Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Supreme court punishes property group for SMSF property spruiking

Notify me of new replies via email
Julia Corderoy | 20 Oct 2015, 09:33 AM Agree 0
A large property group has been found guilty by the Supreme Court of NSW of SMSF property spruiking
  • observer | 20 Oct 2015, 10:02 AM Agree 0
    About time. Last time Park Trent went into liquidation, they hoodwinked the liquidator about the company assets and then bought the company shell back from the liquidator so that the undisclosed asset could be redeemed. Let's see how they go about avoiding any specific damages this time.
  • Regional Broker | 20 Oct 2015, 10:14 AM Agree 0
    At last some real action on group who are acting outside of the law and regulations!
  • Honest Broker | 20 Oct 2015, 10:49 AM Agree 0
    It makes me laugh that our business worries about missing one signature on a credit guide, concerned about the implications if audited. And yet, there are so many people doing dodgy deals who when caught are told, you cannot be a broker for 1 or 2 years. Just a joke... Why do we bother spending so much time being sure a compliance audit might uncover a missed signature! Blatant disregard for the laws on the scale of Park Tent should be jail time.
  • SEQ Broker | 20 Oct 2015, 11:22 AM Agree 0
    I have previously been employed in the investment property coordination space. You know yourself with clarity whether a client understands what you are presenting or not. If you are not prepared to advise a client to seek better understanding before proceeding so that they are educated and mentally ready for the property - dont do it. You dont have to be a lion feeding on a gazelle to make a good living.
  • ben | 20 Oct 2015, 02:06 PM Agree 0
    I agree with "Honest Broker" sometimes it seems the more extreme the behaviour and predatory these guys are the longer it takes authorities to squash. I hope they get run out of town and not be given a loop hole to ever trade again.
Post a reply