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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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Posted on November 30, 2014 by Lambert Stretherhttp://www.nakedcapitalism.com/2014/11/australia-haven-bank-control-frauds.htmlFirst Published on Macrobusiness http://www.macrobusiness.com.au/2014/11/australia-haven-for-bank-control-frauds/Lambert here: Et tu, Australia? For the connoisseur of accounting control frauds, sadly, Australia may provide a valuable parallel case in a second member of the Five Eyes. I wonder if the Australians will manage to prosecute any CEOs? By Paul Egan and Philip Soos, co-authors of Bubble Economics: Australian Land Speculation 1830 – 2013. Originally published at Macrobusiness. Exuberant household credit growth over the last twenty years has a sinister dimension: the likelihood of widespread predatory lending and bank fraud. Every developed country, including Australia, has laws to regulate and hopefully prevent predatory lending, defined as providing credit to a borrower in full knowledge they lack the capacity to repay it in a timely manner, if at all. Relevant laws and regulations stipulate loan amounts must not exceed the assessed debtor repayment capacity, based on their assessed wages and other income. Lenders have an obligation to...
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  • organza
    organza says #
    How insightful and how very spot on. This is all the result of the crims being a whole lot foxier and smarter than the regulators
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Wall Street Stunned As Iceland Dares To Jail Banker Involved In 2008 Crash   Submitted by Tyler Durden on 11/20/2014 22:02 -0500 Bond   Creditors   headlines   Iceland   Reuters       inShare3     The impossible is possible. Never say never. Wall Street bankers are staring agog at headlines coming from Europe where, in Iceland, the former chief executive of one of the largest banks in the country which was involved in crashing the economy in 2008 has been sentenced to jail time. As Valuewalk reports, in receiving a one year prison sentence, Sigurjon Arnason officially became the first bank executive to be convicted of manipulating the bank’s stock price and deceiving investors, creditors and the authorities between Sept. 29 and Oct. 3, 2008, as the bank’s fortunes unwound, crashing the economy with it. It appears he was as shocked by the verdict as Wall Street-ers are, "this sentence is a big surprise to me as...
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  • Wayne
    Wayne says #
    well.. he's going to do well in jail...NOT he's got the criminal experience behind him but I'm not sure if he can strike up a dea
  • organza
    organza says #
    Finally the proof that what goes around comes around. As far as I am concerned he should be grateful he will have a free roof ove
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By Graham Hand on February 11, 2013   http://cuffelinks.com.au/super-misses-out-on-government-deposit-guarantee/   It’s called the Financial Claims Scheme, better known as the government deposit guarantee, and it provides comfort to millions of Australians who hold their savings in deposits with Australian banks, building societies and credit unions (collectively called Australian Deposit-Taking Institutions, or ADIs). Indeed, when the Treasurer, Wayne Swan, announced the revised scheme in September 2011, he wrote: It will ensure that we continue to have one of the most generous and secure deposit insurance schemes in the world, and builds on the Government’s record of ensuring our financial system remains among the strongest in the world. But here’s the bothersome fact: the government guarantee on deposits does not apply to deposits offered in public superannuation funds. Many financial experts and financial advisers are unaware of this, even the highest profile writers who are read by millions, which suggests nobody has corrected...
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  • organza
    organza says #
    Yet if one switches from a public super fund to an SMSF they are on their own according to Greg Tanzer and they also lose their su
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Australians to take on role of tax collector when buying property from foreign residents November 4, 2014 http://www.theage.com.au/federal-politics/political-news/australians-to-take-on-role-of-tax-collector-when-buying-property-from-foreign-residents-20141104-11gtiu.html   Feel like becoming a tax collector for the government?   Well, if you buy a property worth more than $2.5 million from a foreign resident then that is exactly what you will have to be if a Treasury proposal is adopted. Treasury says it would like Australians to withhold 10 per cent of the sale price of a property from foreign residents and hand that money to the Australian Tax Office. The measure will be a "collection mechanism" for the ATO to support the operation of the foreign resident capital gains tax regime.And it will be up to you to establish whether the person you are buying the property from is a foreign resident and whether the transaction involves "Australian taxable property." Your decision may involve "making some enquiries in certain circumstances," Treasury...
