Mrs. Gwendoline Harrison, a New Zealand pensioner was served with legal papers at her bedside this week. It involves the collection of a $300,000 mortgage that the franchise company, Blue Chip, sold her.
It appears she is $8,000 in arrears and attributes her illness to worry about being dragged from the home she has lived in for 60 years.
How a 90 year old found herself in such a sophisticated investment arrangement involving so many no-name finance and marketing shells says a lot about the consumer legal protections in New Zealand.
The lender in this case was TEA Custodians.
The Serious Fraud Office announced last week that they are investigating both Blue Chip and Bridgecorp.
The lawyers mentioned are from Sanderson Weir. They are listed on sandersonweir.com as Jonathan Flaws, Nicola Robertson and Julian Macmillian. Their address is listed on this site and they appear to serve both the New Zealand and Australia markets.
Mr. Flaws’ picture appears on their website.
- Pass a law that requires a buyer to get a certificate of legal advice for all purchases of investments of and through a franchise.
- Make professionals personally liable for their advice (no BS liability shields).
- Fund test lawsuit to sue the 1st one that breaches their fiduciary duty to their consumer clients.
- No professional underwriter will deal with that or similar lawyers.
Simple, eh, Minister Dalziel?
Lawyer, heal thyself.