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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form
ASIC doing a modicom of work     Ex-ASIC lawyer accused of defrauding her father 16 April 2016 Sarah Danckert   http://www.smh.com.au/business/banking-and-finance/exasic-lawyer-vanessa-ash-and-bradley-grimm-accused-of-defrauding-her-father-20160414-go6yyc.html     In January 2014, when Bradley Grimm and his wife Vanessa Ash moved into the sprawling mansion in Rockingham Close in Melbourne's well-heeled suburb of Kew, the owner of the property was unaware his tenants had allegedly defrauded him.  Tucked away in a nursing home in the equally blue-ribbon suburb of Armadale, the owner of the property, Vanessa Ash's 76-year old father Graham Ash, was not making his own financial decisions after a nasty fall and the onset of Parkinson's cruelled his retirement.  Instead, Graham Ash had appointed his accomplished daughter, a former lawyer for the Australian Securities and Investments Commission and the wife of stockbroker Grimm, his power of attorney in 2012. He later named Vanessa as a director of the trustee company controlling her father's estate...
Last modified on
Recent comment in this post - Show all comments
  • Duped
    Duped says #
    Probably learned how to attempt to deceive from the ASIC, APRA, BANK, FOS and CIO gene pool !
Hits: 2069 1 Comment
Rate this blog entry:
Continue reading
ASIC boss backs Funke Kupper in face of bribery scandal AM By AM business editor Peter Ryan Posted Tue 22 Mar 2016, 8:31am The chairman of Australia's corporate regulator has taken the unusual step of publically backing the former chief executive of the Australian Securities Exchange, who resigned suddenly yesterday in the face of a bribery scandal. In a surprise decision, Elmer Funke Kupper quit over allegations surrounding a $200,000 payment to the family of Cambodia's prime minister while he was chief executive of the gaming company Tabcorp. The integrity of listed companies including ASX Limited is overseen by the Australian Securities and Investments Commission (ASIC). While not commenting on the Australian Federal Police investigation into Tabcorp's activities in Cambodia, ASIC boss Greg Medcraft told the ABC's AM program that Mr Funke Kupper's resignation was a sad loss. "It's very unfortunate. Elmer is a really creative, talented CEO. I think he's...
Last modified on
Recent comment in this post - Show all comments
  • organza
    organza says #
    His reputation for being really creative and talented is catching up with him. He clearly does what “he considers to be the best
Hits: 1200 1 Comment
Rate this blog entry:
Continue reading
Watchdog moves on Henry Kaye-linked scheme DateDecember 18, 2015 (29)                 Royce Millar, Ben Schneiders, Simon Johanson      Henry Kaye leaving the Magistrates Court in 2007 Photo: Penny Stephens A massive land banking scam linked to notorious property spruiker Henry Kaye is in tatters after the corporate regulator moved to wind up housing projects in Melbourne's outer west and Bendigo. In a statement issued on Friday afternoon, ASIC said it was concerned the companies behind the two schemes were insolvent and that investors who had bought lots or options may have been mislead. The two projects – among about 10 such schemes in Victoria and Queensland – are known as Foscari in Wyndham and Hermitage in Bendigo. The ASIC statement noted that Foscari and Hermitage projects were not close to completion and "appear to be incapable of completion due to the financial position of the development companies". The focus of a...
Last modified on
Hits: 1875 0 Comments
Rate this blog entry:
0
Continue reading
ASIC orders extra CBA reviews   17 December 2015 http://www.ifa.com.au/news/15520-asic-orders-extra-cba-client-reviews   Two CBA dealer groups have been ordered by ASIC to review the 6 client files of 17 advisers after a report found the groups did not have a "reasonable basis" in an initial review. Last year, the regulator appointed KordaMentha Forensic to examine the steps taken by Commonwealth Financial Planning (CFPL) and Financial Wisdom (FWL) in 2012 to identify any clients who received poor advice from "high-risk advisers". KordaMentha's second report, which ASIC released today, states that the groups took reasonable steps to identify which clients of a group of former advisers should have been included in a compensation program. It also states that CFPL and FWL took reasonable steps to identify other potentially high-risk advisers. However, KordaMentha found that the groups did not have a reasonable basis for the process they used to determine whether a group of the...
