The sad part his background was the bottom end of the financial market (i.e. compromised or low doc retail lending) and he figured out with the inevitable loosening of SMSF rules that he could fleece the same customers his company (Wizard) helped get into debt in the first place over their houses by encouraging them to invest their hard earned super funds in his listed vehicles and then fleece them through fees, related party advisory services, joint arrangements for marketing, promotion etc. and none of us figured it out until it was too late.
Better still he has done it through what might be considered legitimate business or societal entities with perceived goals greater than his own.
More fool everyone, it was never anything less than absolutely all about him.
YBR Price at posting:
14.5¢ Sentiment: None Disclosure: Not Held
