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McGrath defends role with real estate firm | Former Australian cricketer Glenn McGrath has defended his role with a real estate firm that lured investors with allegedly misleading returns, where some investors have claimed that the returns have not eventuated and in
others went backwards. McGrath said that he felt for those families experiencing
financial difficulty, but added that investors who had lost money with Real Estate
Investors Network (REIN) had never approached him personally. “In dealing with
the company, I have always found them to be a very professional operation, to
the point that I have made a number of personal investment decisions based on
their advice. I'm now the proud owner of a number of properties recommended by
REIN,” The Daily Telegraph quoted McGrath, as saying. “As to the day-to-day business
dealings of REIN, I'm not privy to that information, although I can tell you that
I've never been contacted personally by anyone who has had a bad experience with
the company and, indeed, all of the REIN customers I have spoken to have been
very happy,” he added. In a particular case, Marta and Oscar Troche invested
770,000-dollar
in two new units in 2003, which REIN projected would be worth 1 million dollars
in five years. Instead, the Troches struggled to meet loan repayments and expenses
for five years before selling at a 300,000-dollar loss last year. Real estate
crusader Neil Jenman took up their case and helped negotiate an agreement for
REIN to help mitigate the loss. The company later agreed to pay the couple 4,000
dollars in monthly assistance. |
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