Last modified on
Hits: 1228 0 Comments
Rate this blog entry:
Continue reading
http://www.afrsmartinvestor.com.au/p/market-intelligence/asic_secret_weapon_OEM0jYMawpCjSjjsLa4obN   ASIC is about to employ a surveillance system to put the finger on high frequency traders. ASIC’s secret weapon Published 22 August 2013 12:05 Australia’s new market surveillance system, designed to catch high frequency traders who flout the rules, has been built by a firm which sells software and services to the same people the regulator is looking to catch.  The new $47.3 million system will be rolled out to allay fears that Australian investors could be the target of nefarious trading activity, after reports of unusual trading activity had risen.  The new system, which the Australian Investments and Securities Commission refers to internally as Project Fast, has been designed by Irish-based developers First Derivatives.  First Derivatives says that its services and products are for firms “seeking to reduce their time-to-market” and to make sure that “orders are executed at the most optimal venue”.  Clients of First Derivatives include...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    ASIC need to come clean and change their mission statement to you scratch my back and I'll scratch yours!
  • doyla66
    doyla66 says #
    This no different to that mole on secondment in ASIC that pushed the policy to free up those god-awful online calculators. As alwa
Hits: 1887 2 Comments
Rate this blog entry:
Continue reading
Dear members The axe is about to fall, this morning Tuesday15th  in the Australian it appears the government is contemplating selling off ASIC assets.The corporate regulators register of companies is being sized up as part of a plan that could inject $1billion cash into government coffers.This comes as a result of Greg Medcraft stating its not part of ASIC's core function and was a technology business. Could this be a sacraficial lamb to apease the government directive that all departments must suggest ways of saving costs across the board. In light of all the bad media exposure and the revelations of the Senate Inquiry could this be ASIC's attempt to stave off job losses especially at the top? The CSIRO and next the ABC are starting to bare the brunt of expenditure cuts so its only a matter of time. Just the chairman and his commissioners wages runs into millions and...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    ASIC's lazy and ineffective days are coming to an end. How can they claim they are under resourced when we have their chairman fl
  • doyla66
    doyla66 says #
    Maybe the Senators have woken up to the fact Denise has uncovered all of the scam and helps victims with no funds from the governm
Hits: 1789 2 Comments
Rate this blog entry:
Continue reading
Dear members If you want a front row seat into ASIC's performance its being telecast on the A-PAC channel on Foxtel from 8-45am Thursday.Its going to be along day because its scheduled to last over twelve hours, happy veiwing. Thanks Neil T....
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    If you wish another example of how diabolical ASIC are read submission 244, Mrs Jan Braund who speaks at 8-45 first thing Thursday
  • doyla66
    doyla66 says #
    Thanks Ali, age and bad eyes caused me to miss " and" between News_and_Events, well done.
