... Let me introduce our selves [Names withheld] aged 72--63, we have worked hard thro out our lives like most Australians and I ask myself for what......
Firstly we were hit with the recession we had a good new business which we ended up working for 2 yrs for nothing to pay the bank as they raised interest rates from 12... 23%
Then our private Super funds did shady deal, small payout from one, nothing from the second as still fighting ..last I heard .. this seems to have been the start of things to come

After working 2 -3 jobs we managed to buy a house, finally sold it paid off our unit at Yorkeys Knob, our retirement home

Our so called Financial Advisor talked us into Prime Trust guaranteed money, 10% return no tax----so we invested the last of our cash which I was not happy about -nothing is guaranteed in this world I believe .I was Told this is a no brainer which is a saying I detest...... Yes the money came through which was great...Then the dreaded correspondence as to why no funds

We now have just about used our draw down facilities against the unit, for living expenses-private medical etc--- the less than single pension doesn't cover very much, who knows what the next year will bring.

I realise our case is small in comparison to others --I'm simply fed up after seeing my husband like many others working hard physically thro-out their lives to sit at his age and wonder what went wrong...............

Thank you for giving me the chance to express how angry I get with these establishments who's lives don't seem to suffer. Keep up the great work on all our behalves very much appreciated, SW

I am one of many people who have been affected by the implosion of Prime Trust.
I have been feeling distressed, frustrated and angry that this group could take my hard earned money, promise a return in the vicinity of 6%-7%pa, then, through a total mismanagement of these funds, lose all of this invested money.
At the time of investing with this group I was attracted by what seemed to be a safe financial proposition and, coupled with the fact that more retirement villages are definitely needed in this country, I chose to invest with Prime Trust. The endorsement and involvement of a former Liberal Minister of Health with this group seemed to point the way to a successful investment option for me.
I looked closely at the investment as a whole, sought advice from my financial planner and now find myself in an unwanted and undeserved situation. Why weren’t the promises made to investors able to be kept? Do the principals involved care about the end result for people like me? The experience has left me wondering what will happen to my other investments in other companies. Will they go the same way??? Can I trust the advertising spiels??? Will the managers of these investments do what they promised, or will they mismanage the invested monies as has happened with Prime Trust.
My trust and faith has been severely shaken. My lifestyle has been negatively affected and like many others I want answers and I want my money back.
Thank you for the opportunity to have my say. PC

After my losses from Prime Trust now trying to survive as follows -------
 
Now on a Single Age Pension
Just managing to keep my home and a roof over my head
No longer can afford holidays domestic or otherwise
No restaurant or coffee shop luxuries
Food is all homebrands
Read newspapers & magazines at local Library
Resigned from Rotary after 30 years
Still retain Commmunity service of 10 years helping children with reading difficulties under supervision of a Literacy teacher
The increase in Private Medical cover has caused me to reduce my cover which is a worry for a seventy-three year old
 
This is just a few items that have changed my lifestyle after 35 years as a Project Development Metallurgist which is heartbreaking and stressful not knowing just how long I shall survive. RC

The failing of Prime Trust sent us into another margin call and we had to sell our new 4WD. BP

Our story is not as bad as others, who have lost their homes, but for us it has been very heartbreaking.
We worked and saved hard to be able to take early retirement, and in 2002, we sold our house invested the money, bought a caravan and went travelling. So, essentially we have lost a house!
As suggested, by our Financial Planner, we lived off the returns from Prime (original investment $220,000.00) and City Pacific(&100,00.00) - which, unfortunately, has also gone the same way as Prime, due to dishonest dealings - and the rents from a little unit on the Gold Coast.
When the returns ceased, we sold the unit and luckily bought a little house out at Nanango.
I then returned to work at the local hospital, as we both hadn’t reached 65, and so a pension was out of the question.
Last October, we decided to rent out our house, which has given us a small income, and we are back on the road again.
At the moment we are at Cradle Mt. In Tasmania, after spending the night in the car park. We stay in free camping areas and try to stretch out our income.
The down turn of our investments have been devastating for our retirement future, but we are staying positive, getting out there and enjoying our life, whilst we are healthy and able.
Any monies that we may eventually receive from Prime and/or City Pacific will definitely be a bonus.
We appreciate the efforts of the action group, S&RT

When we emigrated as self-funded pensioners from South Africa to Australia 6 years ago we had to pay $65000 to obtain an Aged Parent Visa so we could be re-united with our children and grandchildren who were living in Australia. This depleted our funds and we needed to be cautious about how we invested the remaining balance. We were reassured by our financial advisor the an investment in the Prime Retirement Trust was very safe and low risk. We were therefore shattered when we discovered that our investment was worthless!

