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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Illustration: John Spooner.
ASIC 'asleep on the job' over CBA:   August 6, 2013  ~  One of the whistleblowers who tipped off the Australian Securities and Investments Commission about a scandal inside Commonwealth Bank's financial planning arm has described the regulator's submission to a Senate inquiry as ''inadequate'', full of spin and riddled with excuses. Jeff Morris, who contacted ASIC in October 2008 about a ''high-level conspiracy'' inside the bank's financial planning division (CFPL), said after reading ASIC's submission his conclusion was that the regulator was full of sleep-walkers. He says despite ASIC's admission that it could have acted quicker and been more transparent in terms of its dealings with the whistleblowers, he felt let down as there was no mention of protection for whistleblowers. Advertisement ''That's probably because, in reality, there is none. They left me to negotiate my own exit from CBA and when I raised a concern about death threats I...
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  • doyla66
    doyla66 says #
    Some things I've learned about ASIC. Apparently ASICs duties keep changing. Finding out what they do is quite a challenge. How ca
  • doyla66
    doyla66 says #
    Lisa, refer to-- but for court cases, not FOS, unless they adopt the court ruling? --s12CB of the Australian Securities and Invest
  • doyla66
    doyla66 says #
    Thus every loan that shows error, fraud, forgery and even mistakes by the broker or the bank should be cancelled
  • doyla66
    doyla66 says #
    ps ... on another note ... http://www.larsschall.com/2013/05/08/governance-issues-at-the-world-bank-a-security-risk-to-the-world-o
  • doyla66
    doyla66 says #
    Lisa, absolutely; banks are very concerned and maybe FOS must adopt this approach soon? For example; The FSP's response to my FOS
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‘Loan fraud’ – but no investigation 30 August 2013 By Forensic Accountants Consumer activist Denise Brailey has countered claims from the corporate watchdog that she had failed to provide documents for them to investigate low-doc loan fraud. Australian Securities & Investments Commission deputy chairman Peter Kell told Fairfax Media and the ABC this week that ASIC had invited Ms Brailey to “provide evidence of the systematic loan fraud she alleges”. “The very limited material provided to date simply does not support any of the claims she makes,” said Mr Kell. However, Denise Brailey has confirmed that more than 100 of the members of her action group, all alleging loan fraud, had filed complaints with ASIC only to receive a form letter saying there would be no investigation and advising them to get a lawyer. ASIC turns down request BusinessDay has contacted many of the borrowers to confirm this. The borrowers, many...
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  • doyla66
    doyla66 says #
    Unbelievable the arrogance and stupidity of ASIC! As if anyone believes their self-defense! ASIC don't want to investigate this b
  • doyla66
    doyla66 says #
    Mr. Kell may need to have his eyes tested. Perhaps he is suffering from selected dementia. Just what do you want Mr. Kell.? Just h
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  We need a Bankster Jail - not ASIC doing deals with ANZ for 37 cents in the dollar!  ASIC meddling helps Banks and their subsidiaries profit from crime!  Investors punished instead.  Both the Banksters and ASIC heirarchy should be thrown in jail.   This email address is being protected from spambots. You need JavaScript enabled to view it.     ASIC red-faced over Opes Prime verdict September 6, 2013 - 4:33PM  Adele Ferguson Business columnist   "The elephant in the room for ASIC was always going to be a deal it struck with ANZ Bank, which played an integral role in the Opes Prime saga." Justice Whelan: None of the bail conditions apply any more, obviously. Mr [Julian] Smith is a free man. And with those words the former director and founder of Opes Prime breathed a sigh of relief and walked away from the same court that two other founders were jailed for over their role in the $630 million collapse of the failed...
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The dubious performance of the Australian Securities and Investments Commission:   Lenders-accused-of-systemic-fraud: by SMH Michael West:   Veteran consumer rights campaigner Denise Brailey is to make public 2500 private emails and bank docs to expose what she describes as ''Australia's subprime crisis''.  Ms Brailey claims that lenders and mortgage brokers tampered with documents to provide more credit for borrowers with ''low-doc/full-doc" home loans and is making private documents public after years of trying to get the 'captured' corporate regulator ASIC to investigate the banks cabal over what she alleges is ''systemic fraud'' in the ''low-doc/full-doc" market" :   Phoenix rising:   "It's business as usual for Peter Drake, the GC entrepreneur, whose LM funds management empire bit the dust in May, (but) is back in the insurance game and is suing this reporter (Fairfax) claiming he was defamed by a report which criticised him for being greedy and charging too much."...
