Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697628437548.pdf (Australia)
I Con Solakidis, 56 years of age, married with 3 children of adult age.

A 29 year old son with disabilities who requires fulltime care from myself and my wife, 27 year old daughter married and a 20 year old son who are both healthy and active.

I am a fire fighter with the Metropolitan fire Brigade of Melbourne, My wife Litsa is employed with the Note printing Australia.
We have worked hard for all of our 31 years together to raise a family and give them a good life and provide them a good home environment.

Two of our children have been fortunate enough to travel of which we are glad.

My wife and I have not been able to travel, we need to care for our eldest son, who has had surgery from the age of 6 months, and still has to have ongoing surgery which will be required for the remainder of his life.
Two months ago he had a One of two large tumours removed (4cm x 2.5cm) that were putting pressure against his brain stem which was life threatening and/or the possibility of him becoming quadriplegic.

His condition is known as Neurofibromatosis type 2.

We put our TRUST into the skilful hands of the surgeons at the Royal Melbourne Hospital, and a life threatening 10 hour operation was completed in four and a half hours and they were brilliant.
He is slowly recovering but only for a short term as he needs to have the other tumour removed in the New Year when he is stronger.

I have complete TRUST in the surgeons that they will carry out the operation with precision and skill they have mastered, and giving him the confidence he will recover and be able to commence rehabilitation to give him some quality of life afterwards.
Having the stress of all the timbercorp situation on top my son’s surgery and well being has taken its toll on us and the rest of the family.

I was introduced to Financial Advisor Peter Holt ( Holt, Norman, Ashman& Baker) by a friend of mine who was already involved with Peter Holt.

My friend described to me how he was involved in shares with Holt.

I met with Peter Holt in approximately June 2006 at his offices in Burke rd Kew.
He informed me about getting involved into shares and Management Investment Schemes ( MIS ).

I had not heard of these MIS, so he explained that I would be the owner of Almonds, Avocados and Stone Fruits on plots of Agricultural land that would be harvested on a yearly basis of which I would pay a management fee.

He mentioned that there was a huge demand for Fruit products.

I like fruit, like everybody else in this world, so I believed him.
Holt had said they had accounted for some storm damage to the schemes, and that they had the backing of the Federal Government.

Once I heard this I believed it to be scrutinised by a Government department (such as Agricultural) Peter Holt told me how the share market was always on the rise and very rarely lost value, this was explained by showing me Graphs and Charts he had over the last 20 or 30 years.

I had a home loan mortgage of about $120,000.


He told me that he could wipe out my home loan within 5 years.

When I asked how this could be done, he said I would need to sign up with his firm and they would organise a portfolio for me.

I had mentioned to Holt about possibly purchasing a Investment property instead, but he advised against this as there were too many risk associated with tenants, high overheads and little return.

It was not viable.
It was not viable.

Forestry managed investment schemesSubmission 119 Signing up my portfolio with hna&b as they were known back then Peter Holt had arranged everything and I would receive documents send out by mail and asked to sign where the Yellow Tabs were located for me to sign.

I entered these agreements with hna&b on a monthly management fee for their firm.

I was contributing to his firm for the management of my Portfolio.
I had arranged my loans for the purchase of shares with my bank ANZ, borrowing $200,000.

This was the amount he advised that I could borrow against the equity I had in my house.

He had arranged the purchase of the MIS funding.

The Documents mailed out to me did not require me to fill out or arrange proof of particulars of myself or have anything witnessed.

I was just asked to sign where the Yellow Tabs indicated to sign.
The GFC (Global Financial Crisis) hit in 2008 and the margin calls had begun with selling up of shares.

2009 Timbercorp, Rewards Group of I was involved with in the MIS had begun to collapse and go into liquidation.

In 2009 when Timbercorp went into liquidation I believe I had 5 loans to the value of $77,870.

I was informed by my Financial Advisor Peter Holt that there was a class action against Timbercorp and to get on board with MacPherson & Kelley and take Timbercorp to court.
MacPherson & Kelley said Timbercorp had still been operating insolvent, and still taking on new clients.

M&K ( MacPherson & Kelley ) were advising us to go through the court action and cease making payments to the Timbercorp loans as we were protected by the Legal action taken by going to court.

After going through 5 years of legal action in 2 court sessions and an application to the high court of Australia in a failed attempt.
Through the advice of my Financial Advisor Peter Holt and M&K Lawyers, I have now been served a writ ( first time ever in my life ) from the liquidators Korda Mentha (on behalf of the ANZ Bank) to attend a court because I am in arrears of $193,000.

This is an increase of over 100 percent to my initial loan thanks to the advice of Peter Holt and M&K.

I am not the only one to by advised to take this course of action, there are a thousands who were informed in this action.
I now have a $300,000 line of credit loan and $193,000 Timbercorp loan.

I am 56 years of age, and financially ruined now.

I have gotten into this mess with the advice of a Financial Advisor Peter Holt who I had trusted and believed was working in my best interest.

I have since learned that he was benefitting more from the creditors that were paying him big commissions to flog these PONZI schemes to myself and other Investors.

He benefitted more from the commissions than my management fees.
I would need 30 plus years to pay of these loans.

I initially wanted to help my disabled son so he could have a more comfortable life for when my wife or I are no longer around.

I now hate to think what will happen to him.

Forestry managed investment schemesSubmission 119