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Brokers, Broker Reliability, Online, Options, Data, News Discussion
triage
post Posted: Mar 21 2019, 06:47 PM
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In Reply To: blacksheep's post @ Mar 21 2019, 01:14 PM

Good to see the plod involved. If the matter was left to the financial regulators ...



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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
blacksheep
post Posted: Mar 21 2019, 01:14 PM
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In Reply To: blacksheep's post @ Mar 20 2019, 11:47 AM

AFP raids broker's offices as retiree loses $270k in superannuation
QUOTE
Key points:
Australians are trading millions in the risky world of forex trading
A retiree in his 70s lost hundreds of thousands of dollars of superannuation through investments
Another client complained to authorities, but his case has dragged on for more than seven months

read more - https://www.abc.net.au/news/2019-03-21/reti...ection=business

QUOTE
]Forex trading is a highly complex and risky form of investment, which experts say is actually more akin to gambling[/u].


Terribly sad but I cannot understand people investing in something they have no experience in

QUOTE
$120,000 lost in one night
Fransisco Marques said he was cold-called by a ForexCT representative in April last year. Although he has no experience in forex trading, he was convinced to invest $500 with the offer that ForexCT would match it.

Within weeks, the 73-year-old former rigger, who lives in Melbourne's northern suburbs, was locked in a spiral that ultimately led to him investing $270,000 of his superannuation with the broker.




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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Mar 20 2019, 11:55 AM
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In Reply To: blacksheep's post @ Mar 20 2019, 11:47 AM

QUOTE
the opaque world
WYSIWYG ... or in this case: What You Can't See Is What You Can't Get Back



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Mar 20 2019, 11:47 AM
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Millions withheld from Australian online traders as broker has licence stripped and accounts frozen
QUOTE
A muscle-flaunting Melburnian who boasts about his sports car collection and playing poker with underworld figure Mick Gatto is at the centre of a company holding millions of dollars in clients' money that can not be accessed.

Key points:
Australians are trading millions in the risky world of forex trading
The accounts of forex trading broker Berndale Capital Securities and their former director Stavro D'Amore have been frozen by authorities
Berndale clients are chasing hundreds of thousands from the company and Mr D'Amore, who are appealing against ASIC's decision
Stavro D'Amore is the former director and chief executive of Melbourne-based Berndale Capital Securities, a company whose activities have caused such alarm that ASIC has intervened to freeze their accounts.

Prior to having its licence stripped late last year, Berndale operated as a broker operating in the opaque world of online foreign exchange — or forex — trading

read more - https://www.abc.net.au/news/2019-03-20/mill...ection=business



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 13 2019, 08:24 PM
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In Reply To: nipper's post @ Mar 13 2019, 07:55 PM

Agree. Not sure why people still use a broker - might benefit sophisticated high net worth investors who get special treatment in IPO allocations

I prefer to be in control of my money biggrin.gif although confess I did use a broker briefly when I first started to invest - learnt quickly he was not better than I in picking stocks and charged like a wounded bull.



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Mar 13 2019, 07:55 PM
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Posts: 5,590
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In Reply To: blacksheep's post @ Mar 13 2019, 07:37 PM

QUOTE
...... client money was used to cover off losses on bad bets on investment products by other clients......

keep ownership. Never "pool" . Understand what you are doing. There's a difference between trust and sales pitch.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: blacksheep  
 


blacksheep
post Posted: Mar 13 2019, 07:37 PM
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$20 million missing: Broker's client money used to cover losses
QUOTE
One of Australia's largest brokers, Halifax Investment Management, is set to head into liquidation after administrators discovered that some of the $210 million of client money was used to cover off losses on bad bets on investment products by other clients.

Investigations by administrators from Ferrier Hodgson have found that just under $20 million of customers' money is missing.

Ferrier Hodgson has likened the collapse of Halifax, which had 12,000 clients in Australia and New Zealand, to other high-profile stockbroker collapses in recent years including BBY, Sonray and Opes Prime.

