MIStrust: 300 trusting clients down $70 million
His clients were unsophisticated investors on modest salaries, when they lost their money, the system looked the other way.
Stock Ticker
- AGL AGL ENERGY LIMITED. 1.30%
- AIO ASCIANO LIMITED 0.34%
- AMC AMCOR LIMITED -0.80%
- AMP AMP LIMITED 0.91%
- ANZ AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 0.72%
- APA APA GROUP 0.00%
- ASX ASX LIMITED -0.18%
- AZJ AURIZON HOLDINGS LIMITED 1.13%
- BHP BHP BILLITON LIMITED 0.75%
- BXB BRAMBLES LIMITED 0.79%
- CBA COMMONWEALTH BANK OF AUSTRALIA. 0.46%
- CCL COCA-COLA AMATIL LIMITED 0.79%
- CPU COMPUTERSHARE LIMITED. 0.19%
- CSL CSL LIMITED -0.32%
- CTX CALTEX AUSTRALIA LIMITED 0.57%
- DXS DEXUS PROPERTY GROUP 1.26%
- GMG GOODMAN GROUP 1.54%
- GPT GPT GROUP 0.00%
- IAG INSURANCE AUSTRALIA GROUP LIMITED 0.17%
- IPL INCITEC PIVOT LIMITED -0.88%
- JHX JAMES HARDIE INDUSTRIES PLC -0.60%
- LLC LENDLEASE GROUP -0.08%
- MGR MIRVAC GROUP 0.78%
- MPL MEDIBANK PRIVATE LIMITED 0.33%
- MQG MACQUARIE GROUP LIMITED -0.64%
- NAB NATIONAL AUSTRALIA BANK LIMITED 0.04%
- NCM NEWCREST MINING LIMITED 1.17%
- ORG ORIGIN ENERGY LIMITED 2.15%
- ORI ORICA LIMITED 2.45%
- OSH OIL SEARCH LIMITED -1.16%
- QAN QANTAS AIRWAYS LIMITED 0.31%
- QBE QBE INSURANCE GROUP LIMITED -0.58%
- RHC RAMSAY HEALTH CARE LIMITED 1.06%
- RIO RIO TINTO LIMITED 1.69%
- S32 SOUTH32 LIMITED 0.32%
- SCG SCENTRE GROUP -0.64%
- SEK SEEK LIMITED 0.25%
- SGP STOCKLAND 0.88%
- SHL SONIC HEALTHCARE LIMITED 0.93%
- STO SANTOS LIMITED 2.60%
- SUN SUNCORP GROUP LIMITED 1.54%
- SYD SYDNEY AIRPORT 1.11%
- TCL TRANSURBAN GROUP -1.07%
- TLS TELSTRA CORPORATION LIMITED. 0.36%
- VCX VICINITY CENTRES -1.21%
- WBC WESTPAC BANKING CORPORATION 0.46%
- WES WESFARMERS LIMITED 0.90%
- WFD WESTFIELD CORPORATION 0.29%
- WOW WOOLWORTHS LIMITED 0.41%
- WPL WOODSIDE PETROLEUM LIMITED 0.33%
Key Stories
The tough news on wages
The digital age may have permanently shifted the balance against workers.
Dumped driver pleads for explanation
An Uber driver says he is on the brink of financial ruin after being dumped from the company late last year without a full explanation.
Wall St lifts amid rally in tech shares
US stocks rose, with the S&P; 500 rebounding from a seven-week low, led by a rally in technology shares.
The Internet of Things has arrived
It has the potential to unleash economic disruption that makes what the internet has delivered so far look like child's play.
Union fronts for McDonald's in pay row
Burger giant McDonald's is avoiding the public spotlight in the row over its underpayment of fast food workers.
Australia's unlikely economic star
This week's statistics confirmed Australia's two-speed economy – strong in NSW and Victoria, and weak in the resources stars. But there's an unlikely exception.
- The Economy Chinese investors wary of Australia
- Banking & Finance Goldman's compensation plan draws shareholder rebuke
- Mining and Resources Samarco partners start Brazil rebuild
- Business Telstra robots transmit a doctor's touch from city to country
- Property Council mergers create planning headaches
Market Indices
Last updated: May 21, 2016 - 7:15AM
Last updated: May 21, 2016 - 7:15AM
Last updated: May 21, 2016 - 7:15AM
Last updated: May 21, 2016 - 7:15AM
Surprise! Three risks Wall Street is underestimating
Often what upends the stock market is when potential bad stuff that investors know about actually happens.
In Depth
The three key points from PEFO
VIDEO: What does Australia's economic future look like? Fairfax's James Massola explains the Pre-election Economic & Fiscal Outlook.
Standby power: our worst appliances
VIDEO: Even when turned off, standby power means these devices continue to guzzle alarming amounts of electricity.
