Gold Coast developer Susanne Rae Percival banned for 10 years over $20 million scam
A Gold Coast property developer who conned more than 500 people out of
a total $20 million has been banned from the financial industry for 10
years.
a total $20 million has been banned from the financial industry for 10
years.
Susanne Rae Percival was working for a legitimate finance company,
Adelaide-based AAA Shares Pty Ltd, when she convinced customers to
invest in numerous privately owned companies without disclosing her
conflict of interest.
Ms Percival then used the money to fund property development projects
undertaken by a series of businesses under the banner IC Group, which
she operated from Bundall on the Gold Coast.
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She continued to provide the shonky investment advice for six years,
until the Australian Securities and Investments Commission launched an
investigation in late 2008.
By then she had raised more than $20 million from at least 500 investors.
According to ASIC, investor returns relied on the property development
companies generating profits that could be used to repay the
investment companies, which had on-lent the original funds at a higher
interest rate.
But from about 2008, many of the property development companies became
embroiled in financial difficulties and were placed into the hands of
receivers.
The properties were sold to repay the principal financier, the
National Australia Bank, and there was insufficient left to repay the
investment companies. They became insolvent, leaving the investors
empty-handed.
In a statement issued yesterday, ASIC said Ms Percival, who was
declared bankrupt on November 24 last year, had not warned potential
investors of the risks.
"Ms Percival failed to adequately explain the basis of her advice,
take into account many investors' personal circumstances, advise many
clients of the unsecured nature and risks of the proposed investment
or of her own interest in the financial products she was
recommending," the statement says.
"ASIC was also concerned that when recommending and assisting a number
of investors to transfer existing superannuation benefits into self
managed superannuation funds, Ms Percival failed to provide them with
the required comparative information regarding the switch costs and
obligations associated with conducting a self managed superannuation
fund.
"In a number of instances, Statements of Advice were not issued and
where they were issued, they often did not contain the above
prescribed information."
Ms Percival accepted an enforceable undertaking not to engage in
financial services until 2020.
NZ couple Tone and Dennis Munro fined $100,000 for Queensland real estate ripoff
Minister for Tourism and Fair Trading
The Honourable Peter Lawlor
11/11/2010
Real estate duo fined $100,000
A New Zealand couple who sold investment properties to Queensland residents has been hit with fines totalling $100,000 after being found guilty of misleading consumers in the Mackay Magistrates Court this week (9/11/10).
Tone Susann Munro, 60 was convicted and fined $60,000 and Dennis Leslie Munro, 58 was convicted and fined $40,000.
The court was told the pair sold house and land packages to unsuspecting investors in Mackay during 2007 and 2008, targeting residents through a display stand at a local shopping centre.
The court heard the duo deliberately misled potential buyers to make as many sales as they could. This included telling investors that pools and air-conditioning units were included in their building contracts when they weren't.
To induce buyers into signing contracts, it was falsely represented that they would receive rebates from the builders of up to $10,000. The builders had given no authority for these representations to be made.
Buyers were also told that the houses would be completed within six weeks when the actual construction time was about four months.
The Munro's also falsely claimed they were licensed with the Real Estate Institute of Queensland. Real estate agent licences are issued by the Office of Fair Trading, not the REIQ.
Minister for Fair Trading Peter Lawlor said it was important consumers dealt with a licensed real estate agent when looking at purchasing or selling property.
"Consumers and businesses can conduct a free search online at www.fairtrading.qld.gov.au to check if a particular agent is licensed," he said.
"Queenslanders deserve to know they are dealing with reputable and licensed agents.
To check if a real estate agent is licensed, or for more information about breaches of fair trading law, consumers should contact Fair Trading on 13 74 68 or visiting the website, www.fairtrading.qld.gov.au
..................................
COMMENT: The last thing the people of Australia expect is shady ripoff merchants from New Zealand conning unsuspecting consumers.
