Newspaper article The Observer (Gladstone, Australia)

Couple Say Banks Made Storm Worse

Newspaper article The Observer (Gladstone, Australia)

Couple Say Banks Made Storm Worse

Article excerpt

Byline: Amy Glass

TWO Gladstone-based investors in failed financial services group Storm Financial have spoken of their frustration and loss following the collapse of the Townsville-based firm.

Richard Hasse, 60 and wife Judy Hasse, 59, lost $350,000 after Storm Financial was placed into voluntary administration on January 15.

It is unclear how many Gladstone clients were involved with Storm Financial but many people throughout Central Queensland are believed to have lost their homes, along with their life savings through the failure of the firm.

The Hasses only became involved with Storm in 2008, and are not facing the loss of their home as they structured their margin loan using their rental properties and rental income rather than their own home as collateral for the bank loan.

"We are not as badly off as a lot of people - we aren't losing our home.

"We've heard a lot of horror stories about retirees having to move in with their children," Mrs Hasse told The Observer yesterday. …

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