Telstra customers furious over outage
VIDEO: Telstra has been forced to apologise after yet another service outage. Vision: Today Perth News.
Workplace
Big-name hotels shortchanging staff
Three major hotel chains have been found short-changing housekeeping staff.
7 ways to answer that interview pay question
It's especially tricky when a hirer asks what you now make during a job interview.
Markets
Base metals pause, dip as bears opt for sidelines
Aluminium hit its highest in a week on Friday as speculators closed out bearish positions before the weekend, but it pared gains ahead of the close.
China's iron ore stockpile tops 100m tonnes
There's a mountain of iron ore sat right on China's doorstep, offering fresh evidence of increased supplies in the world's top user that may hurt prices.
Promises that cut
About the only election promise that you can believe is one to cut something. So who's winning on that score?
- Maggie Beer's slim profits revealed
- ASX gains for sixth straight week
- Markets Live: Six weeks of gains
- Surprise! Three risks Wall Street is underestimating
- How interest rates got so low
- G7 meeting will be a call to arms for growth
- Credit Suisse fined for 'fat finger' error
- Now's the time for value in the energy sector
US ready to lift interest rates, says former Fed staffer
Search Quotes & Charts
The Economy
Don't trust budget numbers. Treasury says so
About the only the only thing the treasury believes about this year's budget is the economic forecasts. It certainly doesn't believe the deficit forecasts.
Cuts or tax rises needed, warns budget update
​Treasury and Finance have warned that significant spending cuts – or a big rise in tax receipts – will be needed to return the federal budget to surplus over the medium term.
Retail
ACCC open minded on Good Guys
Competition tsar Rod Sims says he will look at any bid for The Good Guys with "an open mind".
Myer to close two more stores
About 130 staff members to be affected as department store shuts Wollongong and Orange stores.
Banking & Finance
Former CBA banker takes on CommSec
The founder of SelfWealth has ambitious targets for his crowd-based comparison tool that is outperforming the ASX by more than 13 per cent.
So long, fat expat packages
Long the privilege of the Hong Kong-based bankers, the days of generous housing allowances are gone.
Mining & Resources
Base metals pause, dip as bears opt for sidelines
Aluminium hit its highest in a week on Friday as speculators closed out bearish positions before the weekend, but it pared gains ahead of the close.
China's iron ore stockpile tops 100m tonnes
There's a mountain of iron ore sat right on China's doorstep, offering fresh evidence of increased supplies in the world's top user that may hurt prices.
World Business
'We'd fight over who'd get to be Captain Kirk'
Amazon boss Jeff Bezos isn't just a "Star Trek" nerd. He's a giant, epic, subspace anomaly of a "Star Trek" nerd with his own space travel company.
Codeword: 'Dallas Cowboys'
What began with a friendship forged over gambling, golf and business turned into a six-year insider-trading plot involving one of the world's most beloved golfers, Phil Mickelson.
Consumer Affairs
Dumped Uber driver pleads for explanation
An Uber driver says he is on the brink of financial ruin after being dumped from the company late last year without a full explanation.
'It makes my blood boil with anger'
The developer of a building riddled with defects says he shouldn't be blamed for the hundreds of residents left without a home after a storm.
Featured advertisers
Property Focus
Mont Albert cafe cuts through garage grease
The fitout of Mister and Miss Café suits its demographic – families – but hasn't limited its creative design.
St Leonards office market is born again
St Leonards is emerging from the shadows of its North Sydney and Chatswood rivals as a serious office market contender, according to agents.
Retail asset sales heat up in capital cities
Investors will have snapped up more than $2 billion in retail properties before the end of the 2016 financial year.
'Impossible': The Block has a problem
Investor snaps up 14 Docklands offices in a row
Melbourne-based investor JAK Investment Group has paid $3.81 million for 14 office suites at 425 Docklands Drive in a deal negotiated by Lemon Baxter's Paul O'Sullivan.
Executive Style
15 gadgets that will change Reality
Virtual Reality is set to go mainstream with this game-changing technology.
Money
5 'must-knows' about DIY super
Managing a self-managed super fund can be highly rewarding but there's a number of must-know essentials to help you avoid the pitfalls.
I can't contribute to super – really?
Financial expert Noel Whittaker answers questions from readers.
Small Business
Can your clients really pay?
If you want to find out whether you'll end up out of pocket you need these (free) tools.
Want a great retirement?
The secret isn't how much you earn or how early you retire, it's something quite surprising.
Comment & Analysis
The tough news on wages
Contains:
total comments31
This article contains a video.
The Internet of Things has arrived
Contains:
total comments12
This article contains a video.
Australia's unlikely economic star
Contains:
total comments20
This article contains a video.