The NZ authorities should check the backgrounds of Mr and Mrs Munro.
Their visas should be revoked and they should be booted out of Australia as an example to other dubious conmen from New Zealand planning to come to Australia.
127 complaints against private Queensland Building Certifiers
Minister for Public Works and Information and Communication Technology
The Honourable Robert Schwarten
09/11/2010
Complaints against building certifiers only 0.15% of total inspections
The 127 complaints received by the Building Services Authority (BSA) about licensed building certifiers last year were just 0.15 per cent of the 87,000 residential construction projects that required the services of a building certifier, Public Works Minister Robert Schwarten said today.
Mr Schwarten said although complaints rose from 85 in 2009, it was still a tiny fraction of the building development approvals for residential construction work by certifiers.
The rise in complaints about certifiers mirrors complaint increases in other sections of the building industry following the Global Financial Crisis.
"The BSA takes each and every complaint seriously and investigates it thoroughly," Mr Schwarten said.
"It assists homebuilders who have disputes with builders, certifiers and other building industry professionals," he said.
"None the less, the number of complaints about certifiers is very small compared with the total inspections done.
"The increase in complaints in the past year is due to the Global Financial Crisis, which is still impacting severely on the building industry.
"It also is due to homeowners' greater awareness of their rights through activities such as BSA Consumer Information Seminars."
Mr Schwarten was responding to information requested in Question Without Notice number 1919, asked by the Shadow Public Works spokesperson Jann Stuckey.
He said the 87,000 inspections figure did not include approvals for commercial work, owner-builder works and some approvals for alterations and additions.
The time taken to investigate complaints about certifiers has decreased from 200 to 155 business days in the past two years.
The complaint investigation process is rigorous and includes giving the certifier 30 days to respond to the complaint.
The BSA also is appointing additional staff to its complaints processing unit.
Building certifiers' functions include:
• assessing building development applications for compliance with a variety of building codes and government planning schemes;
• inspecting building work at various stages of construction to verify compliance with the plans, specifications and approvals issued;
• certifying building work by issuing inspection certificates, final inspection certificates and certificates of classification as may be relevant; and
• the power to take enforcement action against builders and home owners for breaches and/or matters of non-compliance with building development approvals.
AMP Capital Mt Ommaney Centre Management accused of Gestapo-like tactics
But the release at the Mt Ommaney Shopping Centre in Brisbane's western suburbs, was marred by three security guards on duty to control some 30 anxious customers who were waiting for the witching hour to obtain their long awaited prize for a ripoff $120.
Outside the EB Games store, there are seats for customers located about 15 metres on either side of the store.
One parent who needed a breather for the 90 minute wait for his son to get his game decided to take a seat.
"Stop. You can't go there," roared the officious security guard.
"Why," the poor hen-pecked chap responded.
It was a decision by Centre Management the guard thundered.
But it was OK to sit on the other seat, an equal distance from the store - but not the first one.
Has the world gone completely crazy!
But the customer couldn't sit on the seat suggested by the security guard because a woman was flat out asleep across the whole seat.
That didn't seem to worry the security guard who couldn't seem to grasp the illogicality and stupidity of not allowing weary parents and potential purchasers to use both seats.
Then the parent enquired if he could take a photo of the store front with his son outside with his long-awaited purchase.
"No, that's contrary to AMP policy as well. They won't allow pictures of stores to be taken," the security guard roared.
Now, either the guard was smoking opium or AMP Capital Centre Management at Mt Ommaney are the worst centre managers in Australia.
Two seats - but you can sit on only one of them!
And very sorry, you cannot take a picture of your child outside the EB Games store on what was to be the happiest night of their life.
Denied a picture by a cruel and heartless Centre Management!
Whoever is in charge at AMP Capital Centre Management Mt Ommaney should be given the Royal Order of the Boot if the security guard's allegations are true.
And if the Little Hitler security guard's claims are not true - she should be given free membership for a year of Actors' Equity!
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