The most mileading and deceptive comments were in the Opes Prime marketing brochures. Under the facility, equity finance (alias Margin Loan)They mentioned twice that the client maintained "beneficial and economic ownership" and the collateral would be lodged with the custodian which was ANZ. You combine this brochure with an FSG that did not clearly outline the risks in plain english and an agreement that could not be clearly understood my the average person and the ANZ logo in the back of the FSG that said "banker and custiodian", what you have are clients that though they had margin loans. They received a credit facility not a lenders fee, paid interest at commercial rates of their debts and received margin calls if their collateral equity value on their loan fell below their LVR. Is not hard to see how so many people were caught up in this structure thinking they were margin loans including some very smart people.
