PUNTERS thought to have lost up to $70 million on foreign currency trading through the ProphetMax group need to harden up and take responsibility for their own actions, says the company's self-styled investment philosopher and founder, Senen Pousa.
Pousa, who last week was barred from leaving the country, also told adherents during a three-hour ''webinar'' yesterday that Greg Medcraft's Australian Securities and Investments Commission is just another part of the nanny state - a regulator holding the hands of those who do not want to grow up.
Some $3.4 million of funds in two bank accounts belonging to Pousa's Investment Intelligence Corporation have been frozen by the Queensland Supreme Court while corporate watchdogs in four countries work out who to bite, and for what.
Insider spent two hours being enlightened by Pousa on the shells that we build around ourselves that prevent enlightened decision-making, and can now see clearly that some of us need to accept the choices we make.
Sadly, Insider's view is obviously still muffled by the shells, because his interpretation is that Pousa is not quite practising what he preaches.
Apparently, if taking responsibility affects your business empire, you point the finger at almost everyone else - your members who pay $2000 just to access your website, the people recommended to them as brokers and dealers in their funds, and even the group that helped promote you to a bigger global audience, not to mention over-zealous authorities and laws.
Pousa said he was ''co-operating with securities and investments regulators to assist in the inquiries to get to the bottom of what happened in Managed FX'', the arm of his ProphetMax trading software where 63 per cent of investor capital was lost in a day of wild trading in May.
He said the company's websites could be out of action for the next couple of days while changes were made to try to comply with ASIC's demands - even though he said his lawyers had told him that he was not obligated to do so. Australian residents will in future be limited in their ProphetMax dealings, he said, because the company is not licensed here.
Yesterday's online session was for Level 3 members. As Insider understands the ProphetMax scheme, you have to do two levels of study and homework, including uploading some form of collage, before being permitted to start making investment decisions.
Pousa's soothing words obviously worked with one participant, who offered to let his group use their Australian Financial Services Licence.
Meanwhile, Texan Mike Dillard and his Elevation Group, who promoted Pousa to their client base in February, are still trying to distance themselves from the Byron Bay resident and have filed a class action in the US. Dillard was among those Pousa yesterday blamed for his problems.
Door re-opens to biffo
LIKE Batman versus Bane, DuluxGroup and Roll-a-Door maker Alesco Corporation are trading blows again after the paint group laid claim to another 9 per cent of the shares in its takeover target.
Dulux recently raised its offer from $2 to $2.05 a share - although the final figure will be $1.90 net of dividends from Alesco - and declared it final, which means that the bid cannot legally be lifted any further.
Yesterday afternoon it told the market that the last significant institutional investors, Geoff Wilson's Wilson Asset Management and Northcape Capital, had tipped their stock into the offer.
That, said the painted crusader, gave it control over 38 per cent of Alesco - which is getting close to game over. Biff.
"Let's get some perspective here: 62 per cent of Alesco's shareholders have not supported the offer. That speaks for itself," said a spokesman for the dynamic doormaker. Bam.
Paintman Pat Houlihan refused to take it on the chin: "Our offer for Alesco is clearly gathering momentum,'' he said. ''We are pleased that an increasing number of shareholders are seeing the attractiveness of the offer.''
While the Dulux knight might be rising up Alesco's share register, it is not yet the bane of the garage group's existence. Its offer is yet to really bite with retail investors - and probably will not until nearer the August 28 closing date.