pif related news, page-70

Hopefully none from me Jadel!!! I am interested to read a response from Nick Sherry from another investor stating that mortgage trusts such as PIF are classed as 'risk based investments' and are undeserving of govt intervention as it would be seen as that they were protecting investors against losses while rewarding them for risk taking. In Aug 2002 the supreme court of QLD ordered ASIC to appoint MFS as the RE for investors from the failed Landmark Property Syndicates Ltd. If MFS and its products were considered risky why would they do this. Part of the ASIC article is as follows::::::The Australian Securities and Investments Commission (ASIC) has obtained orders in the Supreme Court of Queensland appointing a temporary responsible entity to Landmark Property Syndicates Ltd (Landmark), a former licensed responsible entity with over $200 million in property funds under management.

This action immediately followed Landmark’s surrender of its dealers licence to ASIC and ASIC’s revocation of that licence.

McLaughlins Financial Services Ltd (MFS) has been appointed to replace Landmark as the property syndicate manager over all Landmark’s schemes.

Landmark has acknowledged that it made material omissions and false and misleading statements in a prospectus issued in early 2001 seeking funds to facilitate the redevelopment of the Woodlands Shopping Centre in Townsville, QLD.::::: MFS Diversified Trust was established in November 2003 through the merger of six unlisted fixed term managed investment schemes previously managed by Landmark Syndicates Limited:::::I am fairly sure that this is now GPM, or GEO property Group. I also understand that this elderly investor's original $100,000 investment from Landmark which she had no say as to it becoming an MFS product is worth $7,600 today. Because she felt that MFS must have been a highly regarded company for it to be chosen by the Supreme Court, she went on and invested in the PIF having been advised this was the most secure of all MFS products. The rest is history. Seamisty