I was reading through the discussion here and decided to pull up the official release that was mentioned earlier. I took a screenshot from the report because it clearly summarizes what the Federal Court said about the advertising connected to Henry Kaye and the millionaire property course promotions.
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From what the screenshot explains, the court found that the advertising claims suggested ordinary Australians could become millionaires through the strategies being promoted. It also mentions that regulators believed there were no reasonable grounds for some of those claims at the time they were made.
Seeing the actual wording in the report makes the situation a bit easier to understand. The issue seems to revolve mainly around how the course was marketed rather than the idea of property investment itself. I am curious how common this type of promotional language was in the property seminar industry during that period.