Action against the company by the corporate regulator is a distinct possibility, with sources saying the Australian Securities and Investments Commission was taking a close interest in the outcome of the administration.

More than $190 million of client money remains frozen as the administrators seek court approval for distributing the money back to clients.

Given the "co-mingling" of client funds, this could see all customers of Halifax receiving less money than they had placed into their trading accounts, despite not being responsible for how their money was used by the company.

The missing money is equivalent to 9 per cent of the total customer funds held by Halifax ahead of its collapse. Halifax called in administrators just before Christmas, freezing customer funds.

Halifax's clients can still close out trades (i.e. sell shares in a particular entity, or close off a bet on the oil price falling, etc) but they are not able to recoup their funds.


read more - https://www.theage.com.au/business/banking-...313-p513tp.html



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: nipper  
 
blacksheep
post Posted: Mar 12 2019, 11:17 AM
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Ouch!! but true of many brokers, not just Canaccord
Beware of Canaccord bearing casino stocks
QUOTE
If Canaccord's brokers hit the phones bearing small-cap casino stocks, providence suggests investors should not answer. Or at the very least, be sure to sell out before the proverbial hits the fan.

read more - https://www.afr.com/brand/rear-window/bewar...20190311-h1c8ku



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 12 2019, 10:23 AM
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Stockbroker collapse traps $200 million from thousands of investors
QUOTE
The corporate watchdog has suspended the financial licence of a stockbroker that collapsed just before Christmas trapping more than $200 million in client funds.

Administrators from Ferrier Hodgson have likened the collapse of Halifax Investment Management to other high profile stockbroker collapses in recent years including BBY, Sonray and Opes Prime.

read more - https://www.theage.com.au/business/markets/...111-p50qr8.html



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 17 2018, 01:15 PM
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Interesting article on Stephen Silver/Hunter Capital and some of the stocks they backed
Hunter or the hunted? Fast life at the small end of town
QUOTE
A Fairfax Media analysis of Hunter Capital’s stock picks and activities reveals a firm that works for a wide number of small firms, quite a number of which incinerate shareholder investments.

Despite some appearing doubtful investments at the start, often these companies are backed by the Silver’s equity analysts — used by traders and investors to pick stocks — to in a spectacular way.

Silver tells Fairfax Media though that his company engages only “with companies which we believe will fundamentally perform and will be earning accretive in the long term”.

Of course nothing in investing is certain but some of Hunter's deals have raised eyebrows including a company called Magnum Gas & Power, which was once Golden Tiger Mining and is now Raven Energy.

'Strong news flow'
The company has prospecting licences in Botswana and an investment in a California gas basin, and brought in Hunter Capital to handle a share placement last July followed by the issue of new shares in August, both at 0.125 cents per share.

Despite working on myriad projects in Africa for several years, including a 2015 proposal to build a solar power station in Botswana, the company has achieved few results.

In August, Raven said it would sell its final assets in Botswana, two exploration licenses.

But in September last year, just a month after advising on the issue of new shares, Hunter Capital’s equity analyst J-François Bertincourt placed a 14 cents target price on the company, more than seven times what the stock was trading at on the day.

“Strong news flow is expected in the next six months,” he wrote.

“Due to the high probability of success of the Tulainyo structure we have constructed a development scenario, which assumes a gas field development.”

To date, there has been no development – but instead the project has hit legal hurdles from co-investors, and the company remains suspended from the Australian Securities Exchange after failing to pay listing fees in August, having gone into trading halt in March.

And while the directors collected hundreds of thousands of dollars, the company has remained off the stock market, last trading in March at just 0.2 cents per share, a long way from Hunter Capital’s estimate.

If that was a one-off, perhaps it would not have raised curious looks. Things go wrong.


read more - https://www.theage.com.au/business/banking-...116-p50gfm.html



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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