SPRUIKER EXCEEDS COMPLAINT LIMIT

Government and Consumer Groups issue warnings.

by Neil Jenman

Last year, get-rich spruiker George Mihos boasted to thousands of consumers that he had been nominated for Australian of the Year for 2005.

On Australia Day this year, when Prime Minister Howard announced the winner of the award, it wasn't Spruiker George Mihos, it was Dr Fiona Wood, head of Royal Perth Hospital's Burns Unit.

Whatever made a get-rich-quick spruiker think he was in the same league as a noble and heroic doctor who had fought so hard to help Bali bomb victims?

On January 27, I called George Mihos at his company, The Today Not Tomorrow Institute. I wanted to ask if he was disappointed that he had not won the Australian of the Year Award. He was overseas on holiday.

Perhaps George knew he had no hope of being voted Australian of the Year. Perhaps he was trying to give himself some much needed credibility after his past association with Australia's most notorious spruiker, Henry Kaye.

Recently, when a young man approached George Mihos after one of his free seminars – where he promises to reveal great information but does nothing of the sort – and asked who nominated him for Australian of the Year, George turned nasty (as he tends to do).

It seems hard questions upset George. Whenever he is approached by a journalist he sprouts flimsy excuses almost as fast as he sprouts false get-rich promises.

But there seems to be a limit these days on how many consumers can get hurt by a spruiker before the outrage begins. And George Mihos seems to have exceeded his limit of unhappy customers.

Last month the Victorian Government issued a warning about George Mihos. Last week the Queensland Government issued a warning about someone who sounds like George (who, coincidentally, arrives in Queensland today to present his free seminars).

The Real Estate Consumer Association (RECA) has placed George Mihos on its Investment Hall of Shame. RECA President, Denise Brailey, received two late night phone calls from a furious George Mihos demanding that his name and photo be removed. "He scared me so much that I agreed," said Ms Brailey last month. Since receiving more complaints, however, RECA has re-listed George Mihos on its Hall of Shame.

[You need to limit that temper, George. You scare some people when you get angry. Perhaps you should consider an anger management course.]

Following complaints from consumers, the Australian Consumers' Association has issued a lengthy warning about the Today Not Tomorrow Institute (TNTI).

"TNTI promotes free seminars and later charges high fees for subsequent seminars, and appears to promote seminars that promise access to secret techniques for building wealth. Government websites like Scamwatch regularly warn consumers about such practices," said the ACA warning.

With so many complaints and so many warnings it's time for strong regulatory action. As George Mihos places his luring but deceptive ads for free seminars and as he flies around the country offering misleading financial advice, there is not a moment to lose.

George Mihos and his dodgy Today Not Tomorrow Institute have exceeded a reasonable complaint limit. More consumers are in danger of losing their money.

Action needs to be instituted, today not tomorrow.


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Further Reading:

AUSTRALIAN CONSUMERS' ASSOCIATION – Warning: Today Not Tomorrow Institute

REAL ESTATE CONSUMER ASSOCIATION – and click on Hall of Shame

SCAMWATCH

ANGER MANAGEMENT – for George Mihos only.