For the 7,000 investors who have $330 million placed with Australian Capital Reserve, it is an unnerving time. It was announced this week that ACR has gone into voluntary administration.
What is most disturbing to me is the advertising and promotion surrounding ACR specifically target retirees, many of whom invest their life savings.
ASIC has announced it will monitor the situation and provide an update as soon as it can. Administrator Murry Smith has stated, "It is too early to estimate the ultimate return to noteholders.''
A call centre 1800 002 009 has been established for ACR investors, and updates and information will also be available at the administrators website www.mcgrathnicol.com.
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