How to recoup your losses from financial fraudsters

Font Size:

A Sydney law firm has begun investigating a class action against Australian financial services giant AMP, in the wake of the royal commission revelations.

AMP has admitted to lying to customers and regulators, and has lost $1 billion in shareholder value since early March.

AMP’s shareholders have watched its stock fall sharply following revelations to the ongoing Royal Commission that the 169-year old financial services company charged customers fees for advisory services that were never delivered, and then repeatedly lied about its behaviour to regulators at the Australian Securities and Investments Commission (ASIC).

AMP’s head of financial advice acknowledged that the company had lost count of the number of times it misled ASIC, and its Chief Executive resigned on 20 April.

Law firm Quinn Emanuel Urquhart & Sullivan (QE) intends to pursue a class action against the financial services giant.

QE’s Damian Scattini said it was important that everyday investors were not left to take the fall for the bad behaviour of executives.

“The revelations of AMP’s misconduct are especially upsetting given the people who were hurt – the ordinary Mums and Dads who as shareholders gave AMP one of Australia’s largest shareholder registers,” Mr Scattini said.

“(They) have now lost their savings due to its dishonesty, and … were charged for services AMP has admitted they never received, all so executives could make hefty bonuses.

“QE has been investigating AMP’s precipitous share price fall even before the most recent revelations of misconduct.”

Shareholders who acquired shares between 24 May 2013 and 16 April 2018 should register their interest in recovering their losses by contacting Meagan Bertolatti on (02) 9146 3548 or [email protected].

Do you have shares invested in AMP? Have you been charged for financial advice you never received? Will you be registering your interest for the class action?

Join YourLifeChoices today
and get this free eBook!

Join
By joining YourLifeChoices you consent that you have read and agree to our Terms & Conditions and Privacy Policy

RELATED LINKS

CBA continued to charge deceased clients for advice

Bank identified offenders but handed out only a warning. That's all about to change.

Economists warn against company tax cuts

The Government's defence of proposed company tax cuts is becoming untenable.

‘Lying’ bank bosses may face penalties and prison

Scott Morrison ‘deeply disturbed' about banking royal commission confessions.

Written by Ben

10 Comments

Total Comments: 10
  1. 0
    0

    They should go after the lot of them, not just AMP.

  2. 0
    0

    Seems the retiring executives will avoid any fines. I really think that executives should not be given shares in the companies they work for. Maybe cash payment bonuses, but not cheap or free shares. Will the former CBA head get any fines etc? Are the merchant banks included in this commission?

  3. 0
    0

    Why only the last five years? Has it been forgotten, already, that AMP went public and the shares crashed almost overnight, from around $24 a share to just over $4 a share. Surely there had to have been deception involved for that to happen? The biggest losers are those who acquired shares when it first went public, but I guess those people will pay so the more recent share buyers can gain.

  4. 0
    0

    I had a voluntary super account with the AMP from 1978 until 1996. It was then that I realised that the balance was less than I had contributed and I’d have been better off stashing the money under a mattress. The salesman made a nice commission tho, every year and with no conscience whatsoever.

    • 0
      0

      Yes I had a similar product with MLC predicted to be worth $80 000 at the end but actually worth $23 000. Not much more than my contributions.

      Anyone dealing with bank or financial products like these deserves to be stung though as we all know they rob you now.

      I’m surprised there hasn’t been a run yet on AMP, MLC etc and the retail super funds.

      At least moving the money into a SMSF or an Industry fund costs less. Even a company like Vanguard offer low cost superannuation options without the commissions and hidden charges. I’m sure there are other companies as well that don’t do the bank rip off thing.

      Laziness and apathy I suppose.

    • 0
      0

      Same for me. I never had much with AMP thankfully, but it proved a scandalous ripoff.

  5. 0
    0

    This RC is hurting mum and dad investors . Their savings are taking a massive hit with the prices of these shares plummeting
    We don’t need ambulance chasers making the situation worse
    This RC is nothing but a witchunt and scapegoating
    Will be glad when tje circus is over

    • 0
      0

      Circus Maximus is it Raphael where it’s a race to the finish and may the best man win ? If this is a case of ‘render unto Caesar’ then I’m thinking now might be as good a time as any to start shepherding the bloated fat cats into their enclosure with the mean, lean and hungry
      lions. That way everyone gets their fair share.

  6. 0
    0

    I would have some reservations about signing up with one of the law firms currently widely touting for business to run a class action. These firms are very proactive in chasing business and are currently all over the media. Of course they say ”join us or get 100% of nothing” as one leading ambulance chaser opined. What do the lawyers get? around 40% of any settlement. What do you get? Depends on how much they can extract from the defendant. A settlement is always in the best interest of these lawyers as going to court is problematic. You may have to wait around for years to get anything and that may be a pittance and not cover your losses. You will also have to put up with the stress of the whole thing for possibly years to come.
    Don’t get sucked in by the sales hype because that’s all it is. No one is ever going to pay out on a fallen share price. If you have been ripped off by your advisor go to the principal – in the current climate they will be very keen to recompense you.

  7. 0
    0

    I saw an interview on Tv about how a victim who was scammed by HQbroker and 3 other scam brokers and was only happy to share his story cause He’d got it back through a wealth recovery group SWIFTRECOUP . COM;-
    I decided to contact the wealth recovery group (swiftrecoup) as well, My first question I put to them was that I would like to hear their opinion on HQBroker and Cryptonxt.io and whether they ever return the money invested and earned with their recovery analysts. I have invested over $500k and they have supposedly made me over $4 million but now they wanted me to send them more money to pay the Chinese Gov’t taxes before we could get the money back to me. I only had $30k and I sent it to them so that we could get some money released by the chinese gov’t and then I would send more money to get more money released. I think is seems very fishy that they would require me to pay taxes up front before releasing money. I added a fact that I have been talking to Ross Malone(Account manager) there, and he has seemed so nice and caring, but after this last payment, he has gone silent and isn’t returning my emails. Now, granted he might be out or sick, but this is seemingly unusual. On speaking out my mind to [email protected] com. They advised me not to send any money to them and guided me to a swift recovery of my invested funds I have with them.


FACEBOOK COMMENTS



SPONSORED LINKS

continue reading

COVID-19

Concerns over limited data on how vaccine will affect over-65s

There are growing concerns that the vaccine expected to be given to the majority of Australians when the rollout starts...

Nutrition

Making healthy eating more affordable

Eating a healthy diet is crucial to our mental and emotional health as well as our physical wellbeing. It can...

News

Hands up who's in the club that is wrecking the planet

Alex Baumann, Western Sydney University and Samuel Alexander, University of Melbourne Among the many hard truths exposed by COVID-19 is...

Stylewatch

The most iconic handbags of all time

While countless clothing trends have come and gone, certain handbags have remained desirable across the decades, as coveted now as...

Health news

Health check finds Australia is stressed and obese

One quarter (25.6 per cent) of Australians undergoing a health check have been identified as at risk of developing diabetes....

Finance News

Financial planning costly and complicated, say review submissions

A review of the financial advice sector seeking to cut red tape and provide affordable advice could lead to more...

Diseases

Types of polyps and what to do about them

Polyps are clumps of cells that grow inside your body. While most polyps aren't dangerous, some can develop into cancer....

Finance

How SMSFs invested in 2020 - and what this means for 2021

The size of the self managed super fund (SMSF) market now represents one-quarter of the Australian superannuation industry and sits...

LOADING MORE ARTICLE...