Du Val Group entities placed into interim receivership at request of Financial Markets Authority

A certain other company offering 10% returns are still taking money from retail investors, one pensioner just the other week gave them $500k which was his life savings from the sale of his house.  The FMA has done nothing to stop this.  

Was it the same as 10% by Christmas guaranteed LOL

Squirrel Bolton reckons they have a place. 

About 5 years ago I noticed a new Rolls Royce with a 'Du Val' number plate and thought, they'll be bust once this boom runs its course. Sure enough. It's never wise to be spending your investors profits in advance.

I'm sure Kenyon's taken care of his finances. Good luck unravelling it all. 

I had similar thoughts Kaper - it was another reason/data point/observation why I thought it was more probable than not that we were living in a property bubble. 

Umm, not investors profits but investors capital.

I balked at the brazed instagram posted showing CC and children out for a fancy lunch with friends where one of their children was tucking into oysters.  They were so happy with him. Meanwhile someone may be struggling to get their own lunch because Du Val has locked it all up.

Yes they are stupid for investing. 

 

KC generated so many supporters, just wanted a rich business friend?  They all look la bit silly now!  Check out LinkedIn.

Indeed better if they have an old dunger hilux or corolla, then you know they were being wise with money. Points if they went as far as the starlet or early swift. Before the cost of fixing the electrical systems cost more then getting another vehicle.

Yet the key part of a con is the overblown, dress to impress, part of the swindle. In real life those who can afford to live comfortably and in luxury don't billboard themselves with ostentatious things unless they are selling something hard, e.g. central country diplomacy. 

If you see someone in a lambo, tesla or a rolls be very suspicious. It is probably a scam.

Whereas if you see someone in an early 1930's to 1970's car that is a labour of love and a money pit... They obviously have a mild obsession in taking care of things.

When BusinessDesk rang the doorbell at the gated home this morning Clarke said “see ya later ... go away.”

“At work, Kenyon is like a bull in a China store,” Charlotte Clarke said in the video.

Priceless 

Really? A fool and their money are easily parted. 

All your due diligence had to be was to spend 5 seconds googling images of these 2 charlatans (I think that's acceptable lol) and any sane person would have walked away. Same with the other two with boats and planes, walk away.

It's belief in Magic that kept it going for so long.

The magical, Guaranteed Capital Gains that are the divinely ordained right of the New Zealand Residential Property Market.

No need to worry about tiresome things like Return on Asset; Alternative Application of Funds or Net Returns after Costs. Just wait for the fairies to wave their interest rate wand, and all will be well.

You’ve seen it all before ey Olly?

When the FMA investigated them for taking retail money, the FMA did absolutely nothing to ensure that retail investors were repaid their funds. So here we are, with these people about to lose their life savings.

Have to admire him, he's relieving stupid people of their cash and having fun. 

Yes. There is a human cost. But people only get concerned after the fact. 

Definitely risk of big downstream impacts.

One of my clients, for example, supplies a certain type of product into Du Val projects (although they had pulled back in recent months due to slow payment and general 'brand perception' issues). I won't say what it is in case I risk doxxing them or myself.

However, I know they have a receivable still outstanding that definitely won't be getting paid. 

Because every property investor in this country is sitting on a boat load of cash, ready to pounce as soon as the market hits the bottom.  Well so they claim anyway.

My personal experience is that where I'm building property prices are  +12.8% in the last year, and the builder I use has just hired 2 more staff. He's got a stack of work. 

Always pays to buy when everyone says sell. Construction starts Monday....can't wait. 

There are 400 second tier lenders in Nz.

brace, brace  brace

A lot of duped sub contractors go under as they are often left carrying the can for materials costs and loss of equipment.