This article was contributed by James Clague of Pacific Wealth Creators who spoke critically at the OPI Pacific Finance moratorium meeting. [Victim of Vestar]

What a disgrace. If someone had set out in the late nineties with an agenda to crush the confidence that was returning to the New Zealand investment sector post-1987, they really could not have done a better job.
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We can’t tell you how glad we are to find your site and to know that other ripped off investors feel as we do – and it also gives us a bit of hope that maybe something can be done to retrieve our money.

We want to thank you for putting up this site. We are angry and in shock here about what has happened to our very hard earned retirement funds. Also we are worried about the funds in moratoriums – we don’t know whether we will ever see that money again, and if so it will be a long time.

This has completely ruined our retirement plans which were not for anything grand but just to have enough for our needs as we got older and to visit our family occasionally.
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We have been inundated with questions about upcoming meetings, for example…

• I understand there may be a EUFA meeting to be held on Thursday 26 June. Are you able to let me have details of the time and location?
• Will there be any more meetings we could perhaps attend and where will they be advertised?
• I am a former Vestar client and would like to be involved with EUFA. Can you please let me know the location and time of your next meeting (Thursday 26th June I believe). Thank you.

Here are some answers…
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I thought long and hard before deciding to publish this article. We’re not here to endorse financial planners but Gareth Morgan makes some very good points. Besides, I regard him as one of the good guys. But to all the other financial planners out there, if you have nothing to contribute to the dialogue and you’re just touting for business like some who’ve contacted us, don’t bother. [Victims of Vestar]

Dr Gareth Morgan is dismayed at the way some players are still treating Vestar investors. Gareth Morgan Investments has been taking over portfolios of Vestar clients and not charging any fees at all on the investments that are currently suspended or of doubtful value.

“I found the statement attributed to Vestar bidder George Gould an indictment on how financial advisers treat their clients”.
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One of the aims of this website is “to tell the stories of those Vestar clients who have lost their hard-earned savings”. If we remain silent, we are as good as condoning the actions of the people who gave us bad advice.

Yes, we want to help you take action against Vestar to recover your life savings. But we also want to make the world a better place. We want to make sure this never happens again. We want to help tidy up this industry of commission sales hucksters (or financial planners as they prefer to call themselves) so that our sons and daughters and grandchildren will not be duped like we have.

It is important that your Vestar stories reach the public domain. We want to publish your stories on this website. Here’s how I see it working…
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Over 30 disaffected Vestar clients met in Auckland yesterday to look at ways of recovering losses due to finance company collapses. 99% of EUFA members went to a professional financial advisor for advice which included the financial advisory company Vestar.

The meeting organised by EUFA (Exposing Unacceptable Financial Activities Inc. Soc.) was the first of Vestar client meetings planned from Northland to Invercargill with further meetings expected. Vestar clients from throughout New Zealand are expected to join the action.

The mood of the meeting yesterday was sombre coupled with determination to seek accountability. A litigation barrister who advised the meeting on the next step in the legal process explained to the aggrieved investors the actions we can take as a group.
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Victims of Vestar, did you receive a letter from Gould Holdings Ltd earlier this month? Not all investors received the letter and I know some of you are curious about its contents.

Click the following link to read the letter now, or right click and select “Save Target As…” to download it to your computer: Gould letter (PDF, 1.05 MB). This is a large file so if you’re on dial-up it might take a while.

Dated 5 June 2008, the letter says that Gould Wealth Management Ltd has entered into a conditional contract with Vestar to buy their investment advisory business. They want us to agree to a new portfolio management agreement with Gould Wealth Management on identical terms and conditions as our current Vestar contract, but with a fee concession. More on that in a moment.
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EUFA have arranged a workshop on Tuesday 17 June for disaffected Vestar clients. Australian consumer advocate Denise Brailey will lead the workshop.

Denise’s message is clear and supportive of the EUFA philosophy – to seek a just outcome for losses in all financial collapses and to seek accountability.

When: Tuesday 17 June, 2:00 pm

Where: The Commerce Club of Auckland, 27-33 Ohinerau Street, Remuera.

$5 per person (suggested donation for meeting cost)
EUFA  Financial Members only (new financial members welcome)