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NSW brokerage slammed by media for offering 'too good to be true' holidays

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Australian Broker | 10 Sep 2013, 08:00 AM Agree 0
A Wollongong financial advisory and mortgage broking group has come under fire, with a major media outlet claiming offers of a 'free overseas holiday' is 'too good to be true'
  • observer | 10 Sep 2013, 10:15 AM Agree 0
    As a local (wollongong) broker, it was only a matter of time before this story came out. If you dig into the checkered background of the individuals involved, it would make a much better story.
  • kerrie | 11 Sep 2013, 10:42 AM Agree 1
    ask how most of Wollongongs Coal Miners feel about all the money they have lost with LD
  • ben | 12 Sep 2013, 10:05 PM Agree 0
    another Storm Financial brewing ?
  • The Judge | 14 Sep 2013, 04:18 PM Agree 1
    Very interesting. Their website has disappeared. Lets hope the investors money doesn't disappear.
  • Coal miner | 16 Sep 2013, 06:21 PM Agree 1
    I lost $250,000 thanks LD
    Trees & shares.
  • Investor | 24 Sep 2013, 01:17 PM Agree 1
    Bad financial advice for our situation don't even know how we qualified for the loan . Stand to loose $200,000 how was that good financial advice . Very high fees involved also.
  • Another coal miner | 27 Sep 2013, 09:09 PM Agree 1
    Lost $110K plus on trees and my investment property in QLD is falling down. Regret getting involved with LD, thought they were acting in my best interest. They weren't.
  • Robert Sherar | 27 Oct 2013, 04:32 PM Agree 0
    Lauradean is the smartest financial advisers I have met they have made our family over $3.2 million keep up the good work guys
  • Dave | 01 Jan 2014, 05:35 PM Agree 1
    Dodgy financial advice, money lost. Do not trust them, their only interest is to make money for themselves from commissions.
  • Anon | 09 Mar 2014, 09:30 AM Agree 1
    Beware of these people. From my experience they are purely salesmen claiming to be giving you "financial advice". They want access to your super money via a SMSF only to make money for themselves from selling you real estate, home loans and insurance. You are not guaranteed to make any money and the risk is all yours. The only thing that is guaranteed is they will get you in a lot of debt. I bought into Nth Queensland property market following their advice and the market their has since slumped and I now regret it. I have an unfinished unit that isn't worth what i paid! Thanks Laura Dean.
  • Debbie | 11 Mar 2014, 07:21 AM Agree 0

    We don't know what we would have done without the help of our finacial adviser,
    We returned last year with a net profit of 32.7 net return thanks Laura Dean
  • Peter Economos | 11 Mar 2014, 10:08 AM Agree 1
    I am also an Illawarra Mortgage Broker for the past 15 years. I hope that this story does not infect the other decent brokers in the local area as these situations have a tendency to do. A broker will always be the best option for lending, that is a fact, however these types of dealings have a way of painting all brokers with the same brush. Sad
    • Winter | 18 Jun 2016, 02:57 PM Agree 0
      I agree Peter, unfortunately these guys are very smooth and people trust in them all the time they are only thinking of lining their own pockets to the detriment of the clients they are supposed to be looking after.
  • JJ | 16 Mar 2014, 03:00 PM Agree 1
    I too lost $100K investing in trees, following Laura Deans advice I took out a loan to pay for them and the venture went bad and now I am stuck paying the loan with no way of getting my money back, very bad advice from Laura Dean :(
  • Investor | 17 Mar 2014, 11:21 AM Agree 0
    North queensland property investmentments have made all of us over $80,000 not bad for 12months,may be some investors are getting greedy an shouldnt be investing in properties,thanks again lauradean for the great advise for with out it we wouldnt made so much money
  • observer | 19 Mar 2014, 09:39 AM Agree 1
    Seems like the Laura Dean staff are posting a counter opinion each time a victim pops up with another story of losing money. I feel a STORM brewing with a TARRANT of grief to be inflicted on their clients
  • Cynical | 19 Mar 2014, 10:26 AM Agree 1
    Lucky you having made $80k on Nth Qld ppty. You must have had a short term hold at just the right time as rents have tanked & market values have tanked all because of over supply.
  • Debbie | 19 Mar 2014, 10:33 AM Agree 0
    It always makes me think when. People make a comment without a name,we see these cheap shots lodged by other brockers, not investors as my husband an I keep in contact with over 87 investors like ourself ,if there was a problem we would be the first to see it as we have been with lauradean from the being,to keep it simple for all the no name people,our family is still making a lot of money,regards Debbbie Sherar
  • ben | 19 Mar 2014, 10:44 AM Agree 0
    Debbie please tell us how they did it, why dont we have a meeting and compare negative bank balances.
  • Debbie | 19 Mar 2014, 11:05 AM Agree 0
    Hi Ben ,More than happy to share our Smsf profits with you ,what iam having a problem with how you Liston your investment,kind regards Debbie
  • sole purpose test | 24 Mar 2014, 04:57 PM Agree 0
    Your super is all you will have left. Don't leave it up to smooth salesmen promising flashy deals. Do you research and invest in large funds with strong growth history. The larger the fund, the smaller the fee. My advice is - get out now before its too late!!
  • Anon | 15 Jul 2014, 11:36 PM Agree 1
    Would love some detail of checkered background and where to start searching for bankruptcy cases, background of Directors etc. Does anyone know where I might find them?
  • Annoms | 16 Jul 2014, 05:04 PM Agree 0
    Guys,rule of thumb is doesn't matter what you do with investment but do your own research ,then if I falls over you have only yourself to blame,who in there right mind hands over $100,000 dollars to somebody or firm they haven't researched to invest on there behalf,that just doesn't add up.Ps Google is good for all types of information,happy investing,OPM
  • observer | 17 Jul 2014, 01:33 PM Agree 0
    It seems that the Laura Dean empire has rebranded itself as Latitude Property.

