| Matt George and his company Money Choice |
| scam and scam. Puts you in loads of debt and at risk of losing everything under the "guise" of being a "wealth creation & inves |
| 5th of Aug, 2012 by The729Club |
We would like to warn people from using a company called Money Choice run by Managing Director Matt George, based in East Melbourne, Australia.
www.moneychoice.com
Phone: 1300 625 626 or +61 3 9417 2551
Matt George's mobile: +61 4410 325 870
Matt George's email: [email protected]
Money Choice Finance Solutions & Money Choice Property Solutions as well as Money Choice Property Management are a so called “one stop” shop property investment and wealth creation company.
What Money Choice offer is a scam set up to line the pockets of Matt George and nobody else!
He sells overpriced property, uses unscrupulous ways to get finance which consequently put clients in debt far above what they can afford to service.
Many clients have gone bankrupt, many have been financially crippled. Some of these people are approaching retirement some are pensioners. Some have had to sell all their investment properties and have also been left with huge debts against their homes. Some have had to sell their homes.
Often clients are told they cannot finance the property they purchased from Matt George when it comes to settle and they are either forced to on sell the contract. This then earns another commission for Matt George on the same property when he steps into “help” the client get of their sticky situation.
Or the Money Choice client is told that they have to rescind the contract and lose their deposit and incur damages from the developer. Remember they were told when they purchased the property that they could finance it and afford to service it.
What does Matt George get out of it.
Matt George earns 6% commission paid to him from the developer on selling the investment property to you. He gets 3% upfront and another 3% on settlement.
He earns another 4% if he on sells the property for you when you find you can’t settle and you’re faced with a huge problem.
Trailing commissions from the lender for the finance he arranges for you.
Property management fees if his property management side of the business.
Money from the defaults when you cannot service the loan.
Money from the break fees on the loan when you have been forced to sell and you need to pay the lender back.
Where to go to complain if you have been affected;
I encourage anyone who has had issues with Matt George & his company Money Choice to take their complaint to the following authorities;
The Australian Securities & Investment Commission ASIC
ASIC are interested in any finance activity or property contracts post 1 July, 2010.
http://www.asic.gov.au/
1300 300 630
Consumer Affairs Victoria CAV
Matt George does not have his Agents Representative Certificate and is therefore not allowed by law to sell real estate. He should not be showing clients floor plans, price lists, contracts etc.
Cameron May
Consumer Affairs Victoria CAV
[email protected]
(03) 8684 7271
Credit Ombudsman Service Limited COSL
COSL are an impartial dispute resolution service as an alternative to legal proceedings for resolving complaints with Money Choice which is a participating financial service provider.
http://www.cosl.com.au/
Phone: 1800 138 422
The Australian Competition and Consumer Commission ACCC
If you have any issues with the price of the property that you purchased being over inflated or misrepresented to you.
http://www.accc.gov.au/content/index.phtml/itemId/142
1300 302 502
All of these authorities are investigating Matt George and Money Choice and this is where people should turn to for help & guidance. |
|
|
|
|
ASIC cancels Money Choices licence and bans its director Matthew George
Wednesday 15 May 2013
ASIC has cancelled the credit licence of Money Choice Pty Ltd (Money Choice) and banned its director, Matthew George, after an investigation found failures to comply with credit laws, responsible lending shortfalls and instances of unlicensed self-managed superannuation fund (SMSF) advice.
Mr George, who is the sole director of the Melbourne-based property investment and finance business, has been banned from engaging in credit activities for eight years and from providing financial services for three years.
‘Mr George demonstrated through his conduct that he is not a fit and proper person to engage in credit activities, ’ ASIC Deputy Chairman Peter Kell said. ‘This included some instances where Mr George preferred his own interests to those of Money Choice’s clients.’
Mr Kell also said that ‘Mr George was found to have advised some clients to set up a SMSF for the purpose of purchasing property when he was not licensed to provide such advice.’
‘We do not want to see SMSFs become the vehicle of choice for property spruikers and the action we’ve taken against Mr George should serve as a timely warning of ASIC’s intention to ensure compliance with the law.
‘ASIC is committed to improving the standards of advice given to investors regarding the establishment of SMSFs and the investments within the SMSF, including investment properties.’
Between 1 July 2010 and 23 August 2012, Money Choice brokered residential investment loans to more than 40 clients who had purchased a unit on Queensland’s Sunshine Coast. ASIC’s investigation found in brokering some of the loans, Money Choice and Mr George had:
engaged in unlicensed lending
been involved in organising loans from the unlicensed developer
given misleading information to lenders
failed to meet responsible lending conduct obligations, including failing to verify investor’s financial situation, and
failed to have adequate arrangements in place to ensure clients were not disadvantaged by conflicts of interests that arose regarding commission payments.
‘Mr George did not competently carry out his duties as responsible manager and key person, and does not have the knowledge and skills to competently operate a credit business, ’ Mr Kell said.
Money Choice and Mr George have the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal. |
|
|
Post your Comment
|
|
|
