Another AFR article, page-605

I took a couple of days off thinking I'd save myself the time of reading a rehash of information and opinions previously posted on numerous occasions. I therefore have only just come across the boiler room article, and even though it includes a lot of information previously published, it also completes the picture of the mindset and deceit behind BIG and its founders. Based on the information revealed by the AFR I'm utterly disgusted with the person that is Richard Evertz. If only this were the US where they deal harshly with people who deceive investors, as I'm sure he do a lot more time than the month he did in 1994. Unfortunately it is the retail investors who believed the 4C and audited accounts (why wouldn't we?) who pay the real price.

My initial response to the article was that BIG was now absolutely finished, but Warnie's post about the legality of the business practices gives me some hope that ASIC and the ASX may not be able to pull the plug on BIG. The US side of the business is making money and growing fast without the financing arrangements that have brought the viability of the Oz operations into question. That makes me think there is still a business here, particularly if the financing in Oz can be re-worked. I know I'm clutching at straws now and I have mentally already written off what was once a very significant sum of money, which thankfully was largely based on paper profits. On to the next investment I guess.