Lead generation and financial services advertising 

Posted on January 29, 2023 by carolynbond

April 2025 update: While Facebook ads for this type of advertising has reduced, ASIC has been warning about lead generation for financial services. ASIC has “detailed how [a number of failed funds, including Venture Egg]  had relied on an online super “health check” to grab customer details at the end of a short survey which circumvents anti-hawking laws, with this data then handed over to advisers who will offer a follow-up contact, eventually putting clients into the funds.”.  Source professionalplanner.com.au

Facebook is full of financial service advertising (including financial advice and debt management) where the financial service isn’t identified, and even the advertisers may use a false name.

If these advertisements are misleading – and some are – it can be very difficult to identify the name of the advertiser, or the business/es that are providing the advertised services.  

Read about my experiences following up on these ads here , here and here – and this one which appeared to link to a scam.

September 2023 – I have added one more, a property investment firm promoting superannuation reviews.

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Rick Otton – the aftermath

Posted on September 17, 2022 by carolynbond

Rick Otton has had a lasting impact on some of his students, and similar risks are there for students of other wealth mentors, including Dominique Grubisa. Also see ‘Rick Otton what harm did he do?’

Property guru Rick Otton didn’t tell Sheree Becker to commit fraud.  (Update: Becker is on bail pending an appeal in 2024). However, a large part of Otton’s dogma was aimed at conditioning students like Becker to reject any views that challenged his teaching.  This included opinions of friends, family, lawyers and government agencies.   

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“Heaps of houses and heaps of money!”

Posted on September 16, 2022 by carolynbond

Update: Sheree Becker is on bail pending an appeal to the Supreme Court in 2024.

Sheree Becker, one of Otton’s “advanced mentoring students” has been found guilty of seven charges of obtaining financial advantage by deception.  (Update – Sentenced 29/11 to 3.5 years jail, minimum 15 months).   Feted by Otton (he referred to her as “advanced mentoring student” and “Doctor of Real Estate”), Becker contributed to his podcasts, provided testimonials for his book and appeared on stage at his seminars – telling the audience “heaps of houses and heaps of money”. 

Becker’s attendance at Rick Otton seminars was mentioned in court – noting that the principles behind Otton’s teachings were “preying on those in distress”.  

Becker on stage at Otton ‘bootcamp’
One of Becker’s ads
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Dominique Grubisa prohibited from legal practice

Posted on July 25, 2022 by carolynbond

On 22 June 2022, the Victorian regulator for lawyers announced that Grubisa “no longer holds a practising certificate in Victoria” and is “not entitled to engage in legal practice anywhere in Australia”.

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Dominique Grubisa banned by ASIC for 4 years.

Posted on April 5, 2022 by carolynbond

ASIC has banned Grubisa for four years from “engaging in credit activity, providing financial services, performing any function in a credit entity, or controlling a credit entity or financial services business”

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Are you a “vulture” if you deal with distressed property?

Posted on August 23, 2020 by carolynbond

Also see, Dominique Grubisa and DG Institute, Dominique Grubisa and DG Institute – Part 2, Dominique Grubisa, Master Wealth Control & Vestey Trust, https://thenaysayer.net/media-dominique-grubisa-dg-institute/

Dominique Grubisa claims that “there is a misconception that taking over distressed properties is preying on struggling families”, and she says that buying a property from a financially distressed owner doesn’t make you a “vulture”.   See other posts about Dominique Grubisa / DG Institute.

This is not a legal question, but an issue of your ethics and values.  I don’t think buying a house cheaply makes you a “vulture”, but my view is that taking advantage of an owner’s vulnerability, ignorance and/or trust is preying on them  – and some of Grubisa’s teaching encourages that.

There are many others profiting from distressed home owners – not just Dominique Grubisa students.  Once a bank issues repossession proceedings, the owners are contacted by numerous businesses (>10 letters is common) wanting to profit from their situation, including a number from Grubisa students competing for attention.  Some of these businesses hope to find a cheap property, others want to offer various services (including debt negotiation), often taking a caveat over the property so they are paid when it is sold. Many of these are labelled “debt vultures” by consumer advocates.

So what, in my view, could make a ‘distressed property’ deal unethical?

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Dominique Grubisa, Master Wealth Control & Vestey Trust

Posted on April 22, 2020 by carolynbond

See my other posts about Dominique Grubisa.

Update:  Claims about Master Wealth Control / Vestey Trust protecting all assets have been found to be misleading by the Federal Court (April 2024).  Statements about a court decisions (Sharrment) supporting these claims have also been found to be misleading.

Dominique Grubisa and her companies offer a range of courses and products, including a course on finding ‘below market value’ properties and negotiating deals with distressed sellers (which I write about here), a renovations course, debt management, legal services, loans, insurance – and her Master Wealth Control (MWC) product which purportedly protects your wealth from governments, bankruptcy, banks, individuals and creditors.

This MWC product (costing about $10,000) has ‘found its moment’ during the COVID19 pandemic.  Unlike some other DG Institute (DGI) products, it doesn’t rely on live seminars, and COVID provides just the right environment to increase people’s anxiety and sell a solution.

Screen Shot 2020-04-22 at 8.15.51 pm

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Dominique Grubisa and DG Institute – Part 2

Posted on September 1, 2019 by carolynbond

Read an overview of my concerns about Grubisa’s Real Estate Rescue technique here.

Also Are you a Vulture if you Buy Distressed property?

This post considers some issues in more detail.

DG Banks Dont Give Change

These are my views on some content of Grubisa’s seminars and videos.

Grubisa is a lawyer – I’m not – but these issues may raise questions that you want to check with Grubisa – or get your own legal advice about.

Grubisa promotes the fact that some of her strategies are new, for example she says about her Real Estate Rescue program “The process has never been taught or practised before in Australia”.   When there is an unusual application of any law, it can mean that it has not been thoroughly tested in a court, and therefore the legal situation may be unclear.

Some strategies are presented in a way that links them to recent legislative reforms.

National Consumer Credit Code (NCCC) Regulations (2009)

Grubisa mentions the NCCC in relation to her “takeover” strategy – which involves students locating “motivated” vendors, controlling the property by way of an irrevocable power of attorney, a signed blank land transfer and other documents;  and taking over mortgage payments until the house is sold for a price determined by the student.

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Rick Otton – What harm did he do?

Posted on November 16, 2018 by carolynbond

making signs photoThe Federal Court has imposed record fines on Otton and his company for misleading his students and the public – but what harm was caused?

Some of Otton’s students lost money, or were prosecuted by regulators, for using his strategies, but even that wasn’t the main problem – it was the harm done to low-income and disadvantaged potential home buyers and sellers.

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Record Penalty for Rick Otton

Posted on November 15, 2018 by carolynbond

On 15 November 2018, Rick Otton and We Buy Houses received the highest penalties ever imposed in Australia for breach of Australian Consumer Law.

The Federal Court imposed penalties totalling $18 million against We Buy Houses Pty Ltd (We Buy Houses) and sole director, Rick Otton, for making false or misleading representations about how people could create wealth through buying and selling real estate, following ACCC (regulator) action.

A $12 million penalty was imposed against We Buy Houses, and $6 million imposed against Otton personally.  The penalty followed a Court hearing in August 2017 .

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