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  • doyla66
    doyla66 says #
    Well I guess this means Mr Medcraft is well qualified to understand the intricacies of the low doc/no doc scam. It's a pity he do
  • doyla66
    doyla66 says #
    Oh, what a tangled web we weave, when we practice to deceive!!!!!!
  • doyla66
    doyla66 says #
    Article-SMH-Michael-West 9/9/2013: shows how banks use tax havens to conceal (profits). How CBA made a handsome profit in Malta?
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Why did ASIC refuse to act against the Promissory Note Spruikers in 2000?  All Commissioners attended a meeting in 2000 re Westpoint, but no action was taken.  This latest part of the saga is cold comfort to the 3000 investors who lost a total of $380 million in 2005 - all could have been spared the agony!  ASIC called for a report in 2003 and permitted these activities to continue.  What type of consumer protection is that?  And what type of pills were they all on?  So the media made loud noises and finally ASIC took some action but only after t$380 million of retiree Mums and Dads money had evaporated along with their modest retirement plans.  Shame on you ASIC.   Westpoint boss Norm Carey loses second appeal ·         AAP ·         AUGUST 28, 2013 2:30PM       THE former boss of the collapsed Westpoint group has lost his second appeal...
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  • doyla66
    doyla66 says #
    Who prosecuted this case originally against Carey? Why do they take so long to get anything happening? How much compensation did
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The pending Senate inquiry must fully expose ASIC's scandalous record of failure to provide real & effective consumer protection, as required under it's clear mandate, with particular emphasis on the LAF Mortgage scandal concerning a sinister bankster engineered program of tampering -- with the presence of mind -- 10,000's of Loan Application Forms (LAF's) after it's signing in-goodfaith, carried-out without the knowledge or authority of the true applicant and it's contrived "securely destroyed" original LAF document program, to frustrate any future criminal prosecution and to thwart applicant's endeavours to prove up bank fraud and/or rampant predatory lending practices by way of demonstrating the apparent inconsistencies otherwise contained within the bank "scanned" LAF tainted copy juxtaposed to the signed "original" LAF. Our lawmakers must consider some serious consumer reform asap, by replacing ASIC's generously funded, yet unfulfilled, hopelessly conflicted consumer role, with a properly funded, truly independent Consumer Financial Protection Bureau ('CFPB').  ASIC's propaganda machine...
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  • doyla66
    doyla66 says #
    Great post, Andy. Thankyou Agree, Change - How can SO MANY OF US, thousands and thousands, all have the same Loan Application f
  • doyla66
    doyla66 says #
    It's all pretty simple really. Why don't they get it? We ARIP people were set up to fail by the Banks own dodgy service calculat
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  Claims Australia's reputation in ruins:-- Jenny Rogers | August 20, 2013.. "ASIC's handling of the LM "saga" was "particularly galling" and the regulator was "caught napping.. Its subsequent inaction has contributed to the massive losses investors now face.. From our perspective ... the collapse of LMIM is a body-blow to Australia's image and to its reputation as a well-regulated financial services jurisdiction.. In short, they(overseas investors) trusted Australia.. but have been let down." THE collapse of Gold Coast-based LM Investment Management has left Australia an international laughing stock, according to a body acting for overseas parties who invested in its funds. The Advisers Committee for Investors said Australia's "hard man" regulatory image had been hammered by the LMIM collapse, which had highlighted "multiple" failings in the regulatory system.ACI took aim at the corporate regulator, the funds' administrators, banks and LM founder Peter Drake for failing investors "on several levels".It said in a statement:...
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Dear members As long as we have senior lawyers calling the shots at ASIC, FOS and COSL we will not get any satisfaction with our claims unless the government gets involved, but as past history has shown the government likes to let the regulators self govern thus absolving the government from responsibility. The cosiness between the regulators legal administrators and the financial king pins, high profile law firms is a major concern, a Gadens partner advising ASIC is a prime example. To my simple mind, if you present to ASIC, FOS or COSL a copy of your LAF where it is blatantly obvious the facts have been altered the said authorities instead of sending a friendly letter requesting anything the lenders might have available should without prior warning confront the bank or lender. The regulators should send in forensic accountants who know what to look for and any person not willing...