  • the doctor | 17 Jul 2014, 02:10 PM Agree 0
    ...are they a property developer ? are they a mortgage broker? are they financial planners are they a real estate? or are they just naughty boys ?
  • observer | 17 Jul 2014, 02:22 PM Agree 0
    @the doctor

    I think they are trying to be all things to all people. But hopefully ASIC will answer your question in due course.
  • shaft | 17 Jul 2014, 04:24 PM Agree 0
    If property spruikers keep putting mum and dad investors into over priced property that they in turn have themselves a financial interest in...surely when the investor loses equity there is some recourse back on all the parties concerned , ie valuers/ banks/ and the property spruiker selling the dud. any fool could have purchased a ppty in Wollongong in the last 12 months and made $50K rather than losing it with paid shafters!
  • ben | 02 Dec 2014, 03:29 PM Agree 1
    I believe Laura Dean has shut up shop, does anyone know where unhappy clients can find them ??
  • Old Broker | 16 Jan 2015, 09:08 AM Agree 0
    I have a few points folks
    * All Financial Advice has to be in writing so it will be interesting to see the assumptions that have been used in the advice
    * Rebating clients with holidays or cash is the same to me as long as its disclosed and passes the self interest test its ok
    * If the public ignore their super and balances and choose to put it in investments that fail to grow then they in the end have only themselves to blame and a life on the Pension to look forward to. you cant make up for investments when you are 55 and attempt to get a decent nest egg without taking large risks on very speculative investments.
    * real estate is a very lumpy asset and also has a lot of costs associated with owning the asset vs say equities. When you consider this in all its entirety then the investment might not otherwise be seen as attractive as first thought.
    * and furthermore... following the previous comments as long as they are investors that need to play catch up with their investments there will be spruikers in all forms and shapes happy to give the buyer what they want on the outset however the returns might be a little different and so long as the assumptions are correctly worded there is not a thing anyone can do about it.
  • my money | 16 Jan 2015, 03:43 PM Agree 0
    Re OLD BROKER comments after reading your comments I am not sure if you advocate these predatory actions or not????? having something disclosed doesnt make a scam right!
  • Old Broker | 17 Jan 2015, 10:26 AM Agree 0
    nice try, what I am saying is that if anyone sticks to the law and discloses the lot, there is not much a consumer can do if they lose money. Unfortunately you cannot outsource risk in anything.
  • Old Broker | 18 Jan 2015, 06:40 AM Agree 0
    I dont advocate any predator behavior, the point I am making is how these spruikers exist and how they are able to trap the public in their nets with the situations that they are in depending on what life stage they are at.
    I have been on the other end of a financial advice appointment where a couple with $150K think that they are going to retire on $50K per annum till the day they drop. You watch the reverse mortgage products that will be released in the next 10 years.
  • SEQ Broker | 19 Jan 2015, 10:31 AM Agree 1
    There was a firm, Siti Residential that went belly up in SEQ. Their modus operandi was to first sell residential investment then sell risky commercials to families. I have witnessed mum and dad lose their family home along with investments (read Everything) because of the risky nature of their garbage advice. One case in particular upset me when I saw applications written in pencil and the name of a local bank branch manager appearing in places it shouldn't. you hear some much about ASIC but even when I armed the customer with the argument and evidence they still couldn't act. Pre NCCP time there was separate docs for "business" (investment) and residential "resi - O/OP) this lender even lied to the customer about his rights when enforcing the sale his family home for $150k under value. I's still disgusted over it as the customers are 55 and 53 now and are wasting money on rent. I just don't understand how a person can view another person as prey.
  • CharlieX | 20 Jan 2015, 08:39 PM Agree 0
    sounds like someone just had to be blamed for something, and every so called "advisor" is trying to get the client to deposit his money into the advisory's camp.

    common sense doesn't seem to exist for those aussies anymore?

    it has always been called "do your homework"
    invest only in things that you understand, else seek second, third, or fourth advice before you jump on board.
  • ben | 21 Jan 2015, 09:50 AM Agree 1
    these crooks are so good at selling the carrot people dont get second or third advice..they rely on a % of people blinded by their sales technique. I hear clients who have purchased off the plan in Bowen QLD with LD cant settle because of much lower property values and lender pulled out leaving clients high and dry unable to settle/ developer can now sue for costs ...and this is financial advice? we will be watching Four Corners for this one.
  • Scott | 12 Feb 2015, 02:13 PM Agree 1
    These people are out and out crooks, praying on gullible people. Whilst they may not technically break any laws, they operate within a complete ethical vacuum. I know from bitter experience after having " invested " in one of their " mortgage busting" schemes. 4 years later the court case still drags on. these people will wreck your financial well being without batting an eyelid.
  • on behalf of Nicks wife | 14 Jul 2015, 05:20 PM Agree 1
    so if they advised me to buy local I would have made at least $100,000 profit like all my friends ! ... instead I am $100,000 in the hole and paid LD for the advice for the right to loose money in QLD property. how can they get away with this? is anyone stopping them?
  • Winter | 18 Jun 2016, 03:07 PM Agree 0
    Surely if Laura Dean, now called Future Accountant and Advisors consistently keep putting people into questionable investments then they must have made legal mistakes along the way. Look for options people.
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