SMSF goes Belly Up

errol43 · 2012-05-16 22:31:23

On the 7.30 report tonight *wed) Trix SMSF went belly up with thousands of people defrauded. What I find it hard to understand is if they are self managed super funds how come the funds are given to a company to manage for you?.

There was some large amounts mentioned in the 7.30 report..

Lets hope that this is the last of such rip offs. What is concerning is that APPRA was warned about this some time back.

Any comments from members who have SMSF.

This is the type of reporting that turns people off SMSF when IMHO everyone should look after their own super.

Regards Errol 43

Kawa · 2012-05-16 22:40:32

errol43 wrote:

On the 7.30 report tonight *wed) Trix SMSF went belly up with thousands of people defrauded. What I find it hard to understand is if they are self managed super funds how come the funds are given to a company to manage for you?.
There was some large amounts mentioned in the 7.30 report..
Lets hope that this is the last of such rip offs. What is concerning is that APPRA was warned about this some time back.
Any comments from members who have SMSF.
This is the type of reporting that turns people off SMSF when IMHO everyone should look after their own super.
Regards Errol 43

A SMSF could also buy a house that decreases in value or shares for that matter.The problem is not with the regualtion of the Super Industry but with the regulation of these managed funds.

History shows however that most of these scenarios of failed funds have two common components.

1)Unrealistic/Exceptional offers of investment return.

2)Greedy/Stupid people that invest in them.

To me it only confirms that unless your investing in hard assets and cash in a SMSF you are gambling.

villiagegate · 2012-05-16 23:41:52

Everybody should read Bronte Capitals submission to the Cooper Review, I'm yet to sit down and really go through it, but it's message is clear.

http://www.brontecapital.com/interestin … apital.pdf

thatguy · 2012-05-16 23:50:08

what does the S stand for in SMSF?

THUCYDIDES79 · 2012-05-17 00:23:12

They have succeeded in demonatising MONEY with intrinsic worth in the whole world ( no one is using any other money than debt in the form of US, Euro, Yen, AUD, CAD, CHF, etc, etc ) for buying and selling ( excluding tiny isolated communities ( where most wouldnt want to live anyways ) like Indians in the Amazon, Amish in Connecticut, and some tribes in Africa, and the remaining 99.9999 of population is dealing with debt notes with high interest on it.

So some SMSF fund going belly up shouldnt be too big of a surprise, the rest will follow, money ( their money, their fraudulent paper, their empty faithless & Godless promises ) have infiltrated everything and are wreaking havoc on every
pore of human endeavour.

More is yet to come,...

nonrecourse · 2012-05-17 03:36:56

villiagegate wrote:

Everybody should read Bronte Capitals submission to the Cooper Review, I'm yet to sit down and really go through it, but it's message is clear.
http://www.brontecapital.com/interestin … apital.pdf

What a ripper of a post this was and the submission!!!!!! I know someone who has their super invested with MLC/nab in a wrap account. I have highlighted that part and sent the entire submission to him. He was outraged by the fee's they have been ripping out of his super account that I alerted him to recently. I think this will now drive him away from out under the dark side of the force.

Kind Regards
non recourse

errol43 · 2012-05-17 12:22:01

Nonrecourse..Thanks for the post and the link...

Everyone who has money in a super fund should take the time and read this as it may mean the difference when TSHTF of having something in $ instead of zilch.

I urge all members of SS to read this and don't take things for granted.

Regards errol 43

hiho · 2012-05-17 12:37:43

thatguy nailed it

errol43 · 2012-05-17 12:43:56

Sorry Villiagegate...You deserve my thanks for posting.

Regards Errol 43

thatguy · 2012-05-17 12:47:56

hiho wrote:

thatguy nailed it

yup the mind boggles

errol43 wrote:

What I find it hard to understand is if they are self managed super funds how come the funds are given to a company to manage for you?.

lol missing the d

nonrecourse · 2012-05-17 13:18:11

thatguy wrote:

hiho wrote:
thatguy nailed it
yup the mind boggles
errol43 wrote:
What I find it hard to understand is if they are self managed super funds how come the funds are given to a company to manage for you?.
lol missing the d

Have you not seen the TV advert where Dad and mum are playing with the kids and the catchy background music with the commentor saying what would you rather do. The banking and insurance industries are masters at selling products to consumers that provides their share holders with the cream and their customers with the dross.

The reason SMSF's has outperformed the retail, industry and government funds in the past was because the majority of people who operated their SMSF's were business people who had some modicum of fiscal literacy.

