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  1. #41
    action-reaction arco's Avatar
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    Rivkin trustees recoup $2.7m


    Susannah Moran | March 14, 2008

    THE trustees of Rene Rivkin's estate are to recoup almost $3million from Jersey authorities, as well as financial records that could uncover new details of his Swiss bank accounts.
    The Royal Court of Jersey recently approved a claim on a company called Thameslink made by Rivkin's trustee, CRS Warner Kugel's Anthony Warner and Steve Kugel.
    Thameslink, incorporated in the British Virgin Islands tax haven, has $2.7 million in its bank account in Jersey. Its main asset was the luxury boat DaJoShaDiTa, named after the first letters of Rivkin's five children and used as his office.
    The boat, sold in 2005, was refurbished at a cost of $2.3million in 2002. It was bought in the mid-1990s, not long after Australian authorities released the $27 million sale proceeds of a secret parcel of Offset Alpine shares. The shares soared in value after a mysterious fire in the Offset printing plant.
    It was later reported that Mr Rivkin told Swiss authorities that he, businessman Trevor Kennedy and former Labor politician Graham Richardson were the owners of the shares. Mr Kennedy and Mr Richardson deny owning the shares.
    Mr Warner confirmed yesterday that Jersey authorities would be releasing the $2.7 million Thameslink funds to the estate after declaring that Rivkin was the beneficial owner of the company - something Rivkin had previously denied.
    "We are about to take delivery of $2.7 million from Jersey authorities in the next week," Mr Warner said.
    The process of getting the money out of Jersey involved a number of court appearances in London and Jersey and public examinations in Australia.
    Last year, a number of people appeared in the Federal Court, including Mr Rivkin's former accountant, bookkeeper and lawyer.
    "With the admissions we got from the examinees in the Australian public examinations, we were able to use that evidence to get a declaration that Rene Rivkin was the beneficial owner of Thameslink and other companies," Mr Warner said.
    As well as the $2.7 million, part of the sale proceeds of DaJoShaDiTa, Mr Warner said he would also be given access to financial records.
    "We have reached agreement for the books and records of Thameslink to be released and we will be going through those with a fine tooth comb," he said.
    "That could lead to other business dealings or transactions and could lead back to Switzerland." Mr Warner said other investigations were continuing in the bid to uncover further assets of Rivkin.



    http://www.theaustralian.news.com.au...19-643,00.html
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  2. #42
    action-reaction arco's Avatar
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    Australia's Opes Prime goes into receivership

    Saturday, 29 March 2008, 7:45pm
    Source: TV3 An Australian stock broking firm has collapsed, owing more than a billion dollars. Opes Prime was put into receivership after regulators discovered what they say were irregularities in its accounts.

    http://www.scoop.co.nz/multimedia/tv...onal/6273.html

    _________________________________________

    ANZ 28/03/2008 GENERAL REL: 1334 HRS Australia and New Zealand Banking Group Limited GENERAL: ANZ: ANZ and Opes Prime Group Following the appointment of a Voluntary Administrator by the Directors of Opes Prime Group Limited and the subsequent appointment by ANZ of Receivers, ANZ today advised its lending exposure to Opes Prime was supported by security in a portfolio of Australian equities. The portfolio is diversified and at current market prices is sufficient to cover the amount outstanding from Opes Prime. ANZ believes that based on an orderly realisation of the security portfolio, it is unlikely to incur a material loss on this exposure. For media enquiries, contact: Paul Edwards Head of Corporate Communications Tel: +61 3-9273 6955 or +61 409-655 550 Email: paul.edwards@anz.com A copy of the full announcement has been lodged with the New Zealand Stock Exchange. End CA:00162425 For:ANZ Type:GENERAL Time:2008-03-28:13:34:56
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  3. #43
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    Default Emini

