We are compiling a list of ex-Vestar advisors.
If your Vestar advisor is not listed below, would you be kind enough to leave a comment below with the name of your advisor, and which office they were working out of.
Here is the list we have so far… (more…)
Most of us are now managing our own investment portfolios, or what little is left of them, and the one thing everyone wants to know is how much we’ll get back. Here’s a list of all the failed finance companies since 2006 with best estimates of the final expected payout.
It’s been a wee while since I last posted an article here and you’re probably wondering why. It’s not a very long story so I’ll get to it…
Q&A Friday is published every Friday while there is demand. Email your questions to vern@vov.co.nz. We won’t publish your name.
Today we have some news updates that have come across James Usmar’s desk this week… (more…)
Q&A Friday is published every Friday while there is demand. Email your questions to vern@vov.co.nz. We won’t publish your name.
Question: I have received a letter from Stock & Share Trading Company Pty Ltd offering to buy my class B secured debenture stock. They are offering 5 cents in the dollar. Is this a good deal? Should I take it? What would I get if I waited to get paid out by the receiver? (more…)
I have grown increasingly uncomfortable with the “Victims of Vestar” name and would like to ask for your feedback.
The name hasn’t been sitting well with me for some time. This feeling was cystallised recently in an exchange of comments with Graham who talked about “a blog which is (more…)
An article in Saturday’s Herald titled “Recession over the hump and wasn’t so bad after all, Sir Robert says” quotes Bob Jones as saying…
“Naturally the downturn wiped out the developers as downturns always have and always will, and in turn, wiped out thousands of mums’ and dads’ savings through dumb finance company lending to those developers.
“Aside from stupidity, the salient reason for this disaster was the imbalance which arose when finance companies found cash inflows easy and sensible lending options scarce. So they increased their high-risk lending to developers in the absence of other options. It’s an age-old cynical, cyclical pattern which will repeat itself within a decade.”
It’s obvious to us investors now that the reason finance companies found cash inflows so easy was (more…)
The NZ Herald reports today on papers filed in the High Court at New Plymouth. It quotes an elderly woman whose life savings were invested into seven failed finance companies and funds, including ones Vestar was connected with.
This will sound very familiar to Victims of Vestar members, many of whom have identical stories. (more…)
Dunedin-based sharebroking and investment company Forsyth Barr opened a North Shore branch at the end of last year with three staff members, including non other than Pip Irwin, one of Vestar’s spruikers.
A heads up from one of our financial advisor correspondents… He has been going through the Westgate Power Centre option for his ex-Vestar clients and discovered that Vestar (more…)
Life’s too short to get depressed for long, so here’s some good financial humour to get you smiling again…
Feel free to add to the humour by leaving a comment below…
Your retirement fund contains a whole bunch of failed investments because of poor advice from Vestar. First I’m going to tell you WHY you should transfer those investments away from Vestar/Gould. Then in part 2 I’m going to tell you HOW (more…)
Be careful what you say lest it comes back to haunt you. Back in February 2008, Vestar’s website carried this statement…
Your Vestar adviser has (more…)
We have uncovered evidence of Vestar trying to sneak investments into investors own names instead of selling them as instructed.
Earlier this year a couple advised Vestar they wanted to cancel their agreement with Vestar and sell everything. Vestar wrote saying they were sorry to see them go and enclosed a bunch of forms to sign. Before signing they decided to check with their lawyer and were shocked to discover (more…)
This article was originally left as a comment in the “Do all roads lead to Gould?” article. It was so relevant to the decisions most of us are currently making that I decided to make it more accessible by posting it as an article in its own right. [Victim of Vestar]
As a private client fund manager I am somewhat disturbed by some of the feedback comments I read on this website. I’m not a financial adviser or plannner and can understand the immense frustration by investors given the damage caused by Vestar. The destruction in confidence will in some cases be beyond repair. The blatant incompetence and scale of the issues (more…)
I saw a Northplan (now Vestar) newspaper advertisement titled “Free Seminar, Fixed Interest Made Simple” in 2004. We attended the seminar and were impressed. Vestar directors had the experience, did the research, and would place our savings in a diversified portfolio called Star Invest, a no fees, fixed term system.
A follow-up call to our home was made by a Vestar advisor, to whom we disclosed our financial situation. At this time we had fixed interest investments spread across nine banks and finance companies. As these investments matured, we agreed to invest them through Vestar’s FIMS service.
Our investments with Vestar started in May 2004. They placed our funds with six finance companies for two-year periods. As the investments matured, we reinvested at the prevailing interest rate for a further two years. We now had our funds locked in until 2008.
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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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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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