Madamswer,
I don't think there is any question, having watched the relevant questioning again of Kelleher by Hodge QC, that certain members of the fund suffered losses and those losses were made up by the trustee using the members own reserve funds. Even Kelleher eventually acknowledges reluctantly they may have got it wrong.
A fiduciary or trustee whose actions cause loss to beneficiaries and then uses a fund which belongs to beneficiaries to purportedly compensate the losses caused, is engaging in a pretty serious breach of trust, especially when the provision of information to the beneficiaries by the trustee is such they can't really understand what has been done so they are not even in a position to complain about it.
There is no suggestion on my part that a poor performance before the RC amounts to breaking any laws and I am not sure why you make that comment. It is what the poor performance reveals about the person and their past conduct that is the critical consideration for investors in IFL.
All the best, RCS
Madamswer,I don't think there is any question, having watched...
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