Geelong share trader collapses

Sim · 24-04-2008, 10:17 AM

Lateline Business - 23/04/2008: Geelong share trader collapses

Quote:

Administrators are sifting through the debris of yet another share trader Chartwell Enterprises. The majority of its investors are from Geelong and some were promised returns as high as 70 per cent.

Lateline Business - 24-Apr-2008

Sim · 24-04-2008, 10:19 AM

The World Today - Angry investors steal Chartwell company records

Quote:

Another share trading company has collapsed in Victoria, and administrators are appealing to looters to return the company's records.

The Geelong-based Chartwell Enterprises has been placed in administration, and many local families fear their life savings will be wiped out.

The collapse has stirred up bad memories in Geelong of the Pyramid Building Society failure in 1990, which crippled the city's economy.

Chartwell's administrators say they can't determine the company's position, unless stolen financial records are returned.

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Sim · 24-04-2008, 05:37 PM

The World Today - Rumours fly about collapsed Chartwell

Quote:

Administrators are back in Victoria's bay-side suburb of Geelong today, sifting through the remnants of the collapsed share trading company, Chartwell Enterprises.

But while Australia's corporate watchdog investigates, rumours are circulating about offshore bank accounts and bankruptcy.

Chartwell's director Graeme Hoy is yet to address his 80 distressed investors who stand to lose millions of dollars.

And as the casualty count of failing stockbroking firms mounts, the Victorian Premier is questioning whether the country's financial regulators should have been more vigilant.

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BV · 24-04-2008, 08:08 PM

Why would someone steel financial records?
It sounds like an inside job to me to cover up dodgy deals...

Seamus · 24-04-2008, 09:09 PM

That was my first though too BV. I can understand the vandalism but the stealing of records seems very suspicious.

Sim · 06-05-2008, 09:23 AM

The World Today - Chartwell boss facing charged after company flops

Quote:

The owner of the failed share trading group, Chartwell Enterprises, says he's expecting to be charged over his role in the $70 million collapse.

Investors in the defunct Geelong-based company, which went into administration last month, are meeting with creditors today. The owner, Graeme Hoy, says the $70 million of investors' money that's been lost was placed into an imperfect trading system.

But he denies lying to investors about where the money was going or the returns they could expect, as Alison Caldwell reports from Melbourne.

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