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Victorian families goes under

Discussion in 'Finance & Banking' started by Tropo, 30th Apr, 2009.

  1. Tropo

    Tropo Well-Known Member

    17th Aug, 2005
    Victorian families goes under

    Storm Financial subsidiary, Victorian Families Retirement and Investment Group, has been placed into liquidation and faces claims exceeding two million dollars from clients who have suffered margin loan losses.

    Court documents said "The provisional liquidator's estimate is that claims against Victorian Families, at least on present materials, may exceed some $2 million,".

    "In some instances that contingency has become manifest; in others, claims are anticipated. One client has made a claim for $69,053 in relation to upfront fees paid to Victorian Families," they said.

    "The provisional liquidator's assessment is that more such claims are likely. In addition, Victorian Families has received notice of impending professional disciplinary proceedings."

    Source: Investor Daily