Brokers With Ethics?

[minimoke]

Since when have brokers taken some moral high ground and determined who does and does not make a suitable trader. Today we hear some brokers are refusing to trade Bernard Whimps holdings in DNZ because "We don't want to deal with him because it's an unsavoury practice,'' said the boss of one major firm. ''It's preying on unwary people.''.

So whats his crime: He brought low from willing sellers and is trying to sell high to willing buyers.

Where were these ethical brokers during th Finance Company meltdown - they were more than happy to trade shares then.

Perhaps its because Bernard bought off illiterate and unsophisticated DNZ holders - didn't stop the Brokers trading SCF. Where were these ethical brokers when the Hanover / ALF deal was being done.

Just another example of the hypocritical, self serving bottom feeding nature of some brokers in NZ.

[LeBOJ]

Low-ball share bidder Bernard Whimp has been selling shares in DNZ Property Fund acquired in August, Businessday understands, despite several brokers shunning his custom.

Whimp, through limited partnership Carrington Securities, wrote to DNZ shareholders offering just 60c a share for some of their stock, well below the previous trading price of 90c and the likely float price of 80c-$1.05 in its imminent sharemarket listing.

Although DNZ warned shareholders the price was too low, Whimp's offer netted 2.2 million shares, prompting chairman Tim Storey to decry it as ''unethical and predatory''.

With DNZ shares now trading at $1.14, Whimp has been unloading stock for a huge profit, potentially reaching more than $1 million. However, it appears he may have found several brokers unwilling to take his business.

''We don't want to deal with him because it's an unsavoury practice,'' said the boss of one major firm. ''It's preying on unwary people.''

Another said Carrington had been ''widely boycotted.''

''It's widely talked about around the industry how anyone could act for the guy.''

Businessday understands the shares have been sold through Direct Broking, an online execution-only service owned by ANZ bank.

A spokesman for ANZ said: ''As you know we cannot identify or comment on clients - we'd be breaching the Privacy Act if we did. Direct Broking's business is also transaction execution only, within the usual legal and regulatory requirements. We do not have close personal advisory relationships with customers unlike other advisory firms.''

[777]

Is he the same person that offers a low price for AMP shares from time to time?

[minimoke]

Is he the same person that offers a low price for AMP shares from time to time?
He was the person rumoured to be behind a SCF buying spree. Heres what SCF said at the time: “We strongly urge South Canterbury Finance investors to consult with their investment or other professional adviser if they receive an offer from any third party for their securities,” Mr Maier says.

“South Canterbury Finance strongly values the support of all of its investors and has achieved significant progress in restoring the business to a sustainable platform. The willingness of debenture investors to take advantage of our offer to extend maturity dates is a clear demonstration of the depth of support for the Company"

I bet some SCF holders wish now the likes of Bernard Whimp had bought their shares contrary to SCF's advice and no doubt the advice of the ethical brokers.

The AMP buyers were understood to be from "Share Buyers" - out of Australia.

[STRAT]

Theres one set of ethics for daily practice and another set for when one is in the public eye. Not just brokers and common human behaviour I reckon