Australian brokerage collapses

collapsed barn
What’s worse, Opes Prime apparently was deliberately making false entries to keep high net-worth accounts from facing massive margin calls – this on orders from the CEO who has now had his passport held.

Unbelievably, the fine print in margin agreements gave Opes the right to borrow against client holdings – and to sell them to make their margin calls (not the clients), if needed. Which is precisely what they did. Many small investors have lost everything.

Sounds like a whole lot of people here need and deserve to go to prison for a long time.

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