NSW: Investors lose money in three out of four rural investments

AAP General News (Australia)
04-04-1999
NSW: Investors lose money in three out of four rural investments

The Australian Securities and Investments Commission has warned that investors lose their
money in three out of every four rural investment schemes.

ASIC Regional Commissioner GREG TANZER says it isn't usually the product that's the problem
-- it's the fees that line the pockets of the promoter and manager, and unrealistic claims of
high profits.

Every year between April and June new rural investment schemes are offered to investors,
with the promise of high returns and tax concessions.

Mr TANZER says last year more than 700 people rushed the ASIC infoline trying to invest in
April Fool's Day promotions of fake blue bottle farms and goat-sheep cross breeding programs.

Last year more than 11,000 people in 30 projects had their tax deductions disallowed.

AAP RTV lk/jmt

KEYWORD: INVESTMENTS (SYDNEY)

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