QLD Not a Accredited / Sophisticated Investor but sold into an investment anyways...

[jarado99]

Hi,

I was looking into an Oil well investment which was sold to me here in Australia but the investment company was an LLC in Texas (as was the oil wells). When I got the documents it stated all over it I needed to be an accredited investor. I raised the point that I don't think I will be able to take the investment any further however they encouraged me to fill in the questionaire and see how it goes as wouldn't let a little paperwork get in the way of what could be a good opportunity. Anyways I filled in my real status on the questionaire which was way off the requirements for an accredited investor and sent over. They approved me for it and I invested.

Unfortunately, the investment has gone pearshape. My questions is, do I have any grounds for them selling me something that was only to be for accredited investors?

Thanks

J

 

[Rob Legat - SBPL]

From what you've said, it may be that they weren't able to take investments at all in Australia. You need to contact ASIC immediately and tell them about your experiences: How to complain | ASIC - Australian Securities and Investments Commission