The $130mill wasn't stolen, but actually given away by well...

The $130mill wasn't stolen, but actually given away by well meaning investors that thought that dealing with a website, rather than looking people in the eye and checking things out properly, was the way to go.

Interestingly, they were largely in their 50's and self-employed i.e. thought that running your own business makes you an expert in almost everything else. I also find it somewhat amusing, but also unfortunate, when a bloke is on a .30 program crying into the camera about how he has to go back to work because he lost most of his money to a scam....what the hell are they doing putting most in 1 investment? I'll tell you why - greed and stupidity!! And despite all their efforts, the Labor Govt can't legislate against them.

By going their own way, investors lose the benefit of any redress and legal protections, which don't mean everything, but might give some comfort when they have to explain to their other halves.

Certainly, you should trust no-one more than yourself and your own intuition, but as they apparently say in the legal fraternity "the client person that represents himself in court has a fool for a client". But then again, they would, wouldn't they?

I've been burnt before and I've had good advice before, but at the end of the day, I know I don't know everything, I don't expect anyone else to, but I can recognise those that have qualifications that I don't have, and those that I do have.

As SMSF trustee, your role is not to 'loose', sorry, I mean 'lose' the funds' money. Irrespective if you aren't the only member.

Rant over. Cheers all.