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Trio Captial exposed: one of these men ran the $176m Trio Capital rort By CYDONEE MARDON Nov. 3, 2014, 6 a.m The man on the left is Shawn Richard. The man on the right is Jack Flader.   Read Shawn Richard's statement Flader’s denials, in his own words Where Illawarra's super money went Today, for the first time, we reveal Shawn Richard’s account of the Trio Capital fraud, based on his confession to the Australian Securities and Investment Commission, which was only recently released. This was the document that convinced ASIC to claim the mastermind was an American living in Hong Kong, Jack Flader.  Shawn Richard, one of two men jailed over the Trio Capital fraud, admitted authorising fraudulent transactions and signing fake documents yet told investigators he was merely a foot soldier acting on orders from Hong-Kong-based mastermind Jack Flader. In a 32-page signed confession, recently released under Freedom of Information laws, Richard...
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Financier Ian Lazar arrested outside North Sydney home over the alleged fraud of elderly woman ANDREA MCCULLAGH MOSMAN DAILY OCTOBER 30, 2014 11:32AM BUSINESSMAN Ian Lazar has been arrested over the alleged fraud of an elderly woman. The woman, who has since died, contacted police after she was evicted from her Nambucca home in 2009. Lazar, 43, was arrested outside his North Sydney home at 8am this morning by fraud squad detectives. His home and business, Commercial Mortgage Trade, are both being raided by officers.     Commerical Mortgage Trade         Lazar was arrested outside his North Sydney home this morning. The arrest is in connection with the alleged fraud of an elderly woman.     Lazar has been charged with obtain financial advantage by deception and was refused bail. In court detectives will allege he was involved in deceiving an elderly woman and her daughter into transferring...
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  • Wayne
    Wayne says #
    for a loooong time
  • Wayne
    Wayne says #
    good I hope he goes to jail
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Australia to foot bill for US bombs dropped in ISIS fight by: Mark Dunn From: Herald Sun 5 days ago October 09, 2014 http://www.news.com.au/national/australia-to-foot-bill-for-us-bombs-dropped-in-isis-fight/story-fncynjr2-1227084339380   AUSTRALIA will be billed by the US military for many of the missiles and other bombs RAAF jet fighters drop in the campaign against Islamic State terrorists. US-supplied smart-guided weapons fitted to Australia’s Super Hornets can range in price from less than $70,000 to more than $650,000 each. Weapons-sharing agreements struck between the Australian Defence Force and the Pentagon give the RAAF ­access to US aerial ordnance but each missile or bomb used must be paid for. The Australian Air Task Group has stocks of its own munitions at Al Minhad air base near Dubai but the RAAF F/A-18F Super Hornets can carry a mix of both Australian and US-supplied armaments. It is understood that aircraft fuel, dispensed on the ground or air-to-air through the RAAF...
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Leave capital levels alone ANZ chief tells Murray 3 October 2014 PUBLISHED: 19 hours 36 MINUTES AGO http://www.afr.com/p/business/companies/leave_capital_levels_alone_anz_chief_nEPLh3WWBoXxnhHke58SPK   ANZ Banking Group chief executive Mike Smith told David Murray on Thursday the final report of his ­financial system inquiry should stay broad and not make recommendations on precise levels of bank capital.that banks should hold.   As a flurry of equity research from banking analysts over the past month points to the liklihood of higher bank capital after a series of speeches by Mr. Murray suggesting the financial system needed to be made more resilient, Mr. Smith said capital levels should be determined by financial regulators, not by Mr. Murray.   Regulators already had sufficient power to increase bank capital if they became concerned about specific costs within a bank or systemic risk, Mr. Smith argued at the meeting, which was also attended by Westpac Banking Corp chief executive, Gail Kelly....