  • doyla66
    doyla66 says #
    Neil, there's an errol in that link. Try this one http://www.aph.gov.au/News_and_Events/Watch_Parliament
  • doyla66
    doyla66 says #
    Members, I the link the Senate sent me this morning and it says no URL any suggestions what the problem might be? Also ASIC are f
  • doyla66
    doyla66 says #
    Denise broadcast details as follows but first a big thanks to the Senate staff for their prompt reply and I have always found them
Hits: 2235 10 Comments
Rate this blog entry:
Continue reading
Dear members If you don't read Hansard on James Wheeldons exposure of ASIC to the Senators then go to the ABC and watch "The Business" on iview. The reason we never hear about former workers talking about ASIC is that they have to sign confidentiallity clauses to keep quiet when they leave as in Jame's case. At last someone from the inside exposes how ASIC is the tool of the banksters and how it is the banksters and their lawyers who dictate how the laws are written and applied. James is confirming what we all at BFCSA have long suspected that ASIC is the banksters agent and not a protector of the consumer. Commissioner Price is trying to dismiss these claims but he was a main player when all this occured. While the greedy banks were ripping us ARIP's off ten years ago they were targetting everyones Super aswell. Evidence given...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    I wonder if poor old Pete as you comment Neil, feels any remorse. Logically he was never going to get away with his and ASIC's co
  • doyla66
    doyla66 says #
    This is how ASIC gets around trying to help their Banking buddies and i'll bet anything that the calculator used in mortgage fraud
  • doyla66
    doyla66 says #
    ASIC are lying so hard I suppose they now know the game is up and they have nothing to lose. They are treating the Senators like
  • doyla66
    doyla66 says #
    FYI: ASIC Commissioner Kell's response to my Senate statement contained several demonstrable falsehoods. More later.
  • doyla66
    doyla66 says #
    What a smug, arrogant man is Peter Kell, got an answer for everything, even talked over Ticky while she was trying to ask a questi
Hits: 2615 10 Comments
Rate this blog entry:
Continue reading
Dear members I have just read the proof from Wednesdays Senate hearings, what a brave man and man of integrity is James and he like the CBA whistblowers are decent human beings who take the time to care and don't put the almighty dollar first.  To have a former insider into ASIC's sensitive policy making infrastructure expose it all to the Senators is a God send. I am computer illiterate so if any member can upload pages 21-24( the juicy bits) it would be appreciated so all members can read how bad  ASIC is at the top, also Senators Bishop and Williams ask some good questions as well. I went to the Senate website and found the proof under Economics References Committee- Senate committee Wednesday, 2 April  2014 Performance of Australian Securities Investments Commission proof. The front page reads Proof Committee Hansard then next line Senate and then the Economics Ref....
Last modified on
Hits: 1570 0 Comments
Rate this blog entry:
Continue reading

Dear members

Firstly according to the Senate website the next hearings into ASIC's performance are April 02 and 10 in Canberra. On Friday last I thought I was experiencing Ground Hog Day because on the APAC channel on Foxtel sat Greg Medcraft and the Bobble Heads and in the exact seating order as Sydney with his Lord  and Master Greg taking centre stage. The occasion was a Parliamentary Joint Committee on Corporations and Financial Services chaired by Senators David Fawcett and Deputy Chair Senator Sam Dastyari, ASIC were questioned from 3-10 to 4-30.

ASIC as a mechanism for consumer protection is a complete and utter failure but when it comes to self protection they are a well oiled machine and leap to each others defence when one of the Commissioners has trouble answering Senators questions, it was Sydney all over again and as usual lots of questions taken on notice.Its a complete art form how simple straight forward queries from the Senators can turn into a long winded conversation which is completely irrevelant  to the subject matter and is truly the land of "Yes Minister."

ASIC Chairman Greg Medcraft did state to the Senators that if penalties for committing financial crimes are light then the temptation to commit them is greater,this is the third time in little over a month I have seen him make this statement on T.V. In reference to the Senators queries about fines and penalties ASIC's are low compared to world standards he stated. GM stated to the Senators that as a standard many countries adopt the Three Times rule whereby whatever the losses to consumers are the penalties should be three fold financially to the culprit. Another strong argument and recommendation came from Senator Dastyari and which GM agreed would be good is if all penalties be indexed and keep up with inflation and cost of living expenses.

The wheels of justice are moving slowly but we are gradually gaining momentum. For Greg Medcraft to openly state he would like to see penalties higher is a move in the right direction especially since he stated to the Senators and in front of BFCSA members that no entity no matter how powerful will be exempt from ASIC's powers if found guilty.There was no direct mention of the banks involvement in various scenario's and the terms were generic in nature but they would fall under this umbrella.

If the Senators recommenced to Parliament that the culprits which are banks in our cases be penalised three fold as per Greg Medcraft's statements on world best practice are adopted it would be a fair and equitable solution but in reality I can't imagine a pro banks Coalition government adopting such measures. ASIC's main focus is financial punishment for wrong doer's because they have stated time and time again the costs of mounting legal challenges are prohibitive and they must select their cases carefully.GM stated to the Senate that ASIC has a war chest with tens of millions of dollars to take on the big cases but bugger the small fry like us.

I truly believe the slumbering giant which is ASIC is slowly awakening to the fact that now in 2014 with all the austerity measures and national asset sales about to come that if you don't perform then you face the axe and especially at the top. Its not just a grass roots group of agrieved mums and dads who have been ripped off by the banks that is BFCSA but a huge catalogue of complaints from all sectors of business and the community with a litany of cases that date back to ASIC's inception and a record of little or no action from the regulator. Joe Hockey has stated the easy days are gone and the free ride is over so maybe this is ASIC's wake up call. I just hope the government follows through with Senate recommendations and make the banks accountable for past dirty deeds. Thanks  Neil T.

 

 

Last modified on
Recent Comments - Show all comments
  • Denise
    Denise says #
    Whilst watching the seven ASIC Executives flick back and forth to each other to escape curly questions, I noted the total salaries
  • doyla66
    doyla66 says #
    If Medcraft thinks that penalties be three fold for poor practices by lenders then how about passing two fold onto effected borro
  • doyla66
    doyla66 says #
    Good reading Neil hopefully Medcraft is getting the message from the senators to start doing something to protect the people his j
Hits: 1722 3 Comments
Rate this blog entry:
Continue reading
Comment by NABbed Nanna Saturday, 22 March 2014 ·                           It is obvious ASIC are lame ducks in the worlds of fraud. In 2004 we owned a petrol station. At that time you could get a replacement fuel for the old Super petrol which was used in older cars. Unbeknown to us our fuel supplier distributor was just providing ULP unleaded fuel into our storage tanks. It was supposed to be the replacement fuel. I had an irate customer come back after purchasing this fuel and threaten to wrap his chainsaw around my ears because it had blown up (his words). He intimated or rather stated our fuel was no good. That incidence led us to have the fuel tested which showed the fuel to be ULP. Several other incidents occurred including Ski boat engines spluttering and overheating during the period we were unaware. I phoned ASIC in regards to the fraud....
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Our "beloved" neighbours the thugs and bullies who purchased our home and are now residing next to our leased property just keep h
  • doyla66
    doyla66 says #
    Everything these days is a fraud or a scam and we have been blindly living in a world where I am starting to think it is now legal
Hits: 1559 2 Comments
Rate this blog entry:
Continue reading
ASIC bans former Westpac bank home finance manager in relation to false loan applications Wednesday 12 March 2014 ASIC has permanently banned Mr David St Pierre, a former Westpac Bank Home Finance Manager from engaging in credit activities and providing financial services. Mr St Pierre, of Mt Nathan, Queensland, was a Home Finance Manager for Westpac Bank between September 2000 and April 2011. An ASIC investigation found that between July 2008 and June 2010, Mr St Pierre: ·         submitted loan applications to Westpac for approval when he knew that they contained false information and that they were supported by false documents ·         failed to prepare an authority that accurately identified the payee of a cheque with the result that a customer cheque for $215,000 was paid into the personal trading account of a non-office holder of Capital Growth International Club Pty Ltd (CGIC), and ·         enabled and encouraged customers to borrow...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Declan Carnes - infamous Bank Manager of BOQ and storm financial case is back in court today with another. This victim is not stor
  • doyla66
    doyla66 says #
    So how do ASIC see the bank engineers of this fraud as fit and proper persons??? They're ruining lives across the country!! ASIC-
  • doyla66
    doyla66 says #
    May I ask what this is all about Mr. Michael Kingfisher Smith? I note well that failure to make a decision, or take action, or de
  • doyla66
    doyla66 says #
    Looking at this horse in the mouth reveals......... ANZ Administrator Global Retail Credit Policy Team ANZ Automated credit asses
  • doyla66
    doyla66 says #
    One down and thousands more to go. one after the other just like falling dominoes.
