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From: StockDung	3/14/2012 6:20:19 PM
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Trio Capital fraud victims still sufferingPUBLISHED: 8 hours 1 MINUTES AGO \| UPDATE: 8 hours 1 MINUTES AGO PUBLISHED: 14 Mar 2012 PRINT EDITION: 15 Mar 2012 Share Links: John Telford The federal government and the Australian Securities and Investments Commission have failed the victims of the Trio Capital fraud at many levels as outlined by Chanticleer Tony Boyd’s “ It’s a joke, but no one’s laughing” (March 9). In August last year Justice Peter Garling in the NSW Supreme Court sentenced Canadian Shawn Richard for his part in the Trio fraud, but ASIC did not defend the victims who had their life savings and retirement investments stolen in the $123 million superannuation case involving American Jack W. Flader. ASIC did not present Garling with its finding from its commissioned study by Sydney’s Susan Bell Research that, “examined the social impacts on investors who were not compensated for significant loss after the failure of managed investment schemes, or because of inappropriate financial advice”. ASIC knew from its research that “. . . some investors suffered ‘catastrophic loss’, which meant ‘their life will never be the same”. Some felt prolonged anger, uncertainty, worry and depression. Several lost their homes and many had been seriously ill since the loss. Many went without food on occasion and avoided heating or cooling their home. Those who were ashamed to tell others of their plight had isolated themselves from friends and family, and the impact had created long-lasting marital strain.’ ASIC did not inform the victims, or seek impact statements for court. No one represented the victims. John Telford Fairy Meadow NSW The Australian Financial Review <!-- [ anchor:opinion ]--><!-- right - zone: rightStory - zoneName: AFRMR1ART - desc : Medium_Rectangle --> advertising <!-- [ anchor:opinion ]--><!-- right - zone: rightStory - zoneName: AFRSPOART - desc : Sponsored_Links --> sponsored links <!-- right - zone: rightStory - zoneName: AFRSPOART --> Defence Housing Australia Invest in more than just bricks and mortar. Now Providing Access to Futures Got a view? Move First with FP Markets Free Futures Seminars and Education WORLD NEWS. Access the latest world news and FREE analysis, plus world indices. <!-- [ anchor:opinion ]--><!-- right - zone: rightStory - zoneName: AFRLEAART - desc : Leaderboard -->

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