Trio Fraud no place for Labor’s cynicism: VOFF
Australian Labor Party Senator Deborah O'Neill is being urged to stop using the victims of the Trio Financial fraud as a "political football".
Victims of Financial Fraud (VOFF) spokesperson, Paul Matters, hit out at the NSW Senator's "cynicism and hypocrisy" after she accused Finance Minister and Acting Assistant Treasurer, Senator Mathias Cormann of betraying the victims of the Trio Financial Fraud.
Matters said that Senator O'Neill was attempting to make some political capital by claiming that Senator Cormann had vowed to compensate the uncompensated victims, when he had agreed to review the decision of the Joint Parliamentary Committee into Trio Capital not to recommend that victims received any compensation.
"VOFF condemn the statements of Senator O'Neill in regard to Senator Cormann allegedly betraying the victims," Matters said.
"Senator Cormann did not, and I repeat, did not promise to compensate the victims. He undertook to review the decision… We appreciate that Senator Cormann has kept his word.
"The real betrayal came from the Labor Party when it was in government when the Labor Party turned its back on hard working decent people many of who are and were trade unionists.
"Senator O'Neill's statements are contemptible and we call on the Labor Party to stop politicking on this issue and do what it wouldn't do in government — support full compensation for all victims of the Trio Capital fraud."
AUTHOR
Nicholas O'Donoghue
Recommended for you
ASIC believes advice licensees are the “first line of defence” when it comes to future product failures and is urging them to monitor their approved product lists.
A former financial adviser has been charged over dishonest conduct, having allegedly encouraged individuals to acquire shares in his firm’s robotic trading technology, resulting in losses of at least $850,000.
FNZ has signed a five-year partnership with Microsoft to “transform wealth management” through technology and artificial intelligence, and create an improved adviser experience.
Fitzpatricks Financial Group chief executive Andrew Fairweather has taken over responsibility for the group’s private wealth subsidiary as its general manager of advice transitions to a new internal initiative.
