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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Found one in of all places Bahrain....one can bet our banks are all right into Hawala banking and should all be convicted for the same reason to add to all the other fraud they have been getting away with for years...       Ex-Bahrain bank CEO jailed for five years Wednesday, 26 September 2012   http://www.arabianbusiness.com/ex-bahrain-bank-ceo-jailed-for-five-years-474349.html The High Criminal Court in Bahrain has sentenced a former senior banking official to five years in prison. The court issued a ruling on Wednesday on the money laundering case against Majid Bader Hashem Al-Refai, the former CEO of Bank Alkhair (formerly known as Unicorn Investment Bank). The bank said in a statement that Al-Refai was found guilty of money laundering, fraud, illegally soliciting donations without prior licensing from Bahraini authorities and transferring the funds to his personal account. It added that he was sentenced to five years in prison and fined BD40,000. The...
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Kabul Bank, once the country's largest financial institution, collapsed in 2010 when it was revealed that over 900 million USD was embezzled by the bank's top executives. The revelations led to a depositor panic that received international attention and helped give Afghanistan the reputation for corruption that it has today.     Former Kabul Bank Chairman, CEO Jailed for 10 Years   Tuesday, 11 November 2014 http://www.tolonews.com/en/afghanistan/17082-former-kabul-bank-chairman-ceo-jailed-for-10-years   The former Chairman of Kabul Bank, Sherkhan Farnood, and the bank's former CEO, Khalilullah Ferozi, have been sentenced each to 10 years in jail by a court in Kabul. The announcement came Tuesday in a verdict handed down by the appellate court after hours of discussions between defendants, judgest and prosecutors. But the decision was ultimately the result of President Ashraf Ghani's six-week push to reach a conclusive end to the country's largest corruption case, an important first step, he said, to combating...
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Former Kaupthing CEO jailed   9 March 2015 http://www.visir.is/former-kaupthing-ceo-jailed/article/2015150309058     Hreidar Mar Sigursson, former chief executive of Kaupthing bank, has begun serving his prison sentence. He was among four of the former bosses of the bank who were sentenced to prison earlier this year for fraud. He was sentanced to five and a half years in prison. See also: Iceland jails former Kaupthing bank bosses According to information Vísir has gathered he is now in Hegningarhúsið prison at Skólavörðurstígur in Reykjavík. He will most likely be moved to either Kvíabryggja or Sogn in the next days. Ólafur Ólafsson, one of the majority owners of bankrupt Icelandic bank Kaupthing, who was sentenced to four and a half years in prison, is now serving his sentence at Kviabryggja penitentiary, an open prison, used to house prisoners who have no previous convictions or are not considered likely to misuse the proportionate freedom at...
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More dirty bank tricks...NAB not the only bank guilty – Members can vouch for that!!   NAB nabbed for debt collection letters 26 October 2015 http://www.moneymanagement.com.au/news/policy-regulations/nab-nabbed-debt-collection-letters   National Australia Bank (NAB) has changed its procedures of its debt collection practices after concerns from the financial services regulator. The Australian Securities and Investments Commission (ASIC) was concerned NAB's collection letters may have been misleading, deceptive or unconscionable. NAB was sending debt collection letters using letterheads for ‘Fairhalsen Collections' and ‘Brunswick Collection Services', which may have given the incorrect impression that NAB had sold, outsourced, or otherwise escalated a debt when this was not the case. Related News: Westpac pays price for boosting credit card limits The letters only disclosed the entity was a NAB division in fine print at the bottom on the page. ASIC was also concerned the letters sent to some customers during the collection process stated that if the...
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  • NABbed Nanna
    NABbed Nanna says #
    The tactics of debt collectors are very bullish to say the least. I was contacted by the ACM group in late 2007 where I believe
  • organza
    organza says #
    If banks were not guilty of misleading and deceptive conduct at the time of loan application there would be no need for their dirt
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ASIC orders independent review of ANZ's insurance and super arm OnePath Sarah Danckert   15 March 2016 Read more: http://www.smh.com.au/business/banking-and-finance/asic-orders-independent-review-of-anzs-insurance-and-super-arm-onepath-20160315-gnj7hd.html#ixzz42xV9KOzw  Some OnePath customers had their superannuation paid into the wrong account for up to 12 months.  ANZ Bank will conduct an independent review of its insurance and superannuation arm OnePath after a series of breaches affecting 1,300,000 customers, some of whom had their super paid into the wrong account for up to a year. The review comes after markets regulator the Australian Securities and Investments Commission raised concerns about compliance at the OnePath division. The breaches, including those that did not require monetary remediation, total $53.5 million and occurred between early 2013 and mid-2015. ANZ has had to pay $4.5 million in compensation and refunds to its customers over the breaches.   We know we can do better says Alexis George, ANZ Wealth Australia managing director. The action comes at a time when the...
