Untitled Document

More than 4000 investors lost their money in the collapse of a company called Westpoint, the owner of which was Norm Carey. As the record will show, had the Australian financial regulator, ASIC, carried out its designated function, this would not have happened. While this site is primarily concerned with West[point, it does touch on other areas of ASIC failure.

As my_reasons for investing in Westpoint shows, I (and so many others) carried out considerable research before parting with my money. I can only say that the regulators failed dismally in their duty to protect Westpoint investors. I hasten to add that in this regard Westpoint investors were not orphans.

WIG members are not alone in believing the majority of failures in the marketplace (from the time of ASIC becoming operational in 1999) could have been prevented if we had a regulator capable of carrying out its intended function. The only way in which the unanswered questions can be resolved is through a Royal Commission. Last year (2007) Senator Nick Sherry promised an open inquiry into past ASIC performance if Labor came to power. He has yet to implement his promise.

With the exception of Other Sites (which points to sited the reader may have an interest in exploring), the left hand panel hyperlinks point to entities containing the files that provide a timeline of events in the Westpoint Story, the documentary evidence supporting any claims I make.

Please note: The Current Information hyperlink takes the reader to recent information (mainly press clippings) while Time\Need for a Royal Commission is both a timeline of Westpoint history and documentary evidence of the need for Royal Commission into the Financial Industry.

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Graham MacAulay - President, Westpoint Investors Group

Contact : gmac@ihug.com.au