Was Terry Serepisos duped?

Terry Serepisos still hopes that Western Gulf Advisory - controlled by Ahsan Ali Syed (among other things, the owner of a bankrupt Spanish soccer team) - will arrive as promised, and solve his debt crisis.

But across the Tasman, Sydney developer Keith Johnson, who paid up front fees of over $4 million to WGA for a loan that never eventuated, told the Sydney Morning Herald he thought the Swiss-based lender was a fraud.

Has Mr Serepisos been duped as well?

Clickthe image below to watch NBR's Matt Nippert discuss the property developer's $100 million "loan" on TV1's Close Up (note: video requires Adobe Flash so will not display on all devices. A Windows Media Player vesion is also available via TVNZ's site).

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52 Comments & Questions

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Terry and this fraudster Indian dude deserve each other!

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Not surprising....

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Under pressure desperate and risky choices are possible sadly.

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4 extra large by tomorrow afternoon? No sweat your Honour

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This WGA outfit must be taken to task , its all to late for TS , but how can WGA keep getting fees for none delivery ? eh i know its just the same as the Financial advisors that charged the fees up front and then blamed the Finance company for going under , nice work , if you had balls you would also pay some of the fee back ! yea right not likely.

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Our financial wunderkind, professes to have done his"due diligence" on WGA. And he's coughed up $1.5m in establishment fees? I don't know why he's in a cash- liquidity crisis, when he appears to have more money than sense.

Did Terry ever visit WGA's website and see it suffused with all the flapping red flags and hear the blaring Klaxons?
If he did, he would've seen that the video gallery, all featuring montages of Mr. Ali preening amongst "his" jet, football team and racehorses. The principal figure wasn't so much periphery to WGA -- as it should be -- as central to it. It was a self-bestowed grandiose testimony to an egocentric individual.

HasTerry navigated through the site? If he had, how could he miss their own Q&A:

Q -- Can you provide the names of the current clients with whom you are dealing?

A -- Due to a non-disclosure agreement with which we are bound to our clients, we
cannot reveal our borrowers. This is in the best interest of our clients, to
protect their privacy. Under WGA's terms of confidentiality, we will not
discuss any of our past, present or future clients.
We welcome clients to conduct due diligence on WGA as well as take legal
opinion of experts before applying.

Q -- What are the main terms of the loan, interest rate, security, LTV ratio?

A -- The main terms of the loan are related to the viability of the business
proposal as well as the due diligence conducted by WGA. We seek to ensure
that the income and profit generation of the client would adequately satisfy
our loan repayment.
Depending on the geographical area as well as other criteria, the interest
rate would be 5-7%.
We would require collateral security of assets just like any other standard
funding institute. Our standard of evaluating assets is quite competitive.
The LTV ratio would be 80%. However, this is just an indicative figure and
WGA can go up to 110-120% LTV.

Salient points: WGA won't disclose any details as to who/what they have lent their funds to; and offering a parsimonious 5-7% interest rate, lending up to 110-120% LTV!!!!

Terry, my son, if that doesn't scream of: "Congratulations, you've won the National Nigerian Lotto", I don't know WTF does.

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Desperate people do desperate things. WGA have a brilliant business plan...

Find people who desperately need $100M plus
Charge intro fees of 0.25 to 0.5% to get the ball rolling (every one who needs $100M can spare $250k)

Keep postponing the day when the money arrives. Terry should know how this works, its the same process he uses when paying subbies.

Wait till the Banks or Bond holders move in and wipe out the Mark.

WGA don't put it in the marketing literate but they are selling HOPE, with cash up front. If you were going to supply anything to TS you too would want cash up front.

Some would say, the people who get into these situations probably need to look at the risk profile they ran their businesses on. Lots of leverage, lots of risk. If it pays off then the rewards are astronomical, if it doesn't the downside is very unpleasant.

Hope (not some thing WGA can provide) that someone with Passion, and deep pockets steps into the breach for the Phoenix.

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Close Up comment - "Posted by fraudster's"!

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No, Terry hasn't been "duped". He's just been washed, rinsed and hung out to dry.

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Terry S why would you waste $1.5m ( if you do have it ? ) on WGA your a bigger dick than i thought you where, i bet you could have paid off the IRD if infact you did have the $1.5m or maybe thats just the tip of the ICE BERG

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this all just shows TS's business "acumen" for what it is. Zero. All built on other people's money.

Funny how there's always a "dispute" or a "rift" or other people are to blame... blah blah blah etc etc.

Lets all watch as the WGA funds don't come through, everything comes crashing down and wait for the finger of blame on tall poppy syndrome, its all everyone else's fault that its all part of the "all out to get me campaign after all I've done"

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Yes unlikely to be a Phoenix rising out of these substantial and inevitable ashes

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No no, Terry wants us to think he has been duped. Meanwhile he has transfered the last remaining $ out of NZ and has it waiting for him in a Swiss bank account.
Oh me think Terry not that stupid

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The taxes and ACC levy were a %ge of the wages TS should have paid.

TS used the IRD and ACC as the banker of last resort. The problem I have with this is we the other citizens (tax payers) effectively bank roll TS while he leads the high life, posing on TV (your fired), driving $400k cars, he even flogged his mums home to the bankers to maintain the charade.

I believe the IRD could save the country a whole lot of grief if the acted sooner in these cases, and took less time in the legal process which is just delay upon delay all the time costing "the tax payers" and the suppliers who are robbed in the process.

Justice delayed is justice denied.

Duped? never, he has been given a dose of his own medicine. Duped is when you are tricked, a better scam artist identified TS's weakness and went for it. His vanity and his undying faith in his own ability (sadly lacking)

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here here !

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Why didnt the $1,5 million fee go to the IRD? That would have molified them and Terry would have got a reprieve, now it's curtains of Thursday.

