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Eye of the Storm hits Federal Court
The son of the founder of beleaguered investment advisory firm Storm Financial has begun giving evidence in the Federal Court in Brisbane over the company's collapse.
The New Lawyer
THE son of the founder of beleaguered investment advisory firm Storm Financial has begun giving evidence in the Federal Court in Brisbane over the company's collapse.
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Storm Financial was placed in liquidation earlier this year, with debts of about $80 million
Yianni Cassimatis told the Court he was a researcher at Storm prior to 2006, looking at financial products, including index funds.
Cassimatis has claimed privilege from self-incrimination throughout his evidence.
The public examinations into the collapse of Storm have brought out countless tales of woe from investors, many of whom lost everything when the company collapsed.
Investors Debra and Kevin Lock revealed they were left with a $2.3 million mortgage after their investments crashed with the company.
Debra Lock told the Court yesterday that as markets plunged she was advised to "hang in there because in 12 months time we'll look back and say we dodged a bullet".
