lots to learn about opes

  1. 1,508 Posts.
    Fraud, if that's what it is, would mean little scope for a claim against Opes directors' professional indemnity insurance policies.

    Two, another ANZ employee was put on ''gardening leave'' late last week. That makes three now.

    This is poor news for ANZ and good news for Opes' clients as it delivers them, potentially, a set of deep pockets to sue.

    The bank is yet to come clean on the depth of its involvement, although speculation has it some employees had margin accounts whose limits had possibly been relaxed.

    Were this the case, the conflict of interest in being both the lender and the beneficiary of favours could land the bank in a spot of legal bother.


    Four, ANZ is yet to respond to questions over superannuation assets being frozen.

    It is legally questionable whether people's super can be transferred to a third party. Moreover, super cannot "borrow'' for margin-lending purposes so a jumbo loan agreement could not have been struck.

    Stock held in a super account should have a separate HIN number and so it should not be touched.

    If it is the case that super stock has been sold, that would be illegal, and ASX and ASIC should be onto it - as should bank regulator the Australian Prudential Regulatory Authority (APRA).


    http://business.theage.com.au/lots-to-learn-about-opes/
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