Many bugger investors may well have understood clearly but still there is doubt amongst even some of them. Still some would have better idea of what they were doing than many and certainly would understand better than me.
The loan was made by ANZ to Opes as I understand it with the shares as security. So the whole contract was between opes and ANZ. Then opes lent to the client over the same security, two loans over one security? Very odd and very risky.
But really Opes lent money to clients so they could basically rent shares. So why margin loans? Do you give a mortgage to a tenant?
So a little like a tenant buying and selling the house they want to rent out. So out of left field not many would have realised this.
But I cannot for the life of me find anywhere where it states the clients of Opes were sharing in one loan to ANZ. I would have expected over 1,000 signatures on one contract for that to be clear to people.
We have on the website clearly that clients had legal ownership and Opes had beneficial ownership. This is not true so Opes staff either did not understand their own product either or were dishonest. Or as others claim the conditions keep changing and some contracts were different to others.
Not clear cut and very strange and I still waitng for a good reason why ANZ dealt with this type of high risk venture. You can blame the little gut for entering such an agreement but cannot blame your ank for funding such a scam as you call it.