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Now Now this just shows how sucked in everyone gets with the high flyer property owners /developers , its all borrowed begged for and second tier funding , when the market values drop then the lenders own it all.If TS was as good as we are all lead to believe and the property he owns was sound and well let , then lenders would be waiting in line to fund it ! but no , surprise ,surprise they dont wont to own the crap !

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It's reported that Terry Serepiso needs $100m to "restructure". That being the case, he's stretched out like a rubber band. The value of his assets might not be worth anything near that much. You'd have to think that the banks can't be too confident about his business nous, when he drops $1.5 mill into a Black Hole.
Might be case that he's worth less than a homeowner in Porirua.

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Only a fool would pay money up front to get a loan.

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The easiest man to con is a con man.

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You paid 1.5M to WGA? You're FIRED!

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Enjoy your new home terry Cell Block H!! Mate you just owed to many people to much money and you thought you were smug, well guess what youre not!

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How could they pick this guy for the apprentice.... disgrace to Donald Trump.

WGA duped him and he is a fool to part with 1.5 million of money the taxpayer could do with. Money would better spent paying of his mums mortgages.

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Word out there he has property in Greece check all borders he is ready to fly the coup...
As for the $100mill his properties are only worth a 1/3 of this .Whoever his valuer is needs to be put to task ...

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Some guy from Harcourts in Wellington he justs keeps changing the figures to allow TS to borrow more.................

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Sorry Ts Marac are now chasing you....

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Its very sad to see that people take great pleasure in trashing a person. Give Terry a break.

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I think you will find that people enjoying trashing TS are those who are in the know of just how he operates (or may have experienced his business methods first hand) and that it has far more to do with seeing karma finally arrive rather than the Tall Poppy Syndrome. I don't begrudge them that...

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G Wood - You're Hired !

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I think anyone that enjoys someone elses downfalls must look at there own lives and wonder why?....I feel sorry for the guy..yes desperate people do desperate things and how many of you have had a carrot dangled or rug pulled from under you...not a pleasant experience.

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Terry .... YOU'RE FIRED ! (Can one fire himself?)

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Has property in Greece!!

No one has pointed out that the reason Greece has had it's Govt Bonds downgraded to Junk is because TAX EVASION is rife. Seems Terry has brought that characteristic with him and added a kiwi touch. Don't pay subbies either, not even cash.

Greek Govt want an inquiry into Rating Agencies, next Terry will want a Govt inquiry into WGC and legal aid to boot.

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Trouble with Terry, is that he strutted about like Brad Pitt. But he's really Quosimodo, crippled by debt. That's why he's getting such a pasting, here. All that BS macho on The Apprentice -- with his pin-striped sidekicks -- and his house of cards topples, because someone coughed.

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Terry's had his bags packed for months.......

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I think those of you who feel sorry for Serepisos are completely missing the point. There is huge irony in the situation. Syed is simply Serepisos on Steroids. I wouldnt be surprised if TS asked if he could please be Syed's Apprentice at the same time he asked for the loan.

This is not about a desperate person seeking help and having the rug pulled from him. It is a classic case of somebody finally being treated the same way that they have been treating others (and over a long period of time).

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Come on guys! Have a littler faith! WGA's offering is no different from Nick Smith's. Pay some upfront money, call it due diligence if you like , or ETS, whatever, and Nick will promise you (with a N.I.W.A. guarantee) that you won't fry! Money back guarantee in 2050 too.....

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Borrrrring.
Seems like this website is obsessed with Terry S. There are bigger things going on in the business world than that little man.

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Donald Trump would have fired this muppet weeks ago... hold on is that the fat lady humming a tune??

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The sooner the banks move on him to take control of his properties, the better. When it comes to financial prudence, Terry's a veritable loose canon.

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Better stock up on the KY, Terry - you've got a date with the IRD tomorrow, and you've been holding out from them for a long time now.....

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After shelling out 1.5m to a patent scamster, in future -- any bank, finco etc whon lends this clown, money, deserves to lose it all.

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The guy TS employed to do due dilligence on WGA is a clown of the highest order. TS should have done some due dilligence on his due dilligence guy.

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Establishment fees are part of many investment loans and are paid up front. Most people posting on here would have little or no knowledge of the inner workings of a multi million dollar investment and should think before they make comments such as 'Nigerian scam'. I am a large investor in a company in Nigeria and quite honestly I have found levels of corruption in most countries including NZ. However I find the financial woes of TS boring and sad for the Phoenix FC which deserves better than to be hung out to dry by TS.
The comment about Donald Trump is interesting considering he acquired his initial funds by dubious means.

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The multi-million dollar deals I have worked on, the establishment fee is deducted from the loan advanced. So you borrow $100 million, you get $98.5 million if the establishment fee was $1.5 million. You do not pay $1.5 million before you get the loan.

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Not quite. Some lenders want to see a commitment by an up-front fee. If you shop around for a better deal, and don't proceed with their offer, there will be a price to pay.

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Terry was OK until what point? Give you a clue/s. Sub-prime and credit crunch!

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Mick you are far too kind. He was never OK - even for the years leading up to GFC he was a shocker

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Jimmy "the nosebiter" must be spinning in his grave. Well TS has escaped from today's forcast financial execution, by means of legal "smoke & mirrors".?

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this money corrupted made selling drugs around world ready to clean in this country and deal is 50 ;50 ,history repeat we never learn!

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To support this story Google find investor give your account receive 400.000 $ once on acc take 40.000$ in six month you will get instruction what to do with rest(make sure all money there or????of course story is your rich cousin died in Latvia and as investor 350,000 flying to by property in slovakia (happy slovakians New zealand investing in country all over news!!!!

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