As 2010 comes to a close, good reason for Astarra investors to celebrate. Shawn Richard has been charged and likely will go to jail, and a successor fund, AMP has been chosen for transfer of investors money previously frozen in Astarra super products for the last 12 months.
It is interesting to note, that, in the selection process of the successor fund, that small handful of dealers (Tarrants and Seagrims, to name a couple who were named in the liquidator's hearing to have received secret loan payments) were not included. ie the selection of AMP was totally out of their control. Probably for good reason given the fund they selected for their clients in the first place (Astarra) was run by international fraudsters, and the front man that sucked them in (Shawn Richard), a thirty-something year old Canadian, didn't actually have any qualifications or experience (except of course, for doing the mail run and collecting dry cleaning).
The process for investors now, as it stands with the successor fund, is, quite simply this: Your money is moved to the new AMP fund and the dealer who recommended Astarra is left out. A sensible approach. Afterall, why would you want to pay them any sort of fee given your own anguish and worry over the last 12 months?
However, be warned, those Dealers may well be contacting you, even before AMP, to have you sign up with them yet again. You are not obligated to do so. This is your opportunity, at last now your money is finally available, to vote with your feet.
This is good news for clients caught up in the whole Astarra debacle. We are aware some of those dealer groups are making contact with clients about the transfer to AMP
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