Hits: 4054 15 Comments
Rate this blog entry:
Continue reading
Dear members After reading Change's blog yesterday it got me thinking how fortunate Greg Medcraft is. Greggy proudly boasts he is a card carrying member from the working class and " look at me now haven't I done well.This is the only connection he now has, the past, he has moved on and from his humble beginnings has become a powerfull man but at what cost?Greggy proudly boasts of his free university education, well folks thats something our children or grandchildren will never get. In the early nineties our daughter boarded out at uni, we both worked and I worked six days a week and every bit of overtime going in a low paid job to get her through, we were proud of the fact that if you work hard your children can benefit. The only reservation I had was our daughter wasn't entitled to Aus Study but two of her...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Greg Medcraft you should be ashamed of yourself. A man in your position should know what's going on. You are the head, the capta
  • doyla66
    doyla66 says #
    Take good heed Mr. Medcraft! I actually know of one victim who every single night prays for your soul and it's not me for whilst
  • doyla66
    doyla66 says #
    When you brag about how well you have done for yourself coming from a working class background it makes me wonder just how much cr
  • doyla66
    doyla66 says #
    Neil, we can only hope he reads your words and has some sort heart to do the right thing, no matter how much of a banksters/wanke
  • doyla66
    doyla66 says #
    yes Greg...." tell the Senators everything, let them know how the banksters engineered these diabolical schemes and the consequenc
Hits: 2465 5 Comments
Rate this blog entry:
Continue reading
The new ASIC chairman attributes his outstanding success to a can-do attitude. by Brisbane Times August 10, 2011 ''I understand business, I understand markets - I'm really well equipped for this,'' ''Being a banker gave me enough law,'' ''Securitisation technology has delivered a great deal for Australian consumers,'' ''I want ASIC to be seen not just as a law-enforcement body but as focused on outcomes,'' ''I built a reputation for doing deals that other people thought were too hard,'' ''It's actually about getting things done, a bit of a can-do attitude and innovation,' ''You start making progress where others stop - just because something doesn't exist doesn't mean it can't be done.''   ASIC chairman Greg Medcraft. Photo: Marco Del Grande If Greg Medcraft's track record is anything to go by, the Australian Securities and Investments Commission is in for a shake-up. During his lengthy investment banking career, Medcraft notched up...
Last modified on
Recent Comments - Show all comments
  • Denise
    Denise says #
    Medcraft is very clever at misleading information, deceiving Parliament, suggesting there are no systemic issues and then asking F
  • doyla66
    doyla66 says #
    ''I built a reputation for doing deals that other people thought were too hard,'' says Medcraft. AND "I understand business, I und
  • doyla66
    doyla66 says #
    Don't you understand the basic philosophy of business Mr Medcraft? It's the track record, the actions, the results, the outcomes
  • doyla66
    doyla66 says #
    We'll said organza...
  • doyla66
    doyla66 says #
    Well now we know who headhunted him and why don't we?
