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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WA fraudster faces jail in US Western suburbs financial trader Paul Thompson was contemplating life behind the bars of a US prison last night after admitting his part in the international Libor scam, described as the biggest price-fixing scandal ever.     Thompson pleaded guilty to one count of conspiracy to commit wire and bank fraud, more than two years after being charged. Paul Thompson    The 50-year-old said sorry for his actions, while admitting he was taking medication for depression. “I apologise to those who were harmed by my actions,” Thompson told US District Court judge Jed Rakoff.  He had been accused of being one of seven Rabobank traders to have manipulated the London Interbank Offered Rate, or Libor, between 2006 and 2011.  The Libor is a benchmark interest rate used to set the rate on trillions of dollars of loans worldwide, including home loans in Australia.  Banks have...
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  https://www.finsia.com/news/news-article/2014/08/07/brogden-bullish-on-super-fees-despite-murray-concerns Brogden bullish on super fees despite Murray concerns by Andrew Starke | Aug 08, 2014 Australia’s challenge over the coming years is to take the present superannuation system from a world class accumulation scheme to the world’s best retirement system, in part by scrutinising competition, performance and fees.  In his keynote speech to the Financial Services Council (FSC) annual conference in Cairns yesterday, outgoing CEO John Brogden reflected on his five years in the role and delivered a few parting shots to critics of the superannuation system.  He predicted that calls for superannuation to fund “all of the ills in the economy” would only grow louder in the future. To counter this, the FSC have called for a national retirement income policy.  “We must embrace the opportunity and lead the debate on taking superannuation from a world class accumulation scheme to the world’s best retirement system,” he said, adding...
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http://www.icenews.is/2014/07/13/former-kaupthing-bosses-charged-with-fraud/ Former Kaupthing bosses charged with fraud Business, Finance, Iceland 10:24 am July 13, 2014   The former chief executive and chief financial officers of Kaupthing have been charged with fraud and breach of trust by Iceland’s special prosecutor. According to the indictment, Hreidar Sigurdsson and Gudny Sveinsdottir, the CEO and CFO respectively, have been charged with fraud linked to financial transactions carried out in 2007. Kaupthing Luxembourg’s managing director Magnus Gudmundsson and investor Skuli Thorvaldsson have also been charged for their roles in the alleged crimes. The North Atlantic island’s three biggest banks collapsed in 2008 amid the global financial crisis and the special prosecutor has been pursuing cases against a number of former employees of the three banks for the roles they played in the crisis. The alleged fraud is linked to a 6bn Icelandic kronor transfer from Kaupthing to Marple Holdings, which is owned by Thorvaldsson, and Kaupthing’s...
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Christopher Russell Hill, 24, is accused of sharing sensitive information with his friend
      June 05, 2014   Christopher Russell Hill, 24, is accused of sharing sensitive information with his friend who worked at NAB. Source: News Corp Australia FRAUD. Insider trading. Bribery and corruption. They’re the insidious crimes committed by white collar criminals. Now new research reveals the extent of corruption in Australian organisations. PricewaterhouseCoopers’s latest report Corruption: From the boardroom to the backroom surveyed more than 5000 people in 95 countries, more than half of whom were senior executives. A snapshot of the findings show: • 57 per cent of Australian organisations experienced white collar crime in the last two years. • 47 per cent suffered more than 10 fraud incidents over this time. • One third of organisations lost more than $1 million. • Perpetrators are likely to be male and university educated. • 65 per cent work in middle management.   Nearly six out of ten Australian organisations...
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  • Denise
    Denise says #
    White Collar Crime is rife in Australia thanks to lazy and inept regulators. If those who worked for the regulator are appalled a
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NY Appellate Court Rebukes Goldman in Toxic Securities Case  NEW YORK (Jan. 30, 2014)    http://basiscap.com.au/documents/announcements/BYAFM_NYAppellateCourtRebukesGoldman_31Jan14.pdf In a significant blow to Goldman Sachs, the Appellate Court for the state of New York said in one voice that the Wall Street powerhouse should stand trial for its role in the sale of so-called toxic securities, which played a major role in the 2008 financial crisis. The 5-judge panel unanimously rejected Goldman’s attempt to have the case, brought by Basis Yield Alpha Fund, dismissed based on fine print disclaimers in the security offering. The case alleged that Goldman sold two collateralized debt securities (CDOs) to Basis in 2007, on the basis that they were well priced and sold at Goldman Sachs’ own internal marks.   Behind the scenes Goldman considered the securities to be subpar, and said in a cynical internal memo that the infamous Timberwolf security was “one shitty deal. “ Goldman had...
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