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Angry investor hits out at Opes Prime -

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LISA MILLAR: An angry investor in the failed stockbroking group Opes Prime - who's lost his life's
savings - is angry that he wasn't told about the company's unusual business structure.

David Reganspurger took out a margin loan for a $100,000 with Opes Prime last year, using his
$300,000 share portfolio as a loan guarantee.

He's since paid off the margin loan, but was told last week when the company collapsed that he no
longer owns his shares.

It's alleged Opes Prime was pooling clients share portfolios and when the market crashed it would
dip into that pool to bail out its big clients.

David Reganspurger spoke to Brigid Glanville.

DAVID REGANSPURGER: I currently had a margin loan at the time of the collapse of about $100,000, so
we had you know a $400,000, $420,000 share portfolio but I was only ever making sure that, you
know, I was only ever borrowing about that sort of risk level.

So about a 25 or 30 per cent sort of LVR sort of ratio to the entire portfolio to make sure that we
were very well clear of even the market collapsing which it sort of has been spiralling downwards
and has had a few mini collapses but we were still very clear that we were never going to get a
margin call or in any danger of losing our stock in that regard.

BRIGID GLANVILLE: And what were you told, what's happened to your shares when Opes Prime collapsed
late last week?

DAVID REGANSPURGER: Well I initially rang, spoke to someone at Deloitte, who I think they're the
receivers, and I'd ask the question 'Look can we just pay off our margin loan and therefore then
get our share portfolio back'. You know we could source the money from friends and family if need
be and you know, just unlock our account.

And I received a call later that day from I think it was a Meryl Lynch broker up in Sydney who
basically, he was a very polite but also very short in that 'well look David, you don't own the
shares any more, ANZ do, and we've been advised to sell the shares so you don't have an opportunity
to buy these shares back because they're not even, or to pay off your margin loan, because they're
not your shares any more, they're ANZ's.

BRIGID GLANVILLE: So going through the paperwork or even at the time were you told that when you
took out the margin loan that Opes Prime would be pooling your equity along with everyone else's
and you would no longer own those shares?

DAVID REGANSPURGER: Absolutely not and we've had a good look at our original application and all
the associated paperwork since then and we can't find anything that says that Opes are going to
borrow against these shares.

There's a reference to the fact you're signing the shares across to ANZ but there's no reference
that they're going to borrow against those shares. And I guess in the same way when you buy a
house, the bank owns the house and you have equity in the house, so it was no big deal that, ok,
Opes are going to own these shares was no big deal because we're going borrow against them. That
makes sense. But had I known that they were going to borrow against those shares themselves, I mean
that's a risk element that I'm not privy to.

BRIGID GLANVILLE: So what have you been told legally, from Slater and Gordon who you approached?
Have you been told you can get your money back?

DAVID REGANSPURGER: No. Look at this stage they're certainly making no comment in that regard.
They're basically saying they're still looking at it and will be in contact in due course. I guess
they need to understand what the position is.

BRIGID GLANVILLE: So what have you got left?

DAVID REGANSPURGER: I've got nothing. We have about $5000 in the bank and that is it. Everything's
gone. It's been a bit devastating to be honest. And we've sort of, you know, had a few sleepless,
crying nights. But at the end of the day we've got our health and a good family unit and we're just
having to build on that and I guess go forward.

BRIGID GLANVILLE: So what do you do from here, start saving again?

DAVID REGANSPURGER: Yeah. We do. We sit down and we budget, just like when we first decided we were
going to buy a house you know 10 years ago, 15 years ago. You know you sit down, you budget, you
start putting money aside and we're now just having to do that again. All over again. But you know,
obviously trying to manage family as well in that regard.

LISA MILLAR: David Reganspurger, one of Opes Prime's unhappy investors speaking with Brigid