Firstly we would like to take this opportunity to thank you for setting up the group and for the participation and conviction of the group activities on behalf of all the unit holders of Prime Trust. We are very grateful for your efforts and appreciate the amount of work involved with such an exercise. We would have not known where to begin, not to mention have the funds to pay for any legal advice.

Our story, whilst financially nasty to us, in comparison to other investors we would consider ourselves to be some of the lucky ones. At this point in time we have not lost our home only the $35,000.00 initial investment in the Prime Trust. We invested firstly through our family self managed super fund, after recommendation from our Financial Planner that this should be a worthwhile investment in our portfolio, and then used some of our own funds to take out another investment outside of super. At the same time we placed additional funds into another investment which has since disappeared. We thought Prime would be a stable investment, considering the fact that there would be huge demand for retirement homes due to the aging population. These two losses have all but wiped out our superannuation savings and we now find ourselves in the position of having to continue to work for a longer time in order to hopefully replenish the losses.

bankruptcy-billetc

When the unit price continued to drop and reached the 50% level, like other investors we had thoughts of cutting our losses and selling out of the investment only to receive communication from the Trust, asking us to be patient and hold off selling. We have learnt a valuable and expensive lesson from this experience. We had deep concerns about the management of the trust for some time, however were silly enough to believe what we were being told and so did nothing.

We are giving you our small story to add to your collection, however as you can see we have not been that badly hit so far. We do not have any idea what the long term effects can have on us only that we are now very nervous of making investments in anything. My husband has gone back to only wanting to invest in term deposits. We have lost confidence in Financial Planning and Investing in all areas. We moved our super into a self managed fund so that we could take advantage of a wider range of investment opportunities. We place no blame on our Financial Planner as he was acting under the information he had at the time. We made the choice to invest so we wear the result.

We just find it sad that there are people in the world with no conscience of their actions and are happy to see naive souls lose everything so they can live high on the hog.

Again, thank you for all the work you are performing and we pray your endeavours are rewarded with some sort of justice to those responsible for this mess. Whilst we are not in a position to commit any further funds to this investment we are more than happy to assist in any way we are able. K & P

Just wanted to let anybody who is interested of the financial losses incurred over the last five years.
 
2005 Westpoint collapse $405,000
2008 MFS (Octaviar ) collapse $110.000
2009 Paridian collapse $ 25.000
2010 Prime collapse $ 70.000
 
TOTAL $615,000
 
We would definitely have had to sell our house if we hadn’t received an inheritance
from the death of my father. AP

left with nothing

We have experienced substantial loss in Prime Trust which has adversely affected our retirement plans. If justice can be sought in this case, we would greatly appreciate it. J & H

Thank you for your update. We have not yet heard from ASIC but we will chase them shortly if we don't. We have had a response from our MP Alan Tudge saying that he has brought the matter to the attention of Hon. Bill Shorten and will advise us as soon as he has had a reply. We will in turn send you a copy of a reply when and if it arrives.
We have not lost our home through this investment but it does mean that it has very materially degraded the quality of our retirement. J & B

Thanks you for your message, and for your endeavors on our behalf, I trust that the best possible outcome in the circumstances can be achieved.
Regarding hardship, whilst such has not been apparent for us at this stage, the lost of significant proportion of our capital, through the collapse of the Prime Trust, has left us vulnerable in the future. EY

My husband died in 2008 and with the subsequent downturn in the economy and impact on the share market, the failure of Prime Trust to look after its members was another blow to my general welfare and health.
I experienced periods of sleeplessness depression of general feelings of inability to cope. A big thankyou to the action group for taking the side of the "ordinary folk". EC

I would like to express our deepest regret at trusting our albeit (to some) small investment to the trustees of this Prime Trust retirement fund.
 
Our investment of $10,000 was made in the hope of growing a small nest egg for our daughter's secondary education. Now that this is gone our choices and options have diminished.
 
It saddens us greatly that we cannot offer our daughters the best possible education because of the mishandling of our hard earned money. Our current circumstances make it virtually imposssible for us to recover this sum. M & P

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