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  • doyla66
    doyla66 says #
    You're right, Neil. The whole system stinks. And complainants are up against ASIC/FOS/COS who look a lot like they're working for
  • doyla66
    doyla66 says #
    Yes Neil, an innovative ASIC 'honed' investigatory technique; give alleged criminal "heads-up" then pop over for lunch, gotta love
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The Australian Securities and Investment Commission ("ASIC") has been on such overload THEY ARE EXHAUSTED!   Today ASIC boasted:  "Since 2009, ASIC has prosecuted 29 insider trading matters."   Does this suggest we bow down and hail them all as Bogan Heroes? That’s around 7 prosecutions per year:  The tragic 330 ASIC investigators must be utterly exhausted.  Now if you are not reeling from Michael West's comments/article re Toxic Low Doc Lending and ASIC response for 14 years: "do not cry to us....go and get a lawyer....and we know you cannot afford one but the banks have $2,000 per hour lawyers like Gadens and Kemp Strang......try spluttering over this gem:- Lovely lady on a disability pension wanted to do a few renovations on a home she had owned for some years.  Nice Broker came around and suggested she borrow $80k plus $60k to "afford to service the loan...."  Brokers uses Westpac's own SERVICE CALCULATOR to enable...
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  • Louie2U
    Louie2U says #
    Exhausted on 7 per year? Maybe, it's because they spend their time writing up brochures or 'how to guides' rather than doing real
  • doyla66
    doyla66 says #
    Yes, our ASIC letter informed us we should go to FOS or get a lawyer. Interesting that Gadens fees are $2000 per hour. I guess T
  • doyla66
    doyla66 says #
    My ASIC flick-off says "go to COSL" re FOS not reporting(rule13.1) to ASIC, INGBank's serious-misconduct @FOS hardship Dispute..go
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More fuel for the ASIC fire:    Michael West @his best as eminent SMH BUSINESS COLUMNIST..  It was not a pleasant week for the corporate regulator. As if the revelations of the 16-month delay to investigate the cover-up in Commonwealth Bank's financial services division were not harrowing enough. Then there came news that more than 100 low-doc loan victims who had filed formal complaints of fraud last July had been advised to ''get a lawyer''. Their supporting evidence was ignored.   When it comes to insolvency though, the Australian Securities and Investments Commission responds with the brutal efficiency of Seal Team 6, the special operations force that took out Osama bin Laden.   The disturbing evidence of two-speed regulation comes care of an accounting and disclosure expert from the University of NSW, Jeff Knapp. Documents obtained by Knapp under freedom of information laws show no less than nine senior ASIC people, including...
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  • doyla66
    doyla66 says #
    yaaawn as ASIC deputy Kell spins.. "WE WILL ACT" when expectations are not met & banks fail to provide clear info to consumers.. b
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Dear members One of the things I cannot comprehend is why Asic downgrades the crime of fraud as a dispute considering the number of legal professionals employed by ASIC. Why should financial providers who practice fraud in the true sense of the word have any complaints downgraded to the lesser complaint of a dispute thus implying no criminality? I do not know whose juristiction it comes under but for the law of the land there should be a national definition of fraud which should apply to all courts from the supreme high court to the lowest and all federal and state bodies and regulators should abide by it. I chanced upon a legal magazine article dated May 9, 2011 concerning a young lawyer who forged a medical certificate to cover a sickie and got caught out, she was given a fine and a reprimand but His Honour Judge Michael Macnamara of...
