Legal birds swirling finance companies

Exposing Unacceptable Financial Advice (EUFA), launched last month to protect "mum and dad" investors, has arranged for outspoken Kapiti Coast adviser Chris Lee and Christchurch lawyer Grant Cameron to address a meeting in Auckland on October 25 for the general public who lost money in Bridgecorp.

"This step is the next move to bring action against financial advisers and Bridgecorp," EUFA co-ordinator Suzanne Edmonds said.

"EUFA want investors to come forward or send an advocate to the meeting to begin a process of accountability, hopefully ending in a positive judgement," she said.

Menwhile Lee has named some other lawyers who want to hear from investors in failed finance companies.

He says Wellington barrister James MacFarlane is compiling a detailed database of investors who believe they have lost money from the failure of finance companies as a consequence of the negligent or dishonest advice they received from their financial adviser.

Details being compiled include the name of the adviser, details of advice provided, amounts invested, the finance company and the portfolio allocation. This relates to all finance companies which have failed in the last 18 months.

Another solicitor, Grant Cameron, of Christchurch is also reportedly to keen to hear from investors.

In addition to this Good Returns reported that Auckland-based Andrew Hooker of Turner Hopkins was looking for people who lost money in Bridgecorp.