The customers had established SMSFs with one financial advisory outfit and then ultimately were told in 2013 that it was becoming Arion Financial, the court heard.
All of the witnesses who are making a complaint … dealt with somebody called Craig, Mr Copley said.
A director of Arion would testify that person was Craig Gore, who was not a director himself, Mr Copley said.
The SMSF beneficiaries allegedly said that Craig had asked if they wanted to invest in debentures.
These people understood that what they were doing was they were making their capital available, that it was going to be put into an investment which at the end of 90 days would be returned to them, Mr Copley said.
That their capital was safe, that [it] would come back p…
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