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  • doyla66
    doyla66 says #
    No accountability is the problem with FOS. Just who do they answer to for their error in judgement. Mr.Nobody. He is a pretty coo
  • doyla66
    doyla66 says #
    On Twitter: #ASIC discussion ongoing Search for #ASIC or #asic and join the thread started by @AnnieJo075 Others involved too Be
  • doyla66
    doyla66 says #
    Who gives ASIC , FOS and COSL the right to change the definition of fraud. In no way can these crimes be classified as disputes, t
  • doyla66
    doyla66 says #
    Great post Neil - you've answered a lot of my questions. Thanks for the research. This is important to know. From experience, as
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FBI: Elk Grove Woman Sentenced to Prison for $5.5 Million Mortgage Fraud Scheme POSTED BY ALEX FERRERAS ON AUGUST 16, 2013 IN SCAMS   (Source: FBI) – Hoda Samuel, 62, of Elk Grove, California, was sentenced today to 10 years in prison for a mortgage fraud scheme that caused more than $5.5 million in losses, U.S. Attorney Benjamin B. Wagner announced. “Taking fraudsters out of the residential real estate industry and sending them to prison has been one of this office’s top priorities,” U.S. Attorney Wagner said. “Today’s sentence is another success in our fight against the mortgage fraud schemes perpetrated by Hoda Samuel and her co-defendants that wreaked havoc in this region.” “Greed-based crimes such as these can undermine the stability of our financial institutions and the economy, resulting in devastating consequences for homeowners, businesses, and communities in which the properties are located,” said Special Agent in Charge Monica M. Miller of the Sacramento Division of...
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  • doyla66
    doyla66 says #
    Bloody hell Samules and my despicable broker are looking in the mirror!
  • doyla66
    doyla66 says #
    "Greed-based crimes such as these can undermine the stability of our financial institutions." Pardon me for my ignorance,but how d
  • doyla66
    doyla66 says #
    Neat sordid scheme. But they will now pay the price. What about all the innocent home purchasers are they to be compensated.?? S
  • doyla66
    doyla66 says #
    This sounds more like a spruiker broker type scam. Interesting that they set it up so when the lender phoned to verify ... someon
  • doyla66
    doyla66 says #
    Good for NOTHING ASIC shirks its obligations -v- FBI, "who continues to be committed to identifying & investigating mortgage fraud
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Dog Cartoon 2705: I know it's unconventional, but there's only so much homework one dog can eat.
Bank$sters Paradise, lending without oversight ("cradle to grave" fraud). William K. Black Assoc.Professor-At-law and white-collar criminologist says.."fraud's defining element is deceit. The fraudster gets the victim to trust him and then betrays that trust. This is why 'control fraud' -- in which the person controlling a seemingly legitimate entity uses it as a 'weapon' to defraud -- by our elite financial institutions is such a powerful acid to erode trust. Trust is vital to an effective economy." Hopelessly conflicted ASIC 'bankophile' chairman Greg Medcraft -- a journeyman banker seen as eunuch to His real masters voice-- "the bank$ters' cartel", leads a watch-doggie without BALLS nor COURAGE to bark criminal sanctions against soiled CEO's knowingly covering-up BFCSA's 'hard evidence' demonstrating endemic abusive mortgage lending intended by design to cause detrimental quality of life thru homeliness, destitution, family breakdowns and manifest ill-health leading to premature death.. ALL on Medcraft's SLEEP or skilfully applied exercised "under-sight". Consumers deserve, in fact, demand...
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  • doyla66
    doyla66 says #
    Well said, Simon and Change. I totally agree. Thankyou for the post, Andy. Love the cartoon - so ASIC How appalling - people war
  • doyla66
    doyla66 says #
    Thanks Lisa -- that one is titled "Too Much Homework".. wait till you see "Conflicted Doggie" in therapy sessions...
  • doyla66
    doyla66 says #
    Looking forward to it
  • doyla66
    doyla66 says #
    Agree Simon.. AND we want our money back.. all those fees, charges, interest paid.. these Lenders must not profit from fraud at ou
  • doyla66
    doyla66 says #
    It seems to me this is a shoo in for dishonest bankers and brokers all you have to do is find someone decent who does not have a c
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Hi George, remember me?  I attended your 2004 Parramatta Seminars where 200 people gathered to hear your words of "wisdom."  How you had learned your craft from Henry.  Remember Henry Kaye and National Investment Institute?   You were going to lead people into believing that you could turn water into wine and a few pamphlets into rivers of gold.  Remember all the people you signed up to your Today Not Tomorrow Institute (TNTI).   You even sent them material like: "How to Create New Multiple Streams of Income And Ensure a Lifetime of Financial Abundance!  There were a few versions and all with money back guarantee And remember your mate extraordinaire, Pat Sciarrone who told everyone his life had changed?  ASIC had a look at this and yes George, they found nothing wrong...."if people are silly enough...." the old ASIC throw away line exposing their own internal cultural problem as complaints rolled in.  Then you rang me...
