FIGHTING FOR JUSTICE AND ‘THE TRUTH’

EQUITITRUST founder Mark McIvor – once worth $150 million – has lived on the Gold Coast nearly his entire life.

His family moved to the Glitter Strip when he was seven and he was admitted to practise law at the age of 23.

Over the next quarter of a century he built up his law practice and then merchant bank into a powerhouse of the financial world, with $500 million in funds under management. Investors, mainly self-funded retirees, flocked to his funds lured by the promise of high-interest payments backed by property investment.

It’s an industry for which he reserves his greatest disdain.

“Banking is the dumbest industry on the planet apart from insurance,” Mr McIvor said this week.

Even his detractors admit he is a “savvy businessman” with “magnetic charm”.

However, the global financial crisis brought mortgage funds crashing down as developers who they lent money saw the value of their projects plunge.

Equititrust collapsed into liquidation in 2012 owing $260 million. Its investors, many of whom had tipped their life savings into its funds, saw a return of only a fraction of their money.

Mr McIvor does not admit to any responsibility for what unfolded. ASIC has banned him from ever providing financial advice again because of “serious, repetitive, prolonged and dishonest” breaches of financial services legislation.

He says he is a victim of “cleverly concealed fiduciary criminality” and “major bank misconduct” and “ASIC misfeasance”.

Mr McIvor says he was marketing a community bank with the headquarters at the Huntington Health and Wealth Club in Emerald Lakes.

“My simple issue here is this,” he said. “The four major banks are making $40 billion a year up from $10 billion. We have had five senate inquiries and a royal commission that unequivocally established that they engaged in aberrant criminality.

“I’m here to get restorative justice for them (the Equititrust investors).

“I’m here to create an environment where they can be safe from criminal attack.”

Investors who lost their money after Equititrust may not see it that way but Mr McIvor is undeterred.

The eviction of the Huntington club has also failed to put him off – he says it will just go online.

“I think if people knew the truth they may be less critical,” he said.