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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09 May 2014 14:37:00 | UPDATED: 10 May 2014    Former Natinonal Australia Bank staffer Lukas Kamay was in court in Melbourne on Friday over insider trading, corruption and laundering charges. Photo: Wayne Taylor Georgia Wilkins An Australian Bureau of Statistics staffer and a National Australia Bank employee have been arrested on insider trading and corruption charges over allegations they made $7 million by trading on market-sensitive information on the Australian dollar. The Australian Federal Police said a 24-year-old ABS man, Christopher Russell Hill, allegedly gave his 26-year-old friend at NAB, associate director Lukas Kamay, market-sensitive information before it was released publicly by the ABS. They allege his friend then took the information to trade on the foreign exchange derivatives market using labour force, retail and trade figures – which had yet to be publicly released – to predict fluctuations in the Australian dollar. The activity generated about $7 million in...
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  • doyla66
    doyla66 says #
    "Is completely unacceptable to Nab and the core values of doing the right thing by our customers, etc." Huh, I find that portion
  • doyla66
    doyla66 says #
    It's the culture that runs amok in the banking system, how can we rip people off ? Whilst there are decent people working within t
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Medcraft is attempting to orchestrate the loooooooongest list of excuses, as to why he has to lie to Parliament and say "no systemic issues in banking practices regarding obvious fraudulent loans and barrels of Maladministration in Lending.  In other words to say every mortgage loan application approved by Banker Mates was checked and verified as affordable loans to people who could afford to sustain repayments. You can see the build up in small stream media.  You can almost guess the exact words these luminaries will use on the witness stand prior to Greggie flying off on his usual IOSCOnian Adventures.   The problem is Mr Medcraft, you Sir will be leaving behind fractured banking industry riddled with bad practices, bad procedures and definitely toxic financial products, riddled with fraud.  You did not start the banking cartel here, but you were in on the ground floor in 1994.   You will attempt...
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  • doyla66
    doyla66 says #
    We hear daily lot about the scams and cheating on these issues. Therefore government should come in front and should make strict p
  • doyla66
    doyla66 says #
    You are so right Neil we are certainly seeing yet another limp wristed sook out to appease the masses instead of making the long r
  • doyla66
    doyla66 says #
    Members if you think the banksters have it good now wait until Joe Hockey relaxes all the rules which he stated he was going to do
  • doyla66
    doyla66 says #
    I am so interested to see how Greggy handles genuine pressure (the same sort of pressure we victims have had to cope with every da
  • doyla66
    doyla66 says #
    From the asic website......... Greg Medcraft was appointed ASIC Chairman on 13 May 2011 for a five-year term. Greg joined as ASI
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Tom is spot on:  Denise, As know FOS are now eliminating the appeal avenue from their decisions and going straight to determination effectively benefiting the banks and themselves.  By the time the Senate Inquiry into Lazy ASIC reports  in March FOS and COSL hope to reduce their over bloated case load.  The one they both pretend they do not have.   Our Banks and ASIC, reminiscent of the Nazi tactics in the latter stages of WW11: holding centres and send everyone to gas chambers before the Allies arrived.  This time its the Bank Case Manager executioners.  Naturally, it's in everyone's interest except consumers of toxic bank loans, to have ASIC lie twice to Parliament: "we see no systemic issues."  Industry Regulators and their Banking Buddies must be desperate to shred the evidence to skew the figures of case numbers. Yes Sir:  The most experienced INCOME FIGURE FUDGERS and Document Magicians with disappearing files living...
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  • doyla66
    doyla66 says #
    I firmly believe that if Banks, Brokers, FOS, COSL or ASIC for that matter destroy evidence to protect their own backsides and can
  • doyla66
    doyla66 says #
    Charles this is precisely the point(s), "no dox, no sox" and they get to keep their dirty underwear, case closed. FOS requires an
  • doyla66
    doyla66 says #
    It's called a coverup, in time honoured public service tradition. "In the national interest"??? Maybe in the National Bank's int
  • doyla66
    doyla66 says #
    Denise, FOS refuse to hand-over ING 'electronic credit file' from which it sourced copies & attached to its Recommendation dubious
  • doyla66
    doyla66 says #
    You are totally on the ball Denise. Lies, fraud, deceit will never stay hidden. It always comes out. With age I have learnt and
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 ED:  Police in each State have investigated a few brokers over fraud.  However, they soon realise ITS THE BANKS.  Few charges are ever been laid against Finance/Mortgage Brokers for this reason. When disingenuous ASIC said to go and report endemic fraud to Police - they knew the State Police cannot investigate matters relating to the Banks and they know from experience the Banks refuse to co-operate.  Australian Federal Police refuse to investigate, quite simple because the Australian Government has not raised the flag and ordered a full investigation.  Every regulator must be aware of the Big Bank Elephant in the room but no-one wants to go near the systemic problem.   "7News has learned police are investigating allegations of fraud against an Adelaide finance broker"   http://au.news.yahoo.com/video/national/watch/17485977/major-fraud-against-finance-broker/   A little investigation has shown musical office has been played of recent times.    Mort ...
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  • doyla66
    doyla66 says #
    If this were just widespread broker application manipulation then the insurance should pay out the problems caused by the loan. Th
  • doyla66
    doyla66 says #
    Well, in the Brokers defense they may be able to argue that the practice of application manipulation was wide spread and the bank
  • doyla66
    doyla66 says #
    Thanks Mort What about all the brokers and financiers in the evidence letters? Regulators and law enforcement entranced, shocked
  • doyla66
    doyla66 says #
    Lisa, banksters spend their ill-gotten gains on $21m+ penthouses in 'Bondi Pacific' to investment banker Will Vicars & Goldmans Sa
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