Wednesday, October 1, 2008

Dealstream, where art thou?

Wow, what a bombshell!!!

On the afternoon of Friday, 19 September 2008, I received a phone call from an investor, asking me whether I am aware of the problems at Dealstream. He pointed me to a news article on fin24, which I duly read with amuzement and surprise. I then tried to contact Dealstream using the usual 0860 TRADER number, and the phone was just ringing.

The business radio shows on that night and the following Monday and Tuesday talked a lot about Dealstream and what happened. My slight optimism was destroyed, knowing it would take a long time to get my money back, if at all.

What happened at Dealstream is a devastating blow to me and my personal financial planning. I have my whole CFD/futures portfolio with Dealstream, I have been a client of Dealstream for two years, and I have not had a material problem with them. And now this!

I have been rallying fellow affected investors to form a colelctive action group. I have contacted Investec, RMB and FSB, however I am still in the dark as to what is or has happened with my portfolio. Only time will tell.

As a financial planner, I am stumped by this one. There are certain things you can try and plan for, and there are things you can't plan for.

No comments: