Thursday, January 19, 2012

A most malodorous compost?

Investor Club is active again in Cairns! Active enough that Nick Dalton in yesterday's business section of the Compost featured in the MyView  Op-Ed an 'opinion' by Kevin Young of the Investors Club. Kevin was previously known as Kevin Sampy.
Kevin Sampy has an interesting background as a bankrupt and has previously had investment schemes closed down by ASIC (2003). However, as some of us know, the same people seem to adapt to fringes of the law.

He now also has a superannuation scheme. Apparently this took some time for recent ASIC approval last year. This is filtered via something called   " Industry Superannuation Australia Retirement Funds (ISARF). Please note that ISARF is not an industry fund as defined by the Industry Funds Forum and it was not established under an industrial award.". Hmmmm ..... perhaps not what you have have thought to be an 'industry fund' but hey ..... it is disclosed in the detail.

A long running defamation with Neil Jenman has been settled on a confidential basis out of court, subsequently information on this been removed from Jenman's website. However you can find the gist here from The Guardian when he attempted an expansion into the UK on the eve of the GFC.  There remain links to a legal action by a couple who were geared-up into residential property by Investor Club as they neared retirement. There also still references where Kevin suggests you should not consider retirement until LVR is down to 60%? Absolutely Kevin!

Funnily enough, some years ago I lodged a formal complaint with the ABC after Kevin Young appeared with Pat Morrish on local morning ABC promoting his 'club' in a sycophantic interview that would have made John Mackenzie blush (it is a commercial operation flogging developer units via a tupperware party style structure). The complaint was upheld and Morrish was officially warned and had to be reminded of ABC editorial policy. Young (Sampy) was also as a result requested to remove certain ABC material from his website.

Bleg x 2: A bleg being a request rather than a blog!
1) What could possibly be the motivation for the Cairns Post in giving this such a prominent feature?
2) Who was the producer assisting Pat at ABC when she did the sycophantic interview with mathematical savant philanthropist Kevin Young ..... oops I mean Sampy?

Note: A similar question has bee previously asked at Club Troppo.

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