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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 by on in Corrupt Regulators
Go to the link and scroll down to the right hand side.   You'll find a POLL HAVE YOUR SAY. Is ASIC coming down hard enough on rogue brokers lately?  Yes: the punishments fit the crimes No: it's not being hard enough http://www.brokernews.com.au/article/asic-acts-on-banksia-provident-failures-144977.aspx...
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  • doyla66
    doyla66 says #
    ALL DECENT AUSTRALIANS ARE SICK OF COVER-UPS & INACTION BY THE CORRUPT REGULATORS. WE ARE NOT GOING TO TAKE THIS CRAP ANYMORE. As
  • doyla66
    doyla66 says #
    Lawyers who bend the law? Isn't that what they're there for: taking the law and bending it to fit their client's needs to the maxi
  • Denise
    Denise says #
    Notice how Corporate Cops and ex Corp Cops all sing on song: we will be. Note well Gentleman BFCSA MEMBERS ARE SICK OF THE WILL B
  • doyla66
    doyla66 says #
    MEDCRAFT:"Where we detect wrongdoing we'll go after big cases;doesn't matter how high you are, break the law then we will pursue y
  • doyla66
    doyla66 says #
    ASIC-2007/D'ALOISIO:"Because we've been alerted let's push disclosure; if risks in system they get brought out[lest]operations con
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Check out Paragraph four... Predatory lending at it's best :-( Mr Medcraft, you should be ashamed of yourself, because you knew about this 18 months and did nothing!  ~~~~~~~~~~~~~~~~~ "THOUSANDS of people facing losses totalling hundreds of millions of dollars in the Banksia collapse are entitled to an explanation from Australia's financial watchdogs."   Full Story The Herald Sun believes the Banksia Financial Group's difficulties were known up to 18 months ago. But nothing was done to warn investors, many of whom are family investors and retirees who may have lost their savings. Banksia has called in receivers with about 15,000 accounts now frozen. Many of these accounts are held in regional Victoria where investors are among the hardest hit. Some of Banksia's most vulnerable customers are residents of a nursing home in Kyabram. The investments of these elderly account holders are believed to total as much as $3.5 million. Other investors who...
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  • doyla66
    doyla66 says #
    They really were just a pond feeding greedy scum & ASIC gave them even more time to do it.
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Posted by on in Corrupt Regulators
The corporate regulator has set up a special taskforce to investigate Banksia's $660 million failure and to find out whether small non-bank lenders need tougher regulation. See full story here The corporate regulator has set up a special taskforce to investigate Banksia's $660 million failure and to find out whether small non-bank lenders need tougher regulation. Debentures offered by companies like Banksia Securities are fixed-term investment products that promise to deliver better returns than banks, but they do carry higher levels of risk. If the task force finds evidence of misconduct and poor disclosure, the Australian Securities and Investments Commission is likely to urge Treasury to overhaul the regulation of the non-bank lending sector. ASIC's chairman Greg Medcraft says investors need to be informed of the difference between a debenture and a deposit with a bank or other authorised deposit taking institution. "Investors really need to be very clear that these...
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  • doyla66
    doyla66 says #
    Is this some sort of speed record for ASIC - getting straight on with the job at Banksia? Or window dressing to be seen to be doin
  • doyla66
    doyla66 says #
    Just a wimpy taskforce - so we get to see more of the royal round of wrist slapping. Far from impressed with our federal governmen
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Posted by on in Corrupt Regulators
What a joke ASIC and its chiefs, Greg Medcraft and Belinda Gibson, are. Check out paragraph 6 in the article below When I first read about Medcraft setting up a 'special task force' into the Banksia collapse I didn't know whether to 'laf' or cry.   There needs to be a special task force setup to investigate ALL 36 lenders in Australia, because they are all involved and implicated in the rollout of the Australian Mortgage Scandal.   It is OBVIOUS there are widespread and rampant SYSTEMIC ISSUