Doug Somer-Edgar has the Reverse Midas Touch, but usually only when he touches someone elses money. Just about everything he or his associated companies has touched has turned to shit.
Clients of financial adviser Money Managers, who were advised to put their money into the First Step investment trusts, have been told by the trustee they lost $59.7 million in 2008.
Much of the “non-recoverable investment losses” comes from losses on loans the trusts made to Club Finance, a South Auckland vehicle finance company which was 50 percent owned by Doug Somers-Edgar, the founder of Money Managers.
It is about time that he had “I am a Crook” tattoo’d in large black letters across his forehead.
Still I guess the old adage of fools and their money being easily parted is still true today especially when it is Doug Somers-Edgar parting the fols with their cash.