BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Its time auditors moved into ASIC! Banksia is a  gorgeous Australian native shrub.  Yet there is nothing gorgeous about this company BANKSIA using the shrub name in vain and rhymes with Grub.  Wait until the borrowers come out of the wordwork and explain: "we were just pensioners and they enticed us into 2 year loans and we did not have to pay any payments, and then Banksia gave us blocks of land in worthless swamp territory."  Well that's according to the receivers of Banksia Securities in 2012.  I was there in the audience. ASIC was a distinct NO SHOW.  ASIC Commissioner told me face to face in Feb 2013: "Banksia Mortgages is safe - no, definitely nothing wrong with that one."  In answer to my question "what about Banksia Mortgages being a giant Ponzi?"  I explained what the receiver had said.  Commish just rolled his eyes, as one does.  Broker News...
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http://sydney.edu.au/law/slr/slr_34/slr34_3/SLRv34no3Anderson.pdf   page 3.................. II The Recognition of Phoenix Activity in Australia The earliest report dealing exclusively with improper phoenix activity was that of the Victorian Parliament Law Reform Committee (‘VPLRC’) in 1994.13 The main recommendations — all sensible and practical — were to tighten the laws governing the disqualification of directors of companies, allocate more resources to detection and prosecution of offenders, change public and judicial attitudes to acknowledge the seriousness of this type of white-collar crime, improve information flows between regulators, and enact laws to allow the freezing of assets over which a company has a claim.  14 In response, in 1998 the ATO instituted the ‘Phoenix Project’, which allocated more staff to work with other agencies to address the phoenix problem.15 In 1999, the director disqualification provisions were consolidated but not significantly tightened.16 The 1994 VPLRC Report also recommended legislation to restrict the use of business names similar...
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http://www.crikey.com.au/2005/04/12/peter-costellos-asic-hypocrisy/ Peter Costello’s ASIC hypocrisy By Stephen Mayne|Apr 12, 2005   Queensland’s threat to withdraw its support for the Federal Corporations Law sparked treasurer Peter Costello to warn this would make Australia’s nine sets of laws more costly and complex than the whole of Europe. However, what Costello failed to mention is that since the Feds got control of the Corporations Laws, ASIC has become a profit centre, pulling in more than $400 million a year in revenue while costing less than $180 million a year to run.  Crikey blew the lid on this rort last July as you can see here when we wrote: Ever heard of a regulatory body which generates hundreds of millions a year in surplus revenue? Look no further than ASIC which gouges Australia’s big and small business alike and has handed over more than $1.5 billion in surplus revenue to the Howard Government’s budgets since...
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  http://www.smartcompany.com.au/growth/economy/31196-angry-investors-line-up-to-sue-financial-planners-over-lmim-collapse.html# Angry investors line up to sue financial planners over LMIM collapse Thursday, 11 April 2013 A "steady stream" of investors are adding their names to what could become a Slater & Gordon class action against financial planners who recommended they invest in mortgage funds issued by collapsed Gold Coast-based fund manager and developer LM Investment Management (LMIM). Slater & Gordon had already issued legal proceedings against financial advisors on behalf of a number of those investors and says more proceedings will be issued in coming weeks. LMIM was placed into voluntary administration last month with initial reports suggesting there may be irregularities in how some of the funds operated. http://www.asic.gov.au/asic/asic.nsf/byheadline/LM+Investment+Management+Limited?openDocument On 8 August 2013 the Queensland Supreme Court appointed David Whyte of BDO as receiver of the FMIF.  Mr Whyte will effectively have control of the winding up of the FMIF. This appointment followed ASIC's intervention in court proceedings...
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Top industry exec takes on mortgage fraud Australian Broker News by Amy Rosenfeld | 31 Jan 2014   Founding director of Club Financial Services Group Andrew Clouston has announced the release of a new product designed to stamp out mortgage fraud in Australia.Clouston says the product, MOGOcheck, has been so successful in the UK regulators have mandated a major lender to start using MOGO to toughen up the e-authentication process for punters wanting a quick loan, and he expects Australian regulators to follow suit.“I would envisage we’d be making similar announcements in the Australian market within three months comfortably,” says Clouston.MOGOcheck is a tool that allows brokers and lenders to provide a customer with a tool that gives them the ability to easily verify and transfer documents back to the lender or broker – in the format that they require.“The encryption of the data is direct from the source – being the banking...
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  • doyla66
    doyla66 says #
    Sounds like this is more about client fraud than Bank fraud. How are they going to stamp out internal Bank fraud if the regulator
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Our intrepid Researcher Gladys trundled through a 243 page report by Tony D'Aloisio "The ASIC Summer School Report" from ASIC 2011 School was in for the Industry Bandits.  Consumers not invited to attend......very neat fella's..............................Has anyone asked Greggie Medcraft what the default figures are right now?  Of course Greg,  we would like to compare defaults with 17% five years ago.   NB:  "Our Governments were not called upon to bail out our Banks".....yes Tony, that's because you and your successor and predecessors kept the banks covered-up, allowing the Mortgage Fraud Bank Scams to speed up to create mass damage to borrowers and with the ultimate intention of blaming the brokers and the borrowers and getting away with the Crime of the Century!   TONY D'ALOISIO CHAIRMAN - now former chair of Australian Securities and Investment Commission ("ASIC"). I am Tony D’Aloisio, the Chairman of ASIC...........on behalf of my fellow commissioners, Dr Peter...
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  • doyla66
    doyla66 says #
    Thanks Denise for painting a clearer picture for us all......... I am ready to read what next Gladys can dig up from her research
  • doyla66
    doyla66 says #
    So their cover is finally blown! Not the Mr. Fix-it Brigade we had all been deluded into thinking but they called in Whelan the W
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This is a task for all those willing to assist me.  We have accumulated a register of losses but it needs more work.  I need researchers to list the losses for the past 20 years including the Name of the Company / year of collapse / number of persons affected / and the liquidators reports. Perhaps you can assist us with names of collapses?  That way we can research into the matter. eg:  WESTPOINT,   2005,   $380 million,   3000 investors regards Denise L Brailey              This email address is being protected from spambots. You need JavaScript enabled to view it.  ...
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The biggest crime of all in this country is Australian Securities and Investment Commission's negligence in protecting consumers from predatory conduct in the Banking and Finance sector.  Bankers manufactured dirty mortgage loans and marketed these faulty products via the broker channel. ASIC KNEW the crooked bankers had set up the Brokers and Borrowers to take the blame when the sub prime lending scandal eventually emerged, from  the subterranean depths of evil.  ASIC were duplicitous in the scam.  They covered up every step of the way knowing older, low income Mums and Dads (ARIP's) were the target.  Those who were fortunate and worked hard to own their own home. You may say these people were the backbone of our nation - proud Australians.  Yet ASIC permitted the banks to be untouchable.  Treasury covered up as well, so they could both blame one another.  ASIC briefs Treasury once per month and we can...
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  • doyla66
    doyla66 says #
    ASIC have one hell of a lot to account for, urgent Royal Commission please Senators along with a good dose of Epsom Salts to flush
  • doyla66
    doyla66 says #
    THE BANKS MUST BE MADE ACCOUNTABLE FOR THIS MESS. THEY MUST EXTINGUISH EVERY TOXIC LOAN WITH THE BILLION DOLLAR PROFITS THEY MAKE.
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