$15m missing, say finance firm investigators

[PC]

The "productive" industry at work again.


At least $15 million is now believed to be missing from an Auckland financial advisory firm, according to investigators probing the collapse of the company.

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10631508

[essence]

Companies Office records show the Bradleys set up a new company, Juniper Associates, a few weeks ago.

While they're been investigated they're STILL setting up new companies?? And one would assume, STILL taking money??!!

I understand that they're being investigated but given their track record, couldn't the Companies Office put a "hold" or "delay" or a "warning" on them registering companies while the investigation is underway??

[sarahk]

The "productive" industry at work again.

My thoughts exactly when I read the article.

So long as there are crooks like that out there a % of people will want to have control over their own finances - and invest directly. Property lets us do that.

[PC]

Yes recently a few commentators have said that people don't invest in derivatives & their ilk because they don't understand them.
i.e. we're basically stupid & ignorant.

It would seem to me that we know only too well what the "productive" sector gets up to!

[flyernzl]

Backs up one of my Golden Rules . . .

Never ever trust a person who drives an Audi.

[sarahk]

Backs up one of my Golden Rules . . .

Never ever trust a person who drives an Audi.

Harsh!

Personally I loved that '80s photo of the wife... nothing more recent?

[revdev]

One investor has told the Herald he already accepts he may never recover his life savings.

This is the sort of thing that pops up time and time again and it just makes me shake my head. Who, in their right mind, would invest "all their life savings" into one deal/opportunity/"investment"????
Madness.

[WBuffett]

This is the sort of thing that pops up time and time again and it just makes me shake my head. Who, in their right mind, would invest "all their life savings" into one deal/opportunity/"investment"????
Madness.

I wil guess .......it was someone over the age of 65, someone with a bit of money saved for many years, hard working, having worked all their lives, and gone without many times so they could say away.
On retirement they have found the pension is not going very far and they are having to rely on the interest on their savings, the low interest rate means they are eating into the capital. This is worrying them, keeping them up at nights, then a nice man says he can earn double or triple the banks interest rate on them ..they are set for life, they can finally sleep at night, the nice man has promised them there money will be completly safe as he invests only in the safest companies, in fact its far safer than the bank.

[revdev]

Agreed...by all means chase the extra few percentage points with some of the dosh, but every last buck? <still shaking my head>

[sarahk]

This is worrying them, keeping them up at nights, then a nice man says he can earn double or triple the banks interest rate on them ..they are set for life, they can finally sleep at night, the nice man has promised them there money will be completly safe as he invests only in the safest companies, in fact its far safer than the bank.

I've met a few financial planners and they're all "nice". Listening to one talk about "my mate Andy" who had left Bridgecorp and they couldn't survive without him and thats why it collapsed - never mind that he was still pushing clients money into it until the last minute. The same guy threatened me when I asked him not to reinvest my Mother's money in another fund I had been warned about. Apparently I had to name my sources or else. Empty threats and we managed so save that money from his lousy "advice". Oh and these guys did "nothing wrong" - not like the Bradleys.