TRU truscreen group limited

townsville fraud

  1. 8,484 Posts.
    lightbulb Created with Sketch. 242
    I am sure that the company would have preferred this detail did not get out to the press.



    http://www.townsvillebulletin.com.au/article/2009/04/21/49815_hpnews.html



    Call to help victims of $7 million Trust Company scandal

    TONY RAGGATT

    April 21st, 2009

    THE daughter of a Townsville victim of a multi-million-dollar fraud case has called for investors to meet to discuss their plight.

    The woman, Mara Faulkner, believed many victims in the scandal involving Sydney-based financial services Trust Company Ltd were elderly and would not understand the legalities they faced.

    The investors collectively had as much as $7 million at stake when the Trust Company's Townsville representative Gary Wilkins allegedly misappropriated the funds.

    The investors are now being asked to sign documents committing to refunds and to keeping the matter confidential.

    "I want to contact the other investors because I'm concerned they are aged people and won't know what to do," Ms Faulkner said.

    "I want to discuss with them how we can deal with this."

    Ms Faulkner is dealing with her late mother's estate and has been provided with documents concerning her mother's investments with Trust Company.

    She said she was being asked to sign a deed acknowledging the company's offer was based on provisional accounting and that if the offer was too high she would have to repay some of the funds.

    "It doesn't say if they under-pay, that they'll pay any extra," she said.

    A calculation on interest for monies owed was yet to be specified.

    One elderly client who did not want to be named said she did not know enough about law to understand what was being proposed.

    "I can't see why we have to sign a confidentiality clause when really all we are getting back is what is supposed to be owed to us," the client said. "We can't get involved with solicitors or we'll end up with nothing at all.

    "Why didn't Trust pick this up years ago? Why aren't there checks and balances?"

    Trust managing director John Atkin said Trust had honoured and would continue to honour their obligations to clients.

    He said if clients wanted to meet collectively, he would make sure a Trust representative was present.

    Mr Atkin said the reason for confidentiality was to `protect their privacy as much as anyone elses'.

    He said the reason for offering capital funds separate from `complex' calculations on interest was to make funds available for clients who wanted access to their capital.

    He admitted their internal controls had been found wanting.

    "That's something we have moved to rectify and strengthen," he said.


    Wilkins has been charged with fraud, alleging the dishonest application of funds involving about $6.2 million.

    He is due to appear in the Townsville District Court on May 15.

    Clients can contact Ms Faulkner on 0419 177 702 or contact the Townsville Bulletin.




 
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