Westpoint investors enraged at the collapse of developers Australian Capital Reserve (ACR) will picket Prime Minister John Howard’s Sydney electoral office on Monday.
Placards will read: “Victims of Howard’s fair go”, “Costello’s WMID [Weapon of Mass Investor Destruction], and “Westpoint, Fincorp, ACR. Where was ASIC”[Australian Securities and Investments Commission]?
The small, peaceful and non-disruptive demonstration will be held at a busy intersection on Victoria Road, Gladesville.
“We are protesting at the lack of action by the Australian Government to initiate remedial action on ASIC’s systemic failure to carry out its assigned duty of market regulation and investor protection,” Westpoint Investors Group president Graham MacAulay said.
“We are hoping by all this kerfuffle that the media will start to take more notice of us.”
Investors could be left $1 billion out of pocket by the collapse of Westpoint, Fincorp and ACR.
ACR collapsed last week, putting at risk investments of 7000 people valued at more than $300 million.
MacAulay lost $300,000 in Westpoint through Online Super and Westpoint’s Kebbell Group, he also invested in Fincorp but took his money out when Westpoint began to collapse.
Seven members of his lobby group also had money tied up in Fincorp, investing on average $50,000 in the property syndicate, MacAulay said.
Fincorp was put into administration in March owing 7800 investors $200 million.
