Sue the enablers: lawyers, appraisers

Good news for the thousands of Kiwi real estate investors who have lost +$80 million from a tanked franchise system.

I like it. I like it a lot.

Sue the practicing attorneys with the greatest legal duty and insurance rather than the smarter, former one who is in Oz now.

  • Want to pretend fulfilling your fiduciary duty to a client?

Okay.

  • Let’s e-publish a list of the defending solictors and their law firms.

Auckland law firm Ellis Law is trying to take legal action against the lawyers and appraisers who helped convince senior citizens to sign up for some very high risk, fuzzy logic investments.

Ellis Law principal Brian Ellis said there were a number of concerns surrounding the solicitors’ actions, including:

  • The size of the deposits investors were required to make.
  • The immediate release of investors’ deposits.
  • The lack of explanation in the documentation about who actually owned the property and who was developing it.

But some things stay the Same: And what is the government doing when asked by Ellis and Paul Dale to help centralize and co-ordinate claims?

Other than acknowledging the lawyers’ request the Government has not yet responded.

There is still lots of work to do.

Ellis said many affected Blue Chip investors could not afford the $2000 retainer the lawyers were charging. “We think there’s a large number who have done nothing.”

He knew of people in their 70s and 80s who had no idea what to do, and who were struggling to even write a straightforward narrative of their situation.

Anyone that waits for any western government to help out when the inevitable and predictable fraud sausage blows up, is a damn fool.

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