The loss of money in general for people investing in finance companies that have collapsed over the last 3 years pisses me off, especially when those people have been advised by supposed experts to invest in such rubbish.When you know people who have been put in this situation - and I think most people do - then the vitriol that I feel starts to unsettle my stomach, make my heart tighten and leaves a bad taste in the mouth.
It gets bloody personal.
I have such a case to relay to you dear reader about a "financial adviser" and friend of mine who has lost a considerable sum of his or her life savings thanks to this persons advice.
I gave this person an opportunity to redeem himself before outing him but he wanted to hide behind the privacy act.
The advisers name is Murray Weatherston from Financial Focus (NZ) Ltd.
He advised my friend who is in his/her 70s to invest in dodgy companies (and they have always been dodgy) Hanover, St Lawerence, Dominion Finance and a couple of other finance companies.
All have gone bust.
We are talking about $50,000 per finance company and my friend has lost most of it.
He even advised him/her not to sell his/her Allied Farmers Ltd [ALF.NZX] shares when Hanover was subsumed into that company and the shares were trading at about 15c. He/She would have got back $20000.00 of his/her money then but the shareholding is now worth about $3500 and ALF is likely to go belly up before year end.
I warn anyone who is looking at investing money to do their own research and if they are looking for an adviser try and get a reputable reference from a friend and do your own checking on them.
Mr Weathersone should be avoided at all costs for his track record lacks credibility. My friend is not the only person that he has given similar advice.
You have been warned.
Recent Share Investor Reading
- Michael Hill International Ltd: 2010 Full Year Profit Analysis
- Mainfreight Ltd: 2011 1st quarter profit Analysis
- Sky City Entertainment Group: Australian Acquisition on the Cards?
- Compulsory Super fails on all fronts
- Fletcher Building Ltd: 2010 Full Year Profit Analysis
- Sky City Entertainment Group Ltd: 2010 Full Year Profit Analysis
Discuss this topic @ Share Investor Forum
c Share Investor 2010
No comments:
Post a Comment
Comment on Share Investor Stuff