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Title Four Corners: A Betrayal Of Trust
Published Australia : ABC, 2013
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Description 1 online resource (streaming video file) (45 min. 19 sec.) ; 274365010 bytes
Summary With Australia's population ageing, governments have made it very clear: you had better save and plan for your own retirement. The question is, how can you be sure the money you have to invest is in safe hands?The country's banks might be amongst the best-regulated in the world, but outside the banks it's a very different story. In the past five years it's estimated up to fifteen billion dollars worth of investments have been lost in dubious investment schemes.Next on Four Corners reporter Stephen Long heads into the sometimes shadowy world of managed investment companies, following the money trail and trying to find out how billions of dollars have been lost. The story he uncovers involves murder, suicide and the mass destruction of wealth. It will chill anyone looking to invest their retirement savings.In one case, Four Corners found a company that accepted investment funds, promising competitive returns, in a business that seemed like a winner. What the investors didn't know was that the company's founder was removing millions of dollars from the company in fees that he paid to himself. To many of the investors this looked like fraud, but to their dismay no criminal charges have been pursued. The company went into liquidation leaving them with nothing.Under the law as it currently stands, the corporate regulators are not empowered to demand that mortgage funds and trusts have enough money to back their lending. They can't stop them lending money to their owners or related companies, and they cannot stop the conflicts of interest that riddle the sector.Investors are protected only by the requirement that companies taking their money disclose the potential risks involved, somewhere in the fine-print. In other words, as long as they disclose, almost anything goes
Event Broadcast 2013-03-04 at 20:30:00
Notes Classification: NC
Subject Fraud investigation.
Investment advisors -- Malpractice.
Investment of public funds -- Management.
Investments -- Corrupt practices.
Older people -- Economic conditions.
Australia.
Form Streaming video
Author O'Brien, Kerry, host
Long, Stephen, reporter
Bramley, Kim, contributor
Claxton, Brian, contributor
Coburn, Niall, contributor
Horne, Stirling, contributor
Leonardi, Sam, contributor
Maher, Danny, contributor
Medcraft, Greg, contributor
Sleeth, Vin, contributor
Steel, D. J. (Donald John), contributor