Hi, Rod.

RS> DP> I couldn't agree more with your attack to the County &
Estate people.

RS> DP> We should notify the ASC when you receive similar letter. The offer
RS> DP> was made to mislead people into selling their valuable shares at
RS> DP> discounted price to market (offering no brokerage). In all cases, they
RS> DP> don't tell you your shares are worth alot more than their offer. The
RS> DP> offer is nothing short of a fraud. Under the ASC legislation, the
RS> DP> securities dealer could lose their license if found to have committed.

RS> Its distinctly arguable if it is a fraud in fact. There aint no law
RS> that prevents you from offering a price which is not the best price.
RS> The seller is expected to work out what is a viable price basically.

That's pretty much true Rod. There may be tax implications for "non
arms-length" transactions at other than something close to a current
market price, but not illegal or fraudulent.

OTOH I don't think *I* could do that, I'd lose my licence. Something
similar happened recently to an adviser at another broker (I forget
which); if I remember correctly he was "downgraded" for 12 months so
that he could still do research for example but couldn't advise clients.
The details were however at least slightly different to the "Country
Estates"-type proposal

RS> DP> I'll be arranging a number of meetings with the appropriate
RS> DP> authority on the unacceptable behaviour of County & Estate.
RS> DP> They will need to pay for what they do to people.

RS> You want to watch out, coz if they are in fact not breaking
RS> any law, you can end up with real problems if you claim they
RS> are involved in criminal activity.

It's not just Country Estate either, I get calls from clients
periodically who have had a letter from someone offering that sort of
deal, asking my advice.

Regards, FIM.

 * * This tagline ripped off by OLX!
@EOT:

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