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ASIC licensed so many new recruits as planners who KNEW "do not suggest to people who have less than $210k super."   So guess what the super salesmen driven by commissions did?   "Advised" vulnerable consumers to set up their "own" SMSF and then the real estate agents jumped in and sold property: this pushed the property market up.  These "targets" were not sophisticated investors and ASIC knew it.  They had only just received their superannuation and had never handled such a large amount during their entire lives.  But people ASIC touted as fully trained and licenced, pounced on these ordinary Mums and Dads and whammo. Fess, charges, costs, fines demolished the next egg and become part of the PROPERTY BUBBLE, that the Banks are at pains to say is not there.   This email address is being protected from spambots. You need JavaScript enabled to view it. AND HERE IS THE PROOF OF ASIC's culpability.  As they will say "real estate agents are in states jurisdiction.  Have they ever prosecuted anyone?  So...
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Reserve Bank's housing bubble set to unleash more job losses Written by admin on September 1, 2014 – 9:05 pm http://www.whocrashedtheeconomy.com.au/blog/2014/09/reserve-banks-housing-bubble-set-to-unleash-more-job-losses/ Grave fears are mounting for the future stability of the Australian economy as new data released today shows the Reserve Bank of Australia’s housing bubble is surging at records not seen since 2003.  The RP Data statistics confirms reports of investor lead irrational exuberance in the Sydney and Melbourne markets. On an annualised quarterly basis, Melbourne surged an unsustainable 21.2 per cent, followed by Sydney at 13.8 per cent. The investor surge is both eroding rental yields and increasing vacancies causing many experts to warn of a bleak future for investors when capital gains slow to more sustainable levels, or worse – starts falling. The boom stems from emergency record low interest rates set by the Reserve Bank of Australia – the lowest in over 5 decades. This latest data...
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Friday, 1 August 2014 The next subprime mortgage crisis in the making by Paddy Manning BUSINESS http://www.crikey.com.au/2014/08/01/the-next-subprime-mortgage-crisis-in-the-making/?wpmp_tp=1   It is a bit of myth that Australia dodged the global financial crisis because we had tougher lending standards than the United States, where ticking-bomb subprime mortgages were packaged up into toxic derivatives like collateralised debt obligations, slapped up with dodgy AAA credit ratings and on-sold to financial institutions investors all over the world. OK, we didn’t yet have NINJA loans — mortgages made to those with no income, no job or assets — but that was probably more down to luck than good management. However, we did have a snowballing problem with subprime mortgages in Australia — low-doc home loans flogged to struggling borrowers by conflicted mortgage brokers — and we were lucky it didn’t do more damage. Lucky that our banks were well enough capitalised (propped up by the taxpayer through the deposit and wholesale funding guarantees) to ride...
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How can any first home buyer afford to save $164,000 for a home deposit?      Property forecast: prices to rise by 19% with deposits to hit $164,000   By Audrey Bertin | 14 November 2013   http://www.whistleout.com.au/HomeLoans/News/Property-forecast-prices-to-rise-by-19-per-cent-while-deposit-remains-high   Sydney’s residential market is in fast recovery, with forecast by property forecaster BIS Shrapnel predicting housing prices in Sydney to rise by 19 per cent throughout the next three years. Adding up to this increase in budget for home buyers is the deposit, requiring more savings as prices climb – which prevents many first-home buyers from making the leap. The median price for Sydney’s houses is $690,430 at the moment, and it is expected to extend to $820,000 by June 2016. Robert Mellor, managing director of BIS Shrapnel reported that the main factors driving this price increase are a strong demand from population and overseas immigration growth and an under supply of...