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  • organza
    organza says #
    'We know we can do better'? Sounds rather ominous to me. Money Laundering is all about distorting the truth. So our task is to
  • Louie2U
    Louie2U says #
    Just goes to show how greedy they really are when they cannot separate their bank interests from their financial planning arms. Et
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Irish Banks and Australian Banks. One could say – same here!   1.4 Primary Weaknesses in Valuation Processes In section 3 of this paper the Central Bank provides an overview of the primary weaknesses in commercial and residential property security valuation process that arose during the boom lending years. The purpose is to provide a valuable summary of the Lessons Learned and recommendations regarding good practice going forward. The Recommendations are to be read in conjunction with the general principles outlined in section 2 of this paper. The Central Bank has identified three over-riding areas of weaknesses: 1. Inaccurate or inappropriate definition of valuation requirements by Credit Institutions and subsequent inadequate assessment and understanding of valuations received. 2. Inadequate valuation processes and standards or a disregard for adherence to such processes. 3. Lack of appreciation of the significance of the valuation document as independent evidence of risk mitigation effectiveness. Many bankers...
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So who gave the Royal Order??     Australian Valuation Office shut to help or hinder bubbles? Karl Fitzgerald on January 24, 2014   https://www.prosper.org.au/2014/01/24/australian-valuation-office-shut-to-help-or-hinder-bubbles/   Today is a testing day for economic democracy with the announcement the Australian Valuation Office will be closed. The office has for 104 years valued our land – and was the cornerstone of the first federal tax office – the Federal Land Tax Office.   We show concern at this development because this austerity manoeuvre could spread to state government valuation officers. The use of private appraisers by the US banking system hints at the concerns we raise...........   Whilst dozens of books have been written about causes to the global financial crisis, just a few sentences written back in the year 2000 were a sufficient warning, as Randy Wray quotes:   We, the undersigned, represent a large number of licensed and certified real estate appraisers in...
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Property dodge for MPs closed 5:00 AM Friday Oct 10, 2014   http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11340130   Loophole exposed in the Herald allowed politicians to hold undeclared real estate   A loophole allowing MPs to hold millions of dollars worth of undisclosed real estate investments and other assets without declaring them has now been closed. It was exposed in the Herald last year.  The investigation, in conjunction with data journalist Keith Ng, revealed substantial real estate investments owned by MPs through about 40 private superannuation schemes. Some were also paying off mortgages of up to $78,000 a year on those properties through their taxpayer-funded superannuation contributions and accommodation allowances.  Parliament's standing orders - the rule book for MPs - obliged them to declare in the Register of Pecuniary Interests any property they held in trusts, but not property held in superannuation schemes.  However, the standing orders have now been reviewed in time for the incoming government.  In line with a...
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In a true line of credit situation there is no repayment requirement providing the limit is not reached???       http://www.bantacs.com.au/booklets/Keeping_your_Interest_Tax_Deductible.pdf   Page 8 Progress on Capitalised Interest Ruling On the 1st December, 2006 the ATO withdrew a ruling stating that interest on capitalised interest was deductible in a normal line of credit (ID 2006/298). They withdrew the ruling, can you believe, to prevent uncertainty! Anyone who is now more certain because they have less information on the subject could you please contact me and explain. It maybe different if they said it was wrong but they didn’t. And I think it was right. Anything less and you would have businesses running an overdraft in big trouble. But nevertheless if it is predominantly a scheme to reduce tax it is caught by Part IVA.  We have been nagging the ATO to give us more information. All they could tell me was that their...
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If not guilty why gag?   'Barclays made me sign a gag order before it would return £2,000 of my own money' By Kate Palmer | Telegraph – Fri, Oct 16, 2015 https://uk.finance.yahoo.com/news/barclays-made-sign-gag-order-152935148.html   Fraud victims could be forced to sign “gagging orders” by financial institutions as a condition of having their stolen money returned, Telegraph Money can reveal.   Online bank scams continue to defraud Britons of £325m a year. While the methods may become more sophisticated, the end-result is largely the same: victims will be convinced to transfer their money into a fraudster’s bank account. Because the fraud is considered to be an “authorised payment”, industry regulations state that the receiving bank has no responsibility to return this money. This is because the victim has instructed their bank to send funds to the fraudsters’ bank account, which will be quickly withdrawn.   Banks are obliged to freeze funds as soon as they become aware of the...
