn, rising          

THE Australian arm of failed New Zealand property investment group Bridgecorp and a NSW Central Coast company have joined the wave of collapses sweeping the industry.         

Total industry losses remain unclear - and could take months to establish - but they are believed to be well in excess of $1billion, affecting the life savings of tens of thousands of small retail investors.

The trustee for Australian investors in Bridgecorp, owed about $23 million, called in receivers late on Monday night....."

...... " The run started when Perth businessman Norm Carey's Westpoint group collapsed in 2006, owing up to $600 million. Property investment and development group Fincorp followed in March this year, owing $290 million. And Australian Capital Reserve collapsed in June owing $570 million.

Labor finance spokesman Nick Sherry estimates industry losses could reach $1.5 billion, hitting 40,000 mum and dad investors.

In separate industry developments, the corporate regulator swooped yesterday on NSW mezzanine property investment scheme Mega-Money Pty Ltd, putting it into liquidation. About 70 investors are owed $13.5 million.

ASIC alleges Mega-Money, which traded as Sevelle Financial Services, ran an unregistered managed investment scheme between February 2004 and August 2006 and that director David Dayan Sevelle ran an unlicensed financial services business.

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  • doyla66
    doyla66 Sunday, 16 February 2014

    I was contacted last year by ASIC as a result of Denise's meeting with Warren Day( ASIC). I raised the point that none of the investors were informed of ASIC's intended actions against Sevelle. Con T(ASIC) informed me that they are not obliged to inform consumers of pending actions. I stated how can a case be brought to an out of state court (Brisbane) when all the investors were based in Newcastle and the Central Coast and then settled AND the first we know is a letter from Ernst and Young? ( that's another horror story) This was accomplished in less than six weeks, light speed for ASIC action. I then told Con T about other ASIC actions and he said I find that hard to believe Mr Toplis and then changed the subject stating what a great job ASIC was doing. Every time I tried to to ask questions he avoided the subject.

  • doyla66
    doyla66 Sunday, 16 February 2014

    It's buckle down time

    ASIC sure are doing a good job and now going at it at their favourite role of playing Whelan the Wrecker helping their bankster mates out on yet another pilfering raid. Funny thing is I was reading just a few weeks ago that this is EXACTLY what has been happening in the US and EXACTLY why the US property property market has been rising. Hmmm.........check this out

    Seven lenders offer 40-year mortgages with massive interest costs

    DESPERATE homebuyers are locking themselves into 40-year mortgages and forking out hundreds of thousands of dollars more in interest costs to do so. Multiple lenders are offering home loans spanning four decades but experts are concerned about the extended mortgage periods that stretch out across an entire working life. Data from financial comparison website Finder found there are 17 40-year home loan deals available on the market by seven lenders. On a $400,000 loan with an average interest rate of 7 per cent the customer would end up forking out an additional $235,000 in interest costs than they would if they chose a 30-year-old loan period.

    The Mortgage and Finance Association of Australia’s chief executive officer, Phil Naylor, warned people against taking out these lengthy mortgage periods. “If you let the mortgage run the full 40 years you end up paying a mountain of interest,’’ he said.
    “For the extra interest you pay over the course of the loan that probably far outweighs the benefit you get by paying smaller payments each month. “The intention for most people who go into 40-year mortgages is that they would only stay with that
    mortgage until they were in a better position to pay off their loan quicker and then they would refinance into a shorter mortgage.”

    The lenders offering 40 year mortgages includes Pepper Home Loans, Teachers Mutual Bank, Home Loans, Hunter United Credit Union, BCU, Police Credit and BananaCoast Community Credit Union.

    ED: Yes all the usual suspects that have to compete with the Godfather's Group Cartel of Banking and loan fixing.

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