SPI property syndicsation racket?

[fungus pudding]

Anyone know anything about these property syndicators? Several people I know were investors and all seem to have lost all their money, at $50,000 per investment. There was one syndicate (Glouchester)where it was known the promoters simply helped themselves to $1.1 million by increasing the mortgage and pocketing it. Another two (Bell 1 and 2) were simply sold off and the investors received nothing. The funds I know of that have either collapsed, or have stopped paying distributions are, Bell syndicates 1 and 2. Hanua syndicate, Glouchester, and Jade syndicate, No doubt there are others. The promoters of SPI simply do not return calls or emails from all accounts, and apparantely are are about to start afresh under another name. There should certainly be an investigation into their activities. If anyone has any information or has been an investor, please post your experience. This is serious money going missing.

http://www.nzspi.com/

[elZorro]

Hi FP, I have no connections here but a quick google picked up the two directors being featured in another property blog.

http://www.propertytalk.com/forum/showthread.php?29877-Canvas-Investments-Murray-Alcock-and-Allister-Knight

With so many companies attached to their names, they're either very sharp business people or they're full of it. The latter applies by all accounts. What I cannot understand is how jerks like this are allowed to start up new companies, they're so good at sliding away from their responsibilities, and they don't care at all. One giant dose of karma should end up their way sometime.

[Newman]

Thank you Pudding for starting this thread, and elZorro for providing a link to http://www.propertytalk.com/forum/sh...llister-Knight.

I have a friend who holds one unit ($50,000) in SPI's Hunua Syndicate. The money has essentially been lost. The bank of the syndicate is now demanding a repayment of mortgage, and SPI is proposing a vote on the three terriable options it posted to investors about 10 days ago.

My friend and a few other investors in Hunua Syndicate have demanded a list of all investors. But SPI Capital refused their demands.

National Business Review mentioned this problem on its latest edition (June 22, page 36). Investors in Hunua Syndicate might want to contact chutching@nbr.co.nz
so that a list of investors can be complied.

Investor in Hunua Syndicate and other schemes should reply to this thread. They need to develop a strategy on how to fight with SPI and its directors.

[fungus pudding]

Thank you Pudding for starting this thread, and elZorro for providing a link to http://www.propertytalk.com/forum/sh...llister-Knight.

I have a friend who holds one unit ($50,000) in SPI's Hunua Syndicate. The money has essentially been lost. The bank of the syndicate is now demanding a repayment of mortgage, and SPI is proposing a vote on the three terriable options it posted to investors about 10 days ago.

My friend and a few other investors in Hunua Syndicate have demanded a list of all investors. But SPI Capital refused their demands.

National Business Review mentioned this problem on its latest edition (June 22, page 36). Investors in Hunua Syndicate might want to contact chutching@nbr.co.nz
so that a list of investors can be complied.

Investor in Hunua Syndicate and other schemes should reply to this thread. They need to develop a strategy on how to fight with SPI and its directors.

Thanks to both posters. I know investors in 4 of the syndicates and things look shocking. I'll contact chutching@nbr.co.nz and se if he is interested in names I can supply.

[Newman]

Attention: Investors in Hunua Syndicate

Please email to
info@gloucester.co.nz
so that we can discuss a strategy on protecting our investment before we are fored to vote on the 3 terrible options that SPI has proposed.

[fungus pudding]

Attention: Investors in Hunua Syndicate

Please email to
info@gloucester.co.nz
so that we can discuss a strategy on protecting our investment before we are fored to vote on the 3 terrible options that SPI has proposed.

Who or what is that email address?

[Newman]

Who or what is that email address?

He is a fellow investor in Hunua Syndicate and another SPI managed syndicate.

SPI keeps the list of investors secret because investors can vote SPI out of management contract!

If you are an investor in SPI-managed syndicate and want to do something before your money disappear send an email to the address.

[fungus pudding]

He is a fellow investor in Hunua Syndicate and another SPI managed syndicate.

SPI keeps the list of investors secret because investors can vote SPI out of management contract!

If you are an investor in SPI-managed syndicate and want to do something before your money disappear send an email to the address.

Thanks. I think I have sent him some names. I have a dfifferent email address but tsuspect it's the same person.

[fungus pudding]

i see NBR has an article in todays edition, only available to subscribers though. Could be interesting.

[fungus pudding]

Sounds like serious fraud outfit are investigating this mob. Anyone who knows any investor in SPI syndicates should email to the address in the earlier posting. info@gloucester.co.nz A list of investors is essential and SPI won't advise anyone who they are.