Member for Throsby Stephen Jones has announced a last resort compensation scheme for self-managed superannuation investors, which will protect them against future losses to fraud. This has sparked more outrage from Trio Capital victims who are still waiting for some form of compensation from their losses almost three years ago.
The investors formed a protest outside Jones’ offices last week, organised by lobby group Victims of Financial Fraud Inc. (VOFF). In local newspaper coverage, Jones blamed the financial advisers of the Trio Capital victims for their huge losses.
"The reason these people lost their money is because they followed some very poor financial advice. What sort of financial advisor in their right mind would encourage someone to put their entire life savings into a single asset?" Jones said to the Illawarra Mercury.
He said he will continue to do everything he can to ensure they “have every access open to them, every avenue open to them, to try and find a way to get some compensation”.
VOFF Secretary John Telford has slammed Jones’ claims that he continues to advocate for Trio Capital victims. Telford said Jones failed to attend any VOFF Inc meetings, despite being asked to do so, and said Jones had not arranged any meetings between VOFF and Finance Minister Bill Shorten, despite implying he had done so in a recent WIN news bulletin.
“We have held only one meeting with Minister Shorten, and it was arranged by VOFF Inc and the Ministers office directly. Jones chose not to attend that meeting or the follow up meetings with the Ministers staff.”
VOFF has called for Jones to be ousted and replaced with an independent at the next election.
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