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  • doyla66
    doyla66 says #
    Last I heard, GEORGE MIHOS was working with Michael Atwell at For Sale For Lease. This was in 2012. Not sure if he's still there
  • doyla66
    doyla66 says #
    Hi Denise, George Mihos seems to now be involved in peddling worthless U.S real estate where his M.O is too make money from naive
  • Artie
    Artie says #
    Hi Denise, Same scams - different name. From TNTI to Actandgrowrich.com.au Mr Mihos or Giorgios Michos as he now calls himself
  • Denise
    Denise says #
    Thanks for tip Jomadison, Just blogged re gorgeous george. denise @ bfcsa.com.au
  • doyla66
    doyla66 says #
    Hi Denise, by accident I stumbled across the magistrates court lists. If anyone wants to see Mihos in action seems he is in the M
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Watching-the-watchdog:-- Greg Medcraft has serious Q's to answer about allegations of financial irregularities & workplace impropriety in his previous job at Bank Société Générale (sock jenn). DID Medcraft's friendship with Treasurer Wayne Swan inappropriately secure him chairmanship of ASIC, Aust's corporate watchdog, appointed by Mr Swan, who ignored his own govt's procedures - obtaining a PM's "pardon" - to otherwise ensure a merit-based appt' to head such a pivotal institution? WHY did Medcraft depart from SocGen leading its US securitisation arm up to 30 June, 2007, master-engineering a lending-model found short, badly exposed to the US toxic subprime housing market & bailed-out $11.9billion by the US taxpayer? WAS Medcraft's friendship with Swan a possible factor in his return home, as a correspondent hinted? and/or.. WAS Medcraft privy to something known only to other SocGen's insiders such as his boss Jean Mustier who was riding ahead of the posse, busy offloading $millions of SocGen shares before SocGen announced its subprime multibillion-dollar write-down in January 2008?...
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  • doyla66
    doyla66 says #
    One of Mr Swan's last acts was to stand in front of the Australian People and tell us what a great success the RMBS had been for A
  • doyla66
    doyla66 says #
    Yes Jackj & should ask Mr Treasurer why Govt chose to retain & not 'sell-on' AOFM's AAA rated $15.5b toxic waste dump? .....
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On 1 July, 2010 States handed over full responsibility to administer Consumer Credit Codes to fully funded consumer's watch-puppy ASIC & Chairman Greg Medcraft.."What makes him so good?; He ain't got no convictions; Can't hear those consumers warning buzzers and bells; Don't see fraudulent mortgage lights a flashin'; Plays by sense of smell; Always has a golden parachute; Never tilts at all; That deaf dumb and blind kid; Sure plays a mean consumers pin ball."                On Notice, ASIC's considered reply:  Mr Chairman, I can categorically state for the record here today before the Hon.Senators, that the financial-institutions have fully disclosed their dry-cleaners bill, and emphatically assured me they will not hold any 'dirty-loans-underwear' to my connoisseur's nose, err.. on my watch, err.. or something to that effect! How did that go Deputy-Pete?" Deputy:"I think we just dodged a bullet Chairmao, errr.. did you get the name of those dry-cleaners boss?" ...
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The Australian Securities and Corruption Commission will soon be in the Hot Seat.  We are lining up a few choice questions.  Time for all to write their submissions to the Senate.  Ask not what your country can do for you, ask what you can now do for your country (JFK 1962) Would you like to see a new Consumer Protection Agency?   Stick to the Terms of Reference:   Time for you to now judge ASIC's performance:- Senate Standing Committees on Economics PO Box 6100Parliament HouseCanberra ACT 2600Australia Terms of Reference The performance of the Australian Securities and Investments Commission (ASIC), with particular reference to: (a) ASIC's enabling legislation, and whether there are any barriers preventing ASIC from fulfilling its legislative responsibilities and obligations; (b) the accountability framework to which ASIC is subject, and whether this needs to be strengthened; (c) the workings of ASIC's collaboration, and working relationships, with other regulators and law...
