Was Terry Serepisos Scammed?

[Foggyone]

And a further story today is headlined Unlikely creditors will get money from Serepisos.

Official assignee Joanne Basher says .........................

She says it remains unlikely they'll ever get their money back.

In November, Ms Basher was awaiting the sale of Mr Serepisos' repossessed boat to see if there would be any surplus but says that still hasn't sold.

[digidog]

Serepisos may be bankrupt but he's still driving very tasty vehicles. And how come our Terry doesn't need
to display number plates? I think we should be told.

http://www.stuff.co.nz/business/6949943 ... u-bankrupt" onclick="window.open(this.href);return false;

[digidog]

It doesn't get any better for our Terry. His Wellington "castle" is now up for mortgagee sale.

http://www.trademe.co.nz/a.aspx?id=495085565" onclick="window.open(this.href);return false;

http://www.stuff.co.nz/business/money/7 ... n-Trade-Me" onclick="window.open(this.href);return false;

[Foggyone]

In another scam (unrelated to TS, but placed here because it is similar), weak US Banks are being targetted. I wouldn't be surprised if the same scammer that defrauded Serepisos was involved here.

New target for 419 fraudsters: Struggling 'weak' banks

The FDIC has become aware of multiple instances in which individuals or purported investment advisors have approached financially weak institutions in apparent attempts to defraud the institutions by claiming to have access to funds for recapitalization.

These parties also may claim that the investors, or individuals associated with the investors, include prominent public figures and that the investors have been approved by one or more of the federal banking agencies to invest substantial capital in the targeted institutions.

Ultimately, these parties have required the targeted institutions to pay, in advance, retention and due diligence fees, as well as other costs. Once paid, the parties have failed to conduct substantive due diligence or to actively pursue the proposed investment.

This is almost identical to the TS scam.

[digidog]

While Terry Serepisos is "technically insolvent" that's not slowing him down. He's still driving expensive cars, partying like there's no tomorrow and enjoying a lot of international travel. The official assignee who by law manages the bankruptcy confirms "there is no money left to pay his personal debts."

All travel was paid for by third parties, so creditors were not disadvantaged.

http://www.stuff.co.nz/national/9220516 ... Serepisos/" onclick="window.open(this.href);return false;

[Foggyone]

Accused fraudster on the run

No, not Serepisos.

The guy who scammed him for three quarters of a million, Western Gulf Advisory's principal, Ahsan Ali Syed.

There are funds retained in Switzerland and the Bahamas. Wonder if Terry (or his creditors) is in line for a windfall?

[digidog]

Here's a rather bizarre story from today's Herald.

Terry Serepisos 'flabbergasted' after arrest

Terry Serepisos says he is "flabbergasted" after he was arrested and appeared in court because of child support for his 19-year-old son.

Serepisos was arrested after arriving back in New Zealand from Greece last night.

"For whatever reason, they decided to set out a warrant for my arrest," Serepisos said outside Wellington District Court this morning.

No papers have been served and no charges laid but the Inland Revenue Department raised the alarm and police arrested Serepisos before releasing him on bail.

"The silly thing about it is, my son lives with me, and his mum, and I don't believe there is child support owing..." Serepisos said.

http://www.nzherald.co.nz/business/news ... d=11329764" onclick="window.open(this.href);return false;

[digidog]

We seem to be having a full-on Serepisos day. You'll recall that he was bankrupted in 2011 over $203m of debt. The Herald reports that Serepisos won't be automatically discharged from bankruptcy next month.

The OA (Official Assignee) confirmed this morning that it had formally filed a notice in the Wellington High Court objecting to Serepisos's discharge from bankruptcy.

"This means that he will not be automatically discharged from his bankruptcy when he becomes eligible for discharge on 7 October 2014," an OA spokesman said.

"As the matter is now before the court it is inappropriate for the Official Assignee to provide any further comment," the spokesman said.

It was not immediately clear whether this objection means Serepisos is required to appear in the High Court to have his financial affairs examined, which has happened in other instances where the OA has objected to a person being discharged from bankruptcy.

[digidog]

Terry Serepisos was discharged from bankruptcy today.

http://www.nzherald.co.nz/business/news ... d=11347783" onclick="window.open(this.href);return false;

[digidog]

13 companies run by Terry Serepisos have been wound up, leaving creditors more than $2m out of pocket.

[digidog]

Another company owned by Terry Serepisos is being wound up.

Receivers have released the final report for Century City Ventures, which shows the company still owes more than $38m to its secured and unsecured creditors, despite the sale of all assets.

The Stuff story reports that Serepisos (who they refer to incorrectly as "Sereispos") owns two new companies which have been registered under his birth name of Eleftarious.