We hope you are successful in recovering some of our funds from this [words withheld], NO

I was approached by my financial adviser, to become a foundation investor in Prime Trust. I was on the point of retirement at the time and working part time. All the indicators that were provided by Prime to my adviser, suggested strong growth and reasonable returns from a company in an industry catering for aged accommodation, that we all know is an area that is in need of considerable growth.
 
My initial investment was $30,000.00 plus some re investment shares instead of dividends. This loss has had a considerable impact on my retirement plans and has forced me to continue working part time to recover this loss, while the directors of prime bask in the glow of other peoples hardship.
 
I applaud the efforts of the Prime Trust Action Group and sincerely hope that some success is achieved against those responsible for the huge fraud that appears to have been done to hard working, honest investors. LM

fraud

I am currently 52 years old and my wife is 50. In 2005 I had been self employed for many years as a landscaper without contributing to a retirement fund apart from one bad experience in 1989 (minor compared to now).
We were facing retirement without a lot put away apart from home equity, and a small rollover from when I worked in a bank. I spoke to a financial advisor who had put the rollover in a more aggresive fund and suggested investing $127,000 in Prime to offset suggested borrowings of $248,000 which would finance the purchase of Woodlots with Great Southern Plantations and Wilmott Forests. After due consideration we took his advice. The dividends from our investment with Prime would bring in around $1,000 per month and the interest on the loan would be roughly $1,500. We only had to pay $500 per month and our retirement was looking possible.
After a short time we were getting nothing from Prime. The suggestion was that by not paying dividends, they would come good. Okay, we thought we just had to weather the storm for a while.
The GFC also meant our rollover had taken a severe beating
Next bit of news was that Great Southern had gone under. Pretty scary stuff, but at least Willmotts were very secure according to our advisor.
Then Willmotts went down the drain.
Now we have the $248,000 loan to look forward to at retirement and meantime it's costing us $1,500 per month. The $127,000 with Prime just adds to the pleasure.
Gunns have taken over the Great Southern plantations but of course will deduct their expenses so we might get a small payout which I guess is better than zero
No one looks like taking over the Willmotts plantations so our 'very secure' investment seems dead in the water
It's going to be hard work swinging a hammer and pushing a wheel barrow in the hot sun in my eighties, GD

From some of the blogs I read from the prime action group website and what I heard from previous investor meeting, I do feel for all those people who have lost a lot. I hope we can get something back to
everyone who is struggling. Here is my story.

In 2006 I was approach by a financial planning firm. I was introduce to a financial adviser who recommended 4 products to me, one was Prime Trust. At the time, I was single, had very little knowledge about investing and finance and had some equity in a property which I have now used it to borrow money to buy into these products. The amount invested in each product was recommended by the finance adviser which I think now was too much for each products.

As at the beginning of the GFC, I have withdrawn from 2 of the products which I have made a small lost on, but still a meeting with the finance adviser at this time recommend I should borrow more to
invest but I refused. So now I still have the Prime trust and another fund (GSL - Great Southern Cattle Project which are currently pending legal action by IMF for their wrong doing). All 4 recommendations by the financial adviser have done badly.

With Prime trust in voluntary administration and GSL Cattle project fund pending legal action, I am feeling the stress on a daily basis if I ever able to paid these huge debts. Also, now that I have a spouse
and a new baby who dependent on my income, although we are not struggling but we are close to the board line. With every interest rate rise, food and petrol price rise, if the car or the house need
fixing, it become very scary that we could end up losing our house and not be able to paid the debts.

In all, I am angry at fund managers who change rules and regulations, make deceiving claims and taking money from hard earning investors and people's life saving. I am angry at financial advisers who make poor recommendation based on their commission and little or no research. While my financial adviser is driving around in his new bmw, my family and I face a scary future. I am angry at myself for being so ignorance and to listen and invest with to these people. A

You are viewing the text version of this site.

To view the full version please install the Adobe Flash Player and ensure your web browser has JavaScript enabled.

Need help? check the requirements page.


Get Flash Player