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12 August 2003

Knock – Knock

What can happen when Henry Kaye comes knocking

A knock on the door one night. Being in a vulnerable out of work situation, myself and my partner allowed the door-to-door salesperson in. We listened to the spiel.

It sounded too good to be true, but she assured us of the results and what other people were making through the National Investment Institute, whereby you could become very wealthy, buying and selling property using none of your own hard earned savings.

We fell for it, and arranged to see a senior consultant from the Institute.

Upon meeting with this consultant, we were taken hook line and sinker. He was extraordinarily nice to us, explaining to us again how we could become very wealthy using none of our own money buying and selling property, which we knew nothing about. But we could learn this technique by signing up with the National Investment Institute at the mere cost of $10,000 each.

Being out of work and thinking this would be a wonderful opportunity we signed up immediately and used money from our job redundancy package. Our consultant, shaking our hands, said he “looked forward to working with us”.
He never have got in touch with us again. When I rang him and asked him what was to happen, he just said, “Have fun with it”.

We got sucked right in. We went to a couple of seminars, but never really had an understanding of what was involved.

Anyhow, I put it down to one of life’s very expensive hard knocks. I never thought I’d get taken in like that, but I suppose we’re all vulnerable at times.

Following receipt of this story, we contacted this person. The money was paid to Henry Kaye’s National Investment Institute (NII) in 2002. The person claims the salesman said all NII courses had “ASIC approval”. NII has never had ASIC approval.

ASIC recently took action against NII for misleading statements. As a result of the ASIC action, Henry Kaye and NII are required to refund money to consumers who relied upon the claim that NII was approved by ASIC.

For more details, visit the ASIC web site. Go to Media and Information Releases for July 31, 2003.

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