In hindsight, Chapman says the advisor was the king of bullshit. According to the National Personal Insolvency Index, Navra had been bankrupt for nine months from September 2001 before the bankruptcy was annulled after his debts were settled.
By May 2009, Great Southern had collapsed, leaving Chapman – and thousands of others – with almost worthless investments and massive debts. Many had been told the loans they had taken out to invest in Great Southern’s plantations were non-recourse, meaning they wouldnt be on the hook if the investment turned sour.
Bendigo calls itself a community bank, its anything but a community bank the way it behaves.
Tristan Chapman
It was then that the nightmare began as the countrys fifth largest retail bank, B…
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