Kind Regards
non recourse

white-metal-man · 2012-05-17 14:06:37

SMSF - keep your investments in physical metals !!!!.....and manage these investments yourselves!!!....whats so difficult about that???????

white-metal-man · 2012-05-17 14:09:33

giving a so called SMSF to some management crew to manage is just asking for trouble.........

nonrecourse · 2012-05-17 15:23:45

white-metal-man wrote:

SMSF - keep your investments in physical metals !!!!.....and manage these investments yourselves!!!....whats so difficult about that???????

Physical metals is fine as a hedge but what else?.....Property will continue its inexorable retention of value in the troubled times ahead.
Gold and silver do not give you an income or a shelter from greedy government taxation. Turn the tax system to your advantage. That doesn't mean you gear yourself up until your back teeth are floating in debt.

An ideal gearing scenario is 30%, if your gearing is above 50% make sure you have 12 months of repayments in reserve before you continue your bullion stacking. Your goal should be to have a stack that is worth 5% of your total property investments value. In the short term both your gold and property values may drop and that is why you need 12 months of old fiat in reserve.

Eventually in a worse case scenario the old fiat is worthless and your bullion takes over and allows you to continue servicing the real estate. As we come out the other end the properties climb in value and a new fiat currency evolves that your properties earn and your bullion slides in value until the next cycle starts all over again.

Kind Regards
non recourse

Nugget · 2012-05-17 15:27:49

errol43 wrote:

On the 7.30 report tonight *wed) Trix SMSF went belly up with thousands of people defrauded. What I find it hard to understand is if they are self managed super funds how come the funds are given to a company to manage for you?.

Who'd "invest" their money in a fund called "Trix" ??? Seriously

Cracka · 2012-05-17 15:31:52

I'm pretty sure they are talking about Trio Capital.

That's why people who control SMSF's get into trouble - they forget about the detail.

errol43 · 2012-05-18 01:06:48

Cracka wrote:

I'm pretty sure they are talking about Trio Capital.
That's why people who control SMSF's get into trouble - they forget about the detail.

Yep! It was Trio Capital.. thanks for posting this correction...I'm not always right but I'm never wrong.:)

Errol 43

Wout · 2012-05-18 08:24:15

wow I didn't know that a high % of return meant that the risk is also higher? Seriously the people they showed on that program were morons, theres no excuse for it today with the worlds information at your finger tips, I hope they learnt some self responsibility

and Trix reminds me of golem in lord of the rings, "we be trixy on those hobbits hehehe"

markcoinoz · 2012-05-18 19:21:04

Cracka wrote:

I'm pretty sure they are talking about Trio Capital.
That's why people who control SMSF's get into trouble - they forget about the detail.

Yeah it Was about Trio Capital on 7.30 Report.

Heard Bill Shorten come out on the radio about SMSF saying people would be better putting it into safer Funds such as the Institutional funds.
Big problem with that is as an example: XYZ Fund lends its shares for a fee to hedge funds who in turn wreck havoc on the market. XYZ Fund justifies it by saying it provides extra income for the small fee received and helps with liquidity of the sharemarket.

BLah! Blah! The moment that you lend shares out to hedge funds who can then short the market you are creating big risk. I am in my own SMSF with e-superfund. The only thing they do is the auditing side to make sure that I am in compliance for taxation purposes. Nothing else!! I would not trust my hard earned with any type of managed fund as I want to manage my own investments and be in control. That way I have no one else to blame but myself if things should go wrong.

The problem that I see for the future of SMSF is that the institutional funds are applying more pressure on the government to give much stricter controsl over the SMSF area. That story on Trio Capital would have delighted the big instos.

Cheers markcoinoz

Roswell Crash Survivor · 2012-05-19 13:18:53

thatguy wrote:

what does the S stand for in SMSF?

+1

Last edited by Roswell Crash Survivor (2012-05-19 13:19:05)

errol43 · 2012-05-19 14:07:28

SMSF= Self Managed Super Fund..

Hope yo are fair dinkum in your ??

Regards Errol 43

ShinyStuff · 2012-05-19 18:27:50

markcoinoz wrote:

Cracka wrote:
I'm pretty sure they are talking about Trio Capital.
That's why people who control SMSF's get into trouble - they forget about the detail.

