opes client without margin loan not in default

  1. 14 Posts.
    Attention to: Opes Clients without Margin Load

    I am an opes client, but I do not have any Margin loan.
    I have cash and my own shares (paid in full in my money) in Opes account.

    In this case, the clients are not in DEFAULT. ANZ do not rights to control the client accounts.

    If you have the same situation as mine, please send me an email to [email protected]

    Then we can form a group and try to get ANZ release our account first by legal action if necessary. At least, get all cash back first.


    Another client:

    No high flyer
    1 Apr 2008 7:02 AM

    I am another investor devastated by the Opes Prime disaster. My account with Opes was to transact as a broker and all my deals were paid up in full and as at last week a significant amount of funds sat in cash with them, in the belief that these funds were held by ANZ Custodians. All of my holdings and cash are now subject to liquidation when I do not owe one cent. This possible outcome was never made known when the account was opened, everything just revolved around what would occur in the event of me defaulting. Why did I use Opes as a broker? Because they were 'monitored' by the ANZ on a daily basis (or so I was told). Because they could execute my trades at reasonable rates and one day if I wanted to borrow a few dollars to buy some shares the availability of funds was there. I am no 'high flyer' but a cautious investor who, it appears, is about to have a good part of his life savings decimated.

    Don't sell out cheaply
    John Evans

    3 Apr 2008 11:06 AM

    Anthony, your situation may be the thin edge of the wedge in the class action. There surely can be no control of your assets when not in default. ANZ surely must take the place of Opes prime in your situation an you should be able to transfer by off market transfer your shares from ANZ back to you and any outstanding monies refunded. The alternative is that a bank or financial institution can sell you up when not in default in many situations. The whole financial situation would fail in these circumstances. ANZ won't want your personal situation publicised, so whatever you do, don't sell out cheaply.

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