    Opes chief led fraud

    • Leonie Wood
    • April 1, 2008
    THE head of the collapsed stockbroking firm Opes Prime, Lirim "Laurie" Emini, told his staff to falsify the accounts of six rich clients, covering them for personal losses of up to $200 million as the value of their share portfolios plunged, a court has been told.
    One of the six clients, who the Herald believes is the Sydney criminal lawyer Chris Murphy, was shielded from sharemarket losses amounting to $145 million. There is no suggestion that Mr Murphy was aware of the alleged manipulation.
    The Australian Securities and Investments Commission has told the Federal Court that preliminary investigations indicate that the Opes share shuffle amounted to a "round-robin" - shares were borrowed from other clients' portfolios to ensure the six wealthy ones did not lose.
    ASIC has also told the court that a company controlled by Opes directors, which is registered in the British Virgin Islands tax haven but which operates in Singapore, may be involved.
    Opes's main financier, ANZ Bank, appointed receivers on Thursday to recover $650 million owed to the bank about the same time Opes directors appointed administrators from Ferrier Hodgson to protect the interest of all unsecured creditors, including staff and broking clients.
    In a late hearing on Friday, a senior ASIC investigator, Richard Vandeloo, told Justice Ray Finkelstein that after talking to Opes employees on Thursday the company's receivers, Sal Algeri and Chris Campbell of Deloitte, told ASIC about allegations of fraud and manipulation of Opes clients' broking records.
    Mr Vandeloo told the judge: "I'm advised that Mr Emini, over a three-month period between December last year and February this year, instructed various staff to make entries in clients [sic] of high net worth to avoid margin calls being made at the end of the close of trade of a day," Mr Vandeloo said.
    "I suspect that the [financial] institution did make the calls on the stockbroking company, but the stockbroking company has not made those calls on its clients … It's one day into an investigation, but there's also allegations that there may be a round-robin of stock to make that cover, that position."
    He said the clients had margin-lending accounts at Opes: they borrowed from Opes's financiers to buy shares, but when the value of the shares fell, they were asked to add cash or risk having their shares sold. The court heard that it appeared that instead of adding cash or selling the shares, Mr Emini told his staff to transfer other clients' shares to the six clients' portfolios to make it appear they had enough collateral.
    Mr Vandeloo told the judge that one of the six had business links to Mr Emini. He also said that either the receivers or Opes staff had suggested to ASIC that one of the six clients was involved in the alleged fraud.
    Justice Finkelstein granted ASIC an order barring Mr Emini from leaving the country.
    http://business.smh.com.au/opes-chie...0331-22r5.html
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  4. #44
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    Default Futures Brokers - Better?

    Recently I was thinking about trading some futures, mini corn, wheat, etc, so I started checking some brokers.
    The good point is that at least most of them will put my money into separate account, which seems fair.
    Bad point: sometimes large commissions and trade size usually available to account over 10-20k at least (from MM point of view). For example: EUR mini-futures' tick size is USD6.50.

    I was wondering if anyone here trades or has traded futures and through what brokers?

    Since I don't have any signals subsription nor trading software besides MT4 and AccuCharts I also wonder if future brokers provide at least basic charts, where I can draw fibs, trendlines, moving averages, etc. I saw some charts - so useless, not even fibs available, which would make analysis next to impossible in my case.

    So far I've found these:
    http://www.saxobank.ch/en/products/f...ible_contracts

    http://www.pfgbest.com/contact/

    http://mbtrading.com/

    All 3 offer forex as well.

    Next one - I'm not sure if they're bucket shop or brokers.
    http://www.orionbrokers.com/

  5. #45
    action-reaction arco's Avatar
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    Default Tricom a victim in Opes Prime saga

    Clients of Opes take desperate measures


    • Colin Kruger and Jacob Saulwick
    THE FALLOUT from the collapse of Opes Prime continues to widen, with another embattled broker, Tricom, caught short as it tried to buy back a share portfolio from its failed rival.
    Tricom claimed the deal went through late last night, but other sources disputed the transaction. It was not known what the implications were for the survival of Tricom if the deal failed.
    Meanwhile, a group of Opes clients has begun legal action in the Federal Court to prevent the sale of their shares by ANZ. The group claimed they did not agree to hand over legal title of their shares to Opes's bankers.
    It could be the only chance at a return for the Opes clients. A letter from Opes receivers yesterday appears to confirm that the broker's financing agreement transferred title to $1.15 billion worth of clients' shares to its banks, potentially leaving clients with next to nothing.
    But as a series of counter-claims intensified last night, question marks remained over Opes's ties with Tricom, which also ran into trouble due to its aggressive margin loan financing services, and was also financed by ANZ Bank. After running into trouble earlier this year, Tricom handed over part of its securities loan book to Opes.
    Tricom attempted to get the portfolio back soon after administrators and receivers were called in at Opes last week.
    But the Australian Securities Exchange announced yesterday it had cancelled an "off-market special crossings" at Tricom's request. Tricom said it cancelled the transaction because it was unlikely the receiver would allow the trade to go through.
    Late yesterday, Tricom claimed to have acquired the stock directly from Merrill Lynch and ANZ Bank.
    Opes's receivers, Chris Campbell and Salvatore Algeri of Deloitte - appointed by ANZ - meanwhile informed Opes clients the situation regarding their accounts was "still unclear" and would take "some time to reconcile". The receivers were not in a position to advise on the likely return to creditors, they said.
    The main purpose of this circular appears to be to explain to customers why they would never see their stock again.
    "The net effect of these agreements appears to be as follows. Generally speaking, all securities lent to Opes are owned by the [banks] by virtue of Opes defaulting on its agreement with the banks," the statement said.
    The two banks expect little will be left of the $1.15 billion share portfolio once their loans are recovered. ANZ will rank as a priority creditor for a $100 million loan made to Opes just before Easter.
    Mr Algeri said he had told the two banks selling the stock they should be doing all they could to maximise the price received.
    He said one of the companies in the Opes Group, Hawkswood Investments, held commercial and residential property assets, plus investments in listed companies.
    But a group of Opes clients were taking a more direct route to ensure they got a return. In an affidavit lodged with the Federal Courts in Victoria yesterday, CMG Equity claims that, under the agreements between its clients and Opes subsidiary Opes Prime Securities, they did not hand over legal title to their shares.
    The affidavit says the agreements with customers meant they "retain beneficial and economic ownership of the lent stock".
    The affidavit cites email correspondence from Opes Prime as late as January this year saying: "All client holdings offered as collateral are held by our custodian ANZ Nominees Ltd."