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Posted by on in Dumb ASIC
Dear members The sooner ASIC acknowledge fraud has been committed on a grand scale the better. The concise oxford dictionary defines fraud as criminal deception, use of false representation to gain unjust advantage, dishonest artifice or trick. Well ASIC, bfcsa members have over eleven hundred examples of falsified LAF's which is blatant fraud but you refuse to acknowledge this WHY! Thanks to Denise you only have to log onto our website to witness this, seeing she has done all your work for you surely you can follow through and investigate. The N.S.W. police fraud squad state our LAF's are a product of fraud but unfortunately are hindered by manpower and state government financial restraints to act. Hopefully the Senators will ask ASIC for their definition of fraud and why it differs from mainstream law definitions. Fraud is fraud and it was done with criminal intent to profit from people's only real...
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  • doyla66
    doyla66 says #
    Neil your post as usual is excellent. With Denise's 'six links in the chain' being spot on re Fraud, and the Nations legal definit
  • doyla66
    doyla66 says #
    It s like the 3 devil monkeys I hear no evils, I speak no evils, I see no evils..I am led to believe pollies, regulators such as F
  • doyla66
    doyla66 says #
    One of my biggest beefs with FOS, COSL and ASIC is that their determination method does not comply with Australia Law. I know many
  • doyla66
    doyla66 says #
    Fos and Asic, you know very well it's fraud, it's time to admit what you have long been avoiding. It will eventually all come out
  • doyla66
    doyla66 says #
    FOS ans ASIC please read the definition of fraud, because we don't think you really know. Surely know the cases can be frozen and
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Sherwin Financial victims
ASIC, still "investigating" the carcasses of the Sherwin Financial & Wickham Securities $60m collapses, declined to comment.      Mr Petersen, 63, a retired policeman, and Mrs Petersen, 64 -- who lost almost $800,000 in the crash -- worked various jobs including night shifts while raising three children, at least have a caravan. It was part of a dream to tour Australia. But now travelling is too expensive, and the caravan has mutated into a temporary home in which they now live.  More than 300 other investors can tell of hurt: there's the greying man who's gone back to being a security guard, or the woman whose partner's savings have been crimped and so she's returned to social work. So investors like the Petersens find themselves angrily bereft. It's despite a parliamentary inquiry four years ago, sparked after the calamity engulfing advisers Storm Financial, floated the idea of a last-resort compensation scheme. The idea was...
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  • doyla66
    doyla66 says #
    As usual ASIC would have known a long time before the collapse and did bugger all.
  • doyla66
    doyla66 says #
    Thanks, Andy. This is disgraceful. So many financial collapses and more on the way. I hope these good people are not taking ASICs
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ASIC’s huge mistake  Australian Securities and Investment Commission Deputy Chairman Peter Kell was in contempt of Parliament at the Senate Economics Legislation Committee where Senators Williams, Cameron and others were questioning the ASIC No 2.    Kell showed glaring disrespect towards Senator Cameron. With each and every question from Senator Cameron, Kell went on to play with the Senator deliberately wording his answers in such way that he skirted around each question giving the Senator no answers, but rationalizing in a very skilled manner in the same way he has scornfully treated many others who have had the misfortune to enter the ASIC doorway  Kell also held Senator Williams in distain by repeatedly talking over the Senator each time the Senator spoke. --------------------------------------------------------------------- The other issue here is the absence of ASIC Chairman Medcraft.  Unless Medcraft had a legitimate reason, such as being unwell, he should have been at that meeting...
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  • doyla66
    doyla66 says #
    How can FOS close a case without a determination.? Isn't that what FOS is all about solving cases/disputes as they politely like t
  • doyla66
    doyla66 says #
    The next and immediate step is for Fos and Cosl to grant a moratorium on all payments and to put a freeze on closing claims. No m
  • doyla66
    doyla66 says #
    Mort is right - There needs to be a push from this forum to have all Loans registered with FOS past and present to be slapped with
  • doyla66
    doyla66 says #
    Yes, I agree we need to have a moratorium on our loans. How long then will the banks be able to string us along without their inte
  • doyla66
    doyla66 says #
    ASIC has to do as its bosses tell it so the Banksters sent along a monkey to convince the Senate that everything was kosher and pe
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