Property investment educator, Rick Otton who promised to teach investors how to ‘buy a house for $1’ has been hit with a massive $18 million fine. Otton has also been permanently banned from giving real estate advice and has received a 10-year ban on managing corporations in Australia.
Rick Otton is one amongst many Australian entrepreneurs who has been banned and fined by Australian regulators in a witch-hunt against investment educators, often referred to as ‘spruikers’ by the mainstream media.
According to an industry observer, only in Australia do regulators take no action against the financial planning industry and banking scams (as they are the bureaucrats’ future employers), yet target anyone stating the obvious fact that to create wealth long-term in Australia, you simply need to buy real estate and hold it; and over time you’ll be wealthy.
“And if you’re extra smart, buy it virtually with no money down. However, that’s above the comprehension of financially illiterate bureaucrats”, said the industry observer.
He went on to state:
“We can’t expect bureaucrats to know that because in Australia if you make money, you’re clearly a criminal (our convict past mentality). These bureaucrats are probably seeking revenge as they were no doubt picked on at school and still haven’t gotten over it.
“Don’t dare teach the average Australian how to get rich in Australia. It’s now against the law as financial educators take business away from the bank-owned financial planning industry that’s been fleecing customers for decades.
“Why would you need a financial planner once you have a financial education? Well done regulators!
“The regulators are protecting their future jobs in the financial services industry. Therefore, they don’t go hard on an industry where they ultimately want to work in a high-paying job, as being a regulator is just a stepping stone for them.
“They’d rather go after easy targets so that misinformed and ignorant judges with a low financial IQ will happily agree with their dumb opinions on financial matters they know little about.
“Well done regulators for ensuring that Australians never become financially literate unless you consider PDFs put out by the ASIC financial education. Plus, thanks to them, you can’t invest where you deem fit without dumb bureaucrats who have never invested a cent in their life deciding where you can and can’t invest.
“This country is a joke. No wonder we choose to invest in other counties and create employment overseas. These jobs and taxes would have gone to Australians, but due to our nanny state regulators we are missing out on them.
“Australia needs to move into the 21st Century and to do that it requires leadership, not more uneducated financially illiterate bureaucrats on a power trip”, he said.