    http://business.smh.com.au/clients-o...401-2301.html#
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  6. #46
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    Default ASX warns shareholders to check fine print

    The Australian Securities Exchange (ASX) has advised shareholders who engage in margin lending to check the fine print of their agreement in the wake of the collapse of Tricom and Opes Prime.
    "It is always sensible to be informed. Ensuring investors make informed decisions is highly desirable," ASX spokesman Matthew Gibbs told Business Spectator.
    Mr Gibbs said he was unaware whether any other broker currently has an arrangement with clients similar to that used by Opes and Tricom, involving the full transfer of share ownership to the broker.
    "The ASX does not supervise margin lender or stock lending activities. Margin stock lending agreements are between brokers, financiers and the client."
    "These deals are not part of ASX's jurisdiction – this is a largely commercial agreement."
    He added that ASX only supervises brokers "in relation to the market", in accordance with legislation governing its operations.
    Although margin lending agreements may have some indirect effects on trading, this did not apply to the agreement's terms, Mr Gibbs said.


    http://www.businessspectator.com.au/bs.nsf/Article/ASX-warns-shareholders-to-check-fine-print-DC8KZ?OpenDocument
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  7. #47
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    Default Third margin broker close to edge

    A THIRD stock broking and margin lending group, Chimaera, is sailing close to collapse, having entered rescue talks with its financial backers about loans worth at least $500 million.
    The Melbourne-based group is understood to be working with its main banker ANZ in an effort to stave off administration.
    One banking source said yesterday he believed Chimaera could have "difficulty settling some of their trades over the next few days".
    ANZ last month took a $500million guarantee over assets when it provided Chimaera with additional funding.
    Chimaera managing director Ian Pattison did not return calls from The Australian yesterday.
    Chimaera operates a similar model to those used by collapsed groups Opes Prime and Lift Capital as well as troubled Sydney broker Tricom, in which clients pledge their share portfolios as collateral for a margin loan.
    Under the model, the shares are pooled by the lender as collateral for a bigger loan from banks.
    In the case of an inability by the lending house to pay the bank back, the bank takes the entire share portfolio. In the case of Opes and Lift, this has led to a swift sell-down of the shares to pay back the loan, leaving margin lending clients with limited recourse as unsecured creditors.
    Opes Prime administrators Ferrier Hodgson will issue a report to the company's creditors at the end of the week.
    They are targeting an April 29 meeting to tip the group into liquidation.
    Administrator John Lindholm said there had been no change on the view that creditors would get "up to" 30c in the dollar return.
    "The sooner we can get Opes into liquidation the better, as we have stronger powers," Mr Lindholm said.
    These powers include exploring preferential deals, such as those allegedly given to a number of favoured clients including Sydney lawyer Chris Murphy.
    Opes finance chief Tony Iremonger did not return calls but Mr Lindholm said he was co-operating with the administrators and receivers and was not suspected of any wrongdoing.
    The ANZ continued its Opes share sell-down yesterday and is now understood to have sold about 60 per cent of its $650million share portfolio.
    ANZ has said it does not expect any material losses from its dealings with Opes or any other clients in the sector but has quadrupled its bad debt provision to almost $1 billion to weather the growing financial meltdown.
    ANZ chief executive Mike Smith said yesterday he was spearheading an internal review into the bank's securities lending business, and its involvement in the collapse of Opes Prime.



    http://www.theaustralian.news.com.au...35-643,00.html
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  8. #48
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    Talk about a squeeze

    http://www.nzherald.co.nz/topic/stor...ectid=10469724

    Two investors spoken to by the Herald on Sunday said company accounts also showed he had an $18,000 fish tank, spent $12,000 on eye surgery and paid for breast implants for his former girlfriend

    court date looming

    http://www.nzherald.co.nz/section/3/...ectid=10505487

    test edit
    Last edited by peat; 19-05-2008 at 09:29 AM.
    For clarity, nothing I say is advice....

  9. #49
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    Default Volatile market catches Tolhurst

    ANOTHER stockbroker has been caught breaching capital liquidity requirements, because of increased market volatility.

    http://business.smh.com.au/volatile-...0505-2b4m.html
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  10. #50
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    Default

    Does there need to be a more public liquidity reporting process?
    Death will be reality, Life is just an illusion.

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