back to the future!

I am a unitholder in a fund that can, with a bit of imagination draw a parallel to the excerpt below. Does the fund have a Nugan? , a Hand? , or staff that have a military background ? The fund may not be linked to a trucking magnate, but it is linked to a mining magnate! Yes, and there are concerns over the fund's questionable accounting processes. And Nugan's demise - what a great pity? Has the Radar Group any affiliation with ex - military personnel ? I don't know, has anyone visited Radar Groups website?

I can remember this issue unfolding in 1980 as many of you surely will.

Concerns over the bank's questionable accounting processes began to circulate by the late 1970s as investors attending annual general meetings were prevented from asking questions by the bank.

My next post is a continuation of this excerpt if interested.




Nugan Hand Ltd. was founded in Sydney in 1973 by Australian lawyer Francis John "Frank" Nugan (who was reputedly associated with the Mafia in Griffith, New South Wales) and former U.S. Green Beret Michael Jon "Mike" Hand who had experience in the Vietnam War (after which he began training Hmong guerillas in Northern Laos under CIA aegis, an experience alleged to account for his ties to the "Golden Triangle" heroin trade). It has been alleged that the two generally split the business: Nugan took care of tax fraud and money-laundering, while Hand managed the drug money and the international branches.
The Nugan Hand Bank attracted investors with promises of up to 16% interest rates on their deposits and assurances of anonymity, tax-free accounts, specialist investment assistance, along with more surreptitious services such as money laundering (charging a mere 22% fee).[citation needed] Nugan Hand rapidly gained business and expanded its offices from a single Sydney office to a global network that included branches (registered in the Cayman Islands) in Chiang Mai, Manila, Hawaii, Cape Town, Hong Kong, Taiwan, Cayman Islands and Washington D.C..
The Nugan Hand Bank gained respectability by the recruitment of a number of retired senior U.S. military and intelligence personnel, such as former Rear Admiral Earl "Buddy" Yates as bank president and ex-CIA head William Colby as legal counsel.
Australian trucking magnate Peter Abeles was also connected with the bank.

Concerns over the bank's questionable accounting processes began to circulate by the late 1970s as investors attending annual general meetings were prevented from asking questions by the bank. These concerns turned into panic for bank investors in the early hours of 27 January 1980 when Nugan (who was facing charges of stock fraud) was found shot dead by a .30-calibre rifle in his Mercedes-Benz outside Lithgow, New South Wales. It is said that a hand-written list was found on his body with a list of substantial loans Nugan Hand had extended to various notables, such as William Colby and Bob Wilson. The following police investigation returned a verdict of suicide. Suspicions of the bank's activities grew in subsequent days as details emerged of the contents of Nugan's car (including the business card of William Colby) and news that Nugan's house and office had been ransacked by Hand and Yates and important company files destroyed or stolen.
The official inquest into Nugan's death in June 1980 made front-page news amid testimony from Hand that Nugan Hand was insolvent, owing at least A$50 million (and as much as hundreds of millions), including $20,000 rent on their Sydney headquarters.