and who runs it? Kev and Kath do
Kevs credentials are listed below
The Investment Club says interest rates in Australia are among the highest in the developed world.
The club wants rates to be cut by 2 per cent to bring them into line with countries like New Zealand.
Investors Club president Kevin Young says the RBA has repeatedly breached its own charter.
"On our website we've listed 80 breaches of their own charter," he said.
"They're a completely non-elected group who can destroy our lives. Their crystal ball is flawed."
Speaking of crystal balls
Regular readers of my articles will know that, for a number of years, I have been urging caution about dealing with a so-called "investors club" run by a former bankrupt called Kevin Young who was formerly known as Kevin Sampe.
I believe this "club" is not a club, but a large, well organised property selling outfit which receives large commissions for selling properties that are often over-priced.
It disturbs me that this purported club claims that its services are "free" when, in fact, it is getting as much as six per cent commission from the sellers of properties (often property developers).
Young claims that his "club" has around 200,000 members, however these so-called "members" are mostly just lists of names and contact details. I believe it is misleading to refer to mailing lists as "members".
I believe it is also misleading for this "club" to claim it does not have salespeople when, in fact, it has around 350 people trying to sell property, often through seminars. The fact that salespeople are called "support members" does not change the fact that they are salespeople.
I have received many complaints from investors who have dealt with this "club". I have not publicised all of them, nor, in fact, have I written all there is to write about Mr Young and his selling outfit. More information will appear in my upcoming book, Stitched!.
For many years, Kevin Young has been threatening me with legal action. He has also threatened others who have criticised him and his methods.
Young has now commenced legal action against me for damages and defamation. I am looking forward to defending his claim. I will keep my readers informed as the case proceeds.
In the meantime, however, if you have any information that you feel can assist in my defence, please let me know by contacting me at neilj @jenman.com.au.
Thank you.
Neil Jenman
Neil Jenman is on this site
What the heck, its only munny
