Westpoint Collapse Aftermath

A long list of failures in consumer protection contributed to the financial devastation faced by thousands of mostly elderly investors as a result of property developer Westpoint Corporation collapse. It is the biggest property group failure since Estate Mortgage almost a generation ago. It has caused misery to 3500 investors who lost more than $300 million. Most had invested at least $50,000 but it was not uncommon for people to have $200,000, $300,000 or $400,000 invested.