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Former Co-op Bank bosses banned from City for life Former chief executive Barry Tootell and corporate chief Keith Alderson 'posed an unacceptable threat to the safety and soundness' of the lender 15 January 2016 http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/12101582/Former-Co-op-Bank-bosses-baned-from-City-for-life.html   The Bank of England has banned two former Co-op Bank chiefs from holding senior roles in the City for life. The Prudential Regulation Authority, the Bank's supervisory arm, has taken the action against Barry Tootell, the former chief executive, and Keith Alderson, who ran the bank's corporate banking arm in the period up until its near-collapse. The pair have been fined £173,802 and £88,890 respectively, and banned from holding what the regulator calls a "significant influence function" in a regulated firm.  It is the first time the PRA, or its sister agency the Financial Conduct Authority which helped manage the investigation in to the two men, has banned the chief executive of a bank. Of...
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Basel regulators make U-turn on banks' use of credit rating agencies   Reuters in London   11 October 2015   http://www.scmp.com/business/banking-finance/article/1866379/basel-regulators-make-u-turn-banks-use-credit-rating Global banking regulators have decided to allow lenders to keep using credit rating agencies to help them determine how much capital they need to hold to cover the risks of borrowers getting into trouble, a top central banker said. Stefan Ingves, the head of the Swedish central bank and chairman of the Basel Committee on Banking Supervision, said few banks were happy with proposals made in March to revise a "standardised" approach for calculating credit risk. Revised proposals would be published by the end of the year, Ingves said. "This is likely to include reintroducing a role for external credit ratings into the credit risk capital framework," he told an Institute of International Finance meeting in Lima. The Basel Committee of banking regulators from nearly 30 countries proposed in March...
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Bernie Madoff investors seek $100M from Ernst & Young Ernst & Young audited Tremont Funds, which were invested with Madoff, from 2000 to 2003 The Associated Press Posted: Oct 12, 2015 http://www.cbc.ca/news/business/bernie-madoff-investors-1.3267537   Nearly seven years after Bernie Madoff's investment empire was revealed to be a $17.5 billion US fraud, the battle by investors to recover their losses ramps up in a case that goes to trial this week in Seattle.  A Washington state investment company is seeking to pin about $100 million of its losses from Madoff's crimes on auditor Ernst & Young. FutureSelect Portfolio Management of Redmond and some related firms, headed by hedge fund manager Ronald Ward, lost a total of about $129 million in the pyramid scheme. In court papers, the company alleges that Ernst & Young would have uncovered the scheme if it had taken even the most basic steps to verify Madoff's assets — something the...
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Top Irish banker faces extradition nine years after financial crash 11 Oct 2015   http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11925229/Top-Irish-banker-faces-extradition-nine-years-after-financial-crash.html   David Drumm, former chief executive of Anglo-Irish bank, faces extradition to Ireland where he could be tried for up to 30 criminal charges The former chief executive of Anglo Irish Bank faces extradition six years after the Irish lender was nationalised in the wake of the country's financial collapse. David Drumm, who has been living in the United States since he resigned from the bank in 2009, was arrested and will remain in custody until he faces an extradition court in Boston on Tuesday. • Shamed Irish banker David Drumm says sorry. Mr Drumm served as the chief of Anglo Irish during the boom years of 2005 and 2008. The bank later became one of three major Irish lenders forced into government ownership after the country's housing bubble suffered a spectacular collapse and plunged the economy...
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Are Big Banks Manipulating Their Share Prices?   By Pam Martens and Russ Martens: October 20, 2015  http://wallstreetonparade.com/2015/10/are-big-banks-manipulating-their-share-prices/ During the recent Democratic Presidential debate that aired on CNN on October 13, Senator Bernie Sanders of Vermont said: “Let us be clear that the greed and recklessness and illegal behavior of Wall Street, where fraud is a business model, helped to destroy this economy and the lives of millions of people.”  Most Americans clearly understand that reality, and yet, Wall Street’s regulators continue to look the other way at the most outrageous conflicts of interest. On June 2, 2014, Wall Street’s self-policing body, FINRA, disclosed for the first time details on which publicly traded companies were being traded in dark pools and the source and volume of that trading. Dark pools are effectively unregulated stock exchanges and are operated by some of the largest commercial banks on Wall Street – which are also backstopped by...