Hits: 2600 5 Comments
Rate this blog entry:
Continue reading
Dear Members The Abbott government has clearly shown where their preferences lie when choosing to mount investigations into banking and economic recommendations for the forthcoming budget. Instead of taking a broad spectrum approach with the appropriate experts they choose to take the very narrow conservative approach using industry players. The banking inquiry with David Murray as its head and the make up with  financial industry stalwarts will only result in a one sided view heavily tilted in the banking industry's favour. The Commission of Audit is set up to make hard decisions and recommendations for the upcoming May budget and is  chaired by Tony Shepherd former president of The Business Council of Australia and the head of the commissions secretariat is the BCA's chief economist Peter Crone. Former Howard Minister Amanda Vanstone and three public servants , Peter Boxal an ardent free marketeer who worked as Peter Costello's Chief of Staff,...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Great blogs team.... All you say is TRUE....... Everyone's words give me so much strength to just keep going....... A big thank y
  • doyla66
    doyla66 says #
    By Jelena Potpara 4 weeks ago from (chchronicle.com.au/end-braddon-investment-finance)... Money. Over 70 investors, most local, ha
  • doyla66
    doyla66 says #
    I believe it is called apathy when the very thing you either ignore is happening when you know full well its happening or the thin
  • doyla66
    doyla66 says #
    All the clouded secrecy, all the lies, all going on behind scenes in stealth (and a whole lot more than just with Banks) is furthe
Hits: 2160 4 Comments
Rate this blog entry:
Continue reading
Why ASIC isn’t checking banks’ financial planners by Michael Pascoe December 23, 2013 (1)    The Australian Institute of Superannuation Trustees might want the relationship of bank-controlled financial planners and their masters investigated, but ASIC isn’t doing it. Try APRA instead. After Michael West broke the story of bank-linked financial planners channelling clients cash holdings into mediocre deposits with their bosses instead of seeking the best available returns, I expected there would soon be a big kick coming of ASIC in the direction of the big banks’ backsides. A revved-up regulator would be keen to show it wasn’t just the little guys it would go after, and that this time, unlike the AMP shadow shopping scandal, the Big End of Town wouldn’t just be whipped with a feather. So I asked and ASIC has replied: .smh.bus/bus/commentandanalysis/columnist;cat1=columnist;cat=bus;ctype=article;pos=3;sz=300x250;tile=4;ord=3.9657301E7?" width='300' height='250' scrolling="no" marginheight="0" marginwidth="0" allowtransparency="true" frameborder="0"> </iframe>  “As wholesale money, superannuation cash receives lower interest...
Last modified on
Hits: 1559 0 Comments
Rate this blog entry:
Continue reading
BFCSA have lobbied long and hard for an Inquiry into ASIC, calling for one in 2001 as RECA.  Greg Medcraft Chairman of Australian Securities and Investment Commission, and also Chairman of IOSCO (International Org of Security Chiefs) has hit back at his critics of which our members are staunch by experience in their criticism of ASIC.   In fairness, we are happy to record Mr Medcraft's views of his own leadership and staff.  We do note however, that a boast of recovering $345 million, is embarrassing as over $400 million was lost in Westpoint, which ASIC sat on like a Mother Hen and did nothing for five years until its collapse.  It also fails to quantify the absolute losses ASIC has recorded as being well over $80 Billion, whilst ASIC slept.   Medcraft boasts that ASIC has banned 168 people in 3 years.....no LENDERS MENTIONED.   No criminal charges to assist in...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Mr Medcraft must be really silly to boast about stats like that without doing the sums... (well done Denise!!) What a joke! No won
  • doyla66
    doyla66 says #
    Just running for cover it appears. Imagine giving out terrible percentages like that. I think Mr. Medcraft would be ashamed of h
  • doyla66
    doyla66 says #
    ROFLMAO ASIC! We've said it before and we'll say it again: ASIC did it - we just reported it No extra effort required: just writ
  • Denise
    Denise says #
    5 elite ASIC staffers were given the task of compiling the "close to zero %" results for ASIC in their three submissions to Parlia
  • doyla66
    doyla66 says #