Yeah it Was about Trio Capital on 7.30 Report.
Heard Bill Shorten come out on the radio about SMSF saying people would be better putting it into safer Funds such as the Institutional funds.
Big problem with that is as an example: XYZ Fund lends its shares for a fee to hedge funds who in turn wreck havoc on the market. XYZ Fund justifies it by saying it provides extra income for the small fee received and helps with liquidity of the sharemarket.
BLah! Blah! The moment that you lend shares out to hedge funds who can then short the market you are creating big risk. I am in my own SMSF with e-superfund. The only thing they do is the auditing side to make sure that I am in compliance for taxation purposes. Nothing else!! I would not trust my hard earned with any type of managed fund as I want to manage my own investments and be in control. That way I have no one else to blame but myself if things should go wrong.
The problem that I see for the future of SMSF is that the institutional funds are applying more pressure on the government to give much stricter controsl over the SMSF area. That story on Trio Capital would have delighted the big instos.
Cheers markcoinoz

While I know that many people use e-superfund, I have chosen NOT to be with them.

People need to do their own DD. Being forced to use ANZ to me is the first problem with e-superfund. Plus there are other issues, but if you think it is ok, no worries.

I prefer putting my own SMSF money in the institution of my choice and investing it where I choose to.

Shiny.

markcoinoz · 2012-05-19 20:37:57

Thats fine Shiny.

Admittedly your first part of the statement about esuperfund is correct as far as having to use ANZV2 Plus account as being the vehicle to store any remaining cash that is sitting idle gaining interest. However, I can invest in virtually anything else within the rules of superannuation including Sharemarket, physical Gold, Silver, Property. As i don't keep alot of cash sitting idle, I find it currently fits my needs. Been with them for around 4 years and have never had a problem so far.
Now if it was to seek advice from them. Thats a different matter. That is not what they are there for. Its a no frills cheap entry with no strings attached. Having done my Due Diligence 4 years ago before joining, my concern was always to make sure that there is no possible way that they can have any hold over my Super if the ANZ, or anyone else for that matter went pearshaped. Each to there own.

Cheers markcoinoz:)

wrcmad · 2012-05-19 21:10:09

^^ +1

ShinyStuff wrote:

I prefer putting my own SMSF money in the institution of my choice and investing it where I choose to.

I'm with esuperfund and NONE of the money is in ANZ. It passed through the ANZ account in a matter of hours, and is now invested where I choose.

ShinyStuff · 2012-05-19 21:58:55

wrcmad wrote:

^^ +1
ShinyStuff wrote:
I prefer putting my own SMSF money in the institution of my choice and investing it where I choose to.
I'm with esuperfund and NONE of the money is in ANZ. It passed through the ANZ account in a matter of hours, and is now invested where I choose.

That is thinking outside of the box.... good one.

Silver Stackers

#1 2012-05-16 22:31:23

SMSF goes Belly Up

#2 2012-05-16 22:40:32

Re: SMSF goes Belly Up

#3 2012-05-16 23:41:52

Re: SMSF goes Belly Up

#4 2012-05-16 23:50:08

Re: SMSF goes Belly Up

#5 2012-05-17 00:23:12

Re: SMSF goes Belly Up

#6 2012-05-17 03:36:56

Re: SMSF goes Belly Up

#7 2012-05-17 12:22:01

Re: SMSF goes Belly Up

#8 2012-05-17 12:37:43

Re: SMSF goes Belly Up

#9 2012-05-17 12:43:56

Re: SMSF goes Belly Up

#10 2012-05-17 12:47:56

Re: SMSF goes Belly Up

#11 2012-05-17 13:18:11

Re: SMSF goes Belly Up

#12 2012-05-17 14:06:37

Re: SMSF goes Belly Up

#13 2012-05-17 14:09:33

Re: SMSF goes Belly Up

#14 2012-05-17 15:23:45

Re: SMSF goes Belly Up

#15 2012-05-17 15:27:49

Re: SMSF goes Belly Up

#16 2012-05-17 15:31:52

Re: SMSF goes Belly Up

#17 2012-05-18 01:06:48

Re: SMSF goes Belly Up

#18 2012-05-18 08:24:15

Re: SMSF goes Belly Up

#19 2012-05-18 19:21:04

Re: SMSF goes Belly Up

#20 2012-05-19 13:18:53

Re: SMSF goes Belly Up

#21 2012-05-19 14:07:28

Re: SMSF goes Belly Up

#22 2012-05-19 18:27:50

Re: SMSF goes Belly Up

#23 2012-05-19 20:37:57

Re: SMSF goes Belly Up

#24 2012-05-19 21:10:09

Re: SMSF goes Belly Up

#25 2012-05-19 21:58:55

Re: SMSF goes Belly Up

Board footer