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How Wall Street Has Turned Housing Into a Dangerous Get-Rich-Quick Scheme -- Again Posted: 27/11/2013 01:34 AEST Updated: 26/01/2014 21:59 AEST   http://www.huffingtonpost.com/laura-gottesdiener/foreclosed-homes-rental-properties_b_4343234.html?ir=Australia   The Empire Strikes Back Cross-posted with TomDispatch.com   You can hardly turn on the television or open a newspaper without hearing about the nation's impressive, much celebrated housing recovery. Home prices are rising! New construction has started! The crisis is over! Yet beneath the fanfare, a whole new get-rich-quick scheme is brewing.  Over the last year and a half, Wall Street hedge funds and private equity firms have quietly amassed an unprecedented rental empire, snapping up Queen Anne Victorians in Atlanta, brick-faced bungalows in Chicago, Spanish revivals in Phoenix. In total, these deep-pocketed investors have bought more than 200,000 cheap, mostly foreclosed houses in cities hardest hit by the economic meltdown.   Wall Street’s foreclosure crisis, which began in late 2007 and forced more than 10 million people from their homes, has created a paradoxical problem....
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China Cracks $64 Billion `Underground Bank' Moving Money Abroad 20 November 2015   http://www.bloomberg.com/news/articles/2015-11-20/china-cracks-64-billion-underground-bank-moving-money-abroad   China said it cracked the nation’s biggest “underground bank,” which handled 410 billion yuan ($64 billion) of illegal foreign-exchange transactions, as the authorities try to combat corruption and rein in capital outflows that have hit records this year. More than 370 people have been arrested or face lawsuits or other punishment in the case centered in eastern Zhejiang province, the official People’s Daily reported on Friday, citing police officials. The case brought the total for underground banking and money-laundering activities to 800 billion yuan since April, the newspaper said. The probe began in September last year and the police took almost a year to sort through more than 1.3 million suspicious transactions, the state-run Xinhua News Agency reported separately. The authorities froze more than 3,000 bank accounts, Xinhua said.   Global Flows The case highlights the nation’s struggle...
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Confidentiality in Settlement Agreements Is Bad for Clients, Bad for Lawyers, Bad for Justice Vol. 29 No. 6 By Ronald L. Burdge   http://www.americanbar.org/publications/gp_solo/2012/november_december2012privacyandconfidentiality/confidentiality_settlement_agreements_is_bad_clients_lawyers_justice.html You worked for months getting your case ready for trial, and at the final pretrial conference a settlement was finally struck, the trial was cancelled, everyone was happy, and you went back to the office. Weeks later you get the settlement agreement and see it contains something not discussed: a confidentiality clause. Maybe it’s a problem. Maybe not. Either way though, it’s heartburn and more time in a case you thought was over with. A confidentiality clause seeks to prohibit the parties to a settlement from disclosing the settlement terms and sometimes more. Confidentiality raises numerous problems. This article will discuss perceived and real problems with the use of confidentiality clauses in settlement agreements and tips on dealing with and avoiding them. What’s Wrong with Confidentiality? There are valid...
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Iceland looks at ending boom and bust with radical money plan Icelandic government suggests removing the power of commercial banks to create money and handing it to the central bank 31 March 2015 http://www.telegraph.co.uk/finance/economics/11507810/Iceland-looks-at-ending-boom-and-bust-with-radical-money-plan.html   Iceland's government is considering a revolutionary monetary proposal - removing the power of commercial banks to create money and handing it to the central bank.  The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling centrist Progress Party, Frosti Sigurjonsson, entitled "A better monetary system for Iceland". "The findings will be an important contribution to the upcoming discussion, here and elsewhere, on money creation and monetary policy," Prime Minister Sigmundur David Gunnlaugsson said.  The report, commissioned by the premier, is aimed at putting an end to a monetary system in place through a slew of financial crises, including the latest one...
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Up to 50 city towers could be high fire risks  December 9 2015 Aisha Dow http://www.theage.com.au/victoria/up-to-50-city-towers-could-be-high-fire-risks-20151208-gliaqz.html   Up to 50 large buildings in Melbourne's central city could have flammable cladding, putting them at a higher fire risk, the Metropolitan Fire Brigade says.  It comes as the brigade questions the performance of Victoria's building regulator, saying the response to the Lacrosse fire has been "painfully slow" and warning that residents who remain in the Docklands tower ravaged by a furious blaze  are "at risk". More than a year after the high-rise fire jumped 13 storeys in as few as 10 minutes, the combustible cladding that fuelled the incident remains on the walls and the Victorian Building Authority (VBA) is yet to prosecute any of the building practitioners involved in the project In a report on regulatory reform certain to ruffle feathers, the brigade questioned if the authority understood the extent or consequences of...
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