    In another similiar article -'We see cyber crime as a key risk not only to the markets we regulate but to the stability of the glo
Hits: 3254 11 Comments
Rate this blog entry:
Continue reading
Well, well, boys and girls it looks like after many tireless years of Denise's and BFCSA persistence we have struck a raw nerve at ASIC. To rate a supplement to ASIC's submission to the Senate means they are finally hearing what we are all saying. To start compiling a list of counter claims to all our evidence reeks of desperation to save their own sorry skins. To use time as an excuse is preposterous by stating the falsehood that a lot of our members were PRE all these new regulations so that must deem them to be not appropriate, you do not put time limitations on a crime as if the passing of time wipes the slate clean. One of the most obvious pontificating ASIC statements is the complete onus on the brokers for the loans and LAF's, they are completely exonerating the banks and show where their allegiance lies. To...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Fancy ASIC singling BFCSA out for such special attention! All those other complaints and we get the ASIC red carpet treatment? Wh
  • doyla66
    doyla66 says #
    Yes Neil it's going to be a day of entertainment, a day when the truth will prevail and a day of history making. We are nothing to
  • doyla66
    doyla66 says #
    Well said Neil. Like you I will be ready, willing and able to attend the Senate enquiry to support Denise and other BFCSA members
Hits: 2122 3 Comments
Rate this blog entry:
Continue reading
VOFF PRESS RELEASE 31st October 2013 FLADER – LAUGHING ALL THE WAY TO THE BAHAMAS VOFF SLAMS ASIC AS INEFFECTUAL AND CALLS FOR A COMPLETE RESTRUCTURE OF ASIC MEDCRAFT MUST RESIGN The decision of ASIC to terminate its “investigation” into the role of Jack W Flader Jnr. into the Trio Capital fraud marks the end of an abysmal performance by the regulator in prosecuting its regulatory duties to protect the Australian financial system. Flader was the Chairman of the Global Consultants and Services Group of Companies Limited, (GCSL) which he established in 2007 based in the weakly regulated jurisdiction of Hong Kong.  Flader and GCSL were critical links in the network of international hedge funds and investments that stole $120 million dollars from the Astarra Strategic Fund.  • In November 2009 the US District Court in South Carolina. found that a stockloan program involving the Jeeves Group and Flader had been...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    Once again ASIC failure to investigate fraud in a timely manner has cost investors the shirts off their backs! Once again the perp
  • Denise
    Denise says #
    Anyone from Trio Capital out there that would like to speak with me? [email protected]
Hits: 3375 2 Comments
Rate this blog entry:
Continue reading
On the 16th October, I lost a very dear friend in Graham MacAulay.  I met him as a man about to enjoy retirement, yet sitting in the creditors meeting of one of the company collapses generated by Richard Beck, John Whitehead and Norm Carey of Westpoint, I saw a man sitting holding his face with his hands, as close to tears as he could possibly get.  One thousand other people were sitting quietly in stunned disbelief.  Yet the collapse of the company, it became the first of eight heavily attended creditors' meetings for the same group that week in December 2005.  Yet the one piece of information that angered Graham the most, was yet to be revealed...................... I met a group of 50 people in the lobby and I said: "One of you has to be leader of this group as I am heading back to WA.  But I will assist and guide you...
Last modified on
Recent Comments - Show all comments
  • doyla66
    doyla66 says #
    I'm really sad to hear of Graham's passing. My condolences to all who knew him personally, especially his family. Graham did an e
  • doyla66
    doyla66 says #
    Thankyou Denise for writing and sharing this beautiful story of such a worthy humane being. This is sad news for everyone especial
  • doyla66
    doyla66 says #
    From: Frank Sent: Thursday, October 31, 2013 To: [email protected] Thank you Denise, can you pa
  • doyla66
    doyla66 says #
    From: P H Sent: Thursday, October 31, 2013 To: [email protected] thank you for being you thank you for making the time to
  • doyla66
    doyla66 says #
    RIP Graham MacAulay... Thank you for the heart felt obituary Denise on our behalf. Best wishes to his family and friends. Thank g
Hits: 3577 5 Comments
Rate this blog entry:
Continue reading