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The weird world of the CEO By John Addis  Monday, September 15, 2014  0 Shares  CEOs, reporting season  http://www.intelligentinvestor.com.au/2014/09/weird-world-ceo/ Like the rest of us, CEOs work hard at being normal. But the job attracts a certain character type. Being optimistic, conquer-the-world types with expensive educations and privileged backgrounds, a few too many gaze into their fundaments and find the view oddly satisfying. Mostly, such behaviour is kept in check. CEOs are smart enough to realise that real or not, an affable character helps them get ahead. And many are indeed that way inclined. But when reporting season comes around – The lights! The stage! The sandwiches! – a few egos escape the clutches of their minders and make a run for it. Mostly, no great harm is done. Whilst over-egged optimism is common (and sometimes a prerequisite), self-interest is everywhere and rarely welcome.  Commonwealth Bank CEO Ian Narev, fresh from addressing fraud and malpractice in the bank’s...
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Compo deal for BOQ customers caught up in Storm   http://www.dailymercury.com.au/news/compensation-bank-of-queensland-storm-financial/2395508/   Rae Wilson  22 September 2014   BANK of Queensland customers caught up in the Storm Financial debacle will get about 45% of their loss suffered under a new $17 million compensation deal. Storm Investors' Consumer Action Group chairman Mark Weir said he was cynical about the formula used in this BOQ agreement and a previous deal done with the Commonwealth Bank. But he said anything put forward at this point was conjecture until the group had read the detail. "I'm extremely cynical about the formula used by the Commonwealth and other banks in regards to assessing Storm losses," he said. "It's creating a lot of despair among members because they've been led to believe compensation received from one quarter, for example, settlement from CBA - may determinately impact on anything you got from the other banks. "Until such time...
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You know the ship is about to sink when the rats start fleeing!!   General Electric in local retreat with consumer arm ‘for sale’ - September 06, 2014 http://www.heraldsun.com.au/business/general-electric-in-local-retreat-with-consumer-arm-for-sale/story-fni0dcne-1227049530131?nk=b5b0acbf21069778146a2bfb8e302ec7 US conglomerate General Electric wants to offload its Australian consumer finance business, pulling out of the consumer market almost 20 years after GE Capital forged into Australia. The company is “exploring options” for the sale of its Australia and New Zealand consumer arms as it intensifies its focus on lending to medium-sized businesses. GE’s Australian consumer finance division, based at its Australasian headquarters near the Yarra River in Burnley, includes the prominent GE Money credit cards and personal loan operations. GE Capital Australia & New Zealand chief Duncan Berry said the decision tallied with the group’s “overall strategy to be the world’s premier infrastructure technology company and the leading specialty finance provider to the mid-market’’. “GE is committed to this growth strategy...
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http://www.couriermail.com.au/business/asic-staff-spoke-of-extremely-limited-resources-in-probe-of-roger-munro-investment-scheme-storm-financial-calamity-takes-priority/story-fnihsps3-1227055816307?nk=816e36a4e98e735355db7a83a1cb9918 ASIC staff spoke of ‘extremely limited’ resources in probe of Roger Munro investment scheme, Storm Financial calamity takes priority by:Liam Walsh From: The Courier-Mail September 12, 2014 INVESTIGATORS probing an alleged $60 million “Queensland Ponzi scheme” were stretched and faced under-resourcing issues, according to documents from the corporate watchdog’s own staff. The probe into the collapsed investment operation, likened in one document by an Australian Securities and Investments Commission employee to the scam overseen by infamous New York fraudster Bernie Madoff, never reached a prosecution phase.  The missing $60 million has also never been recovered, leaving bereft investors who included elderly Queenslanders and Just Jeans founder Craig Kimberley.  ASIC maintained on Thursday the investigation “was adequately resourced” and any resourcing issues were not factors in its outcome. Yet ASIC’s internal documents, obtained by The Courier-Mail via Freedom of Information laws, indicate their investigators’ time was engulfed by digging into collapsed...
