March 31, 2010 - 11:54AM
AAP
Some investors are suing the Commonwealth Bank's financial planning arm in the NSW Supreme Court, claiming that they lost millions of dollars as a result of receiving allegedly negligent advice.
Law firm Maurice Blackburn said on Wednesday that it was representing seven people who had lost a total of $4.3 million as a result of investment advice from Don Nguyen, a financial planner employed by Commonwealth Financial Planning Ltd.
In their court affidavit, Harold and Norma Levinson both aged in their eighties, said that in September 2006 they had engaged Mr Nguyen as an authorised representative of Commonwealth Financial Planning Ltd.
They said Mr Nguyen helped establish a retirement fund for the couple, but the investments lost $2.5 million.
Maurice Blackburn said other investors who suffered losses included Gabrielle and John Hall who lost more than half a million dollars, self-managed superannuation fund Jomida Enterprises P/L which lost $1 million, and an unnamed investor who lost more than $300,000.
Maurice Blackburn partner John Berrill said it would be alleged there was negligence in the manner in which Mr Nguyen advised the investors.
"The investors allege they were required to sign blank financial needs analysis forms, which were filled in later on," Mr Berrill said in a statement.
"They were incorrectly categorised as aggressive investors, and their money was invested in high-risk portfolios.
"They were, in fact inexperienced investors who were risk-averse.
"They were looking for steady returns to secure retirement plans.
"Their money was placed in geared share funds and overseas shares without sufficient diversification, and they've lost millions from their retirement nest-eggs."
2010 AAP
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