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  • setup
    setup says #
    Thanks Aries. The Government is ignoring Senator Biship's recommendation for an instant Royal Commission. This coverup must cease
  • Aries
    Aries says #
    Here's the link to Richo + Jones http://www.skynews.com.au/video/program_richojones/2014/09/17/richo---jones-september-16.html I
  • Aries
    Aries says #
    Just watched Richo + Jones on sky 601. Alan Jones going off about ASIC and financial planners. Interview with Robert Jeremenko sen
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 I have no idea how any bank will be able to fix up all the mess - check this out - and JP Morgan control our banks?     http://www.rollingstone.com/politics/news/j-p-morgan-chases-ugly-family-secrets-revealed-20120313   J.P. Morgan Chase's Ugly Family Secrets Revealed By Matt Taibbi | March 13, 2012 In a story that should be getting lots of attention, American Banker has released an excellent and disturbing exposé of J.P. Morgan Chase's credit card services division, relying on multiple current and former Chase employees. One of them, Linda Almonte, is a whistleblower whom I've known since last September; I'm working on a recount of her story for my next book. One of the things we were promised by the lawmakers who passed the Dodd-Frank reform bill a few years back is that this would be a new era for whistleblowers who come forward to tell the world about problems in our financial infrastructure. This story now looms...
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http://www.moneymanagement.com.au/news/van-eyk-enters-voluntary-administration-1 Van Eyk enters voluntary administration 15 September, 2014 Research consultancy van Eyk has gone into voluntary administration, weeks after the closure of its four Blueprint funds. The group has appointed Trent Hancock of Moore Stephens Sydney Corporate Recovery Group as voluntary administrator.   Hancock said the closure of the Blueprint funds created short term financial challenges due to the structure of parent company, van Eyk research. Chief Executive Officer of Van Eyk Research Pty Ltd, Mark Thomas said: "It is regrettable that we have had to initiate this course of action but it is necessary under our current corporate structure. We will work actively and constructively with the Administrator and all our stakeholders to facilitate a more sustainable corporate platform to ensure certainty and growth for our core businesses." "We remain absolutely committed to providing our client's with a seamless quality research and consulting service and it will remain business as...
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Ordinary Citizens in the thick smoke of Big Bank Battles due to dodgy Mortgages, the usual fraud and forgery in Sub Prime etc, report to us daily from all states on the state of the property market: loud and clear: " We cannot get better than 2007 prices for our home right now.  Its a disaster!" So who you gonna believe?  The grass roots honest, back-bone of this country's people or the RBA Masters of the Universe who operate from Planet Mars?  Someone is lying and cheating.  Try the fact the real estate industry has been skewing figures of years by adding Mega Mansion sales to the general suburb category to pump up the volume....same as Big Banks did to Sub Prime!    http://www.theaustralian.com.au/business/property/house-prices-rises-not-a-crisis-says-rba-member-john-edwards/story-fn9656lz-1227056153510 House prices rises not a crisis, says RBA member John Edwards by:James Glynn From: Dow Jones September 12, 2014 THE rapid rise in Australian house prices isn’t problematic and won’t continue indefinitely, a central bank board member has said,...
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  • Denise
    Denise says #
    Ordinary Citizens in the thick smoke of Big Bank Battles due to dodgy Mortgages, the usual fraud and forgery in Sub Prime etc, rep
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If you are an LM Investment victim, we want to here from you.  We are once again taking a closer look at ASIC'S NEGLECTful ways.  This email address is being protected from spambots. You need JavaScript enabled to view it. Yes indeedy ASIC had a modicum of effort in looking at what Peter Drake was up to......2001 http://www.asic.gov.au/asic/asic.nsf/byheadline/01%2F297+ASIC+acts+on+disclosure+documents?opendocument 2001 media and information releases 01/297 ASIC acts on disclosure documents Tuesday 21 August 2001 As part of its ongoing campaign to protect investors and improve the quality of disclosure in fundraising documents, the Australian Securities and Investments Commission (ASIC) has taken action over three disclosure documents for property schemes and two prospectuses for contributory mortgage schemes. ASIC was concerned that the prospectuses for the property schemes lacked sufficient information about the bases underlying the financial projections and that some of the forward-looking statements were based on hypothetical assumptions. The contributory mortgage scheme prospectuses lacked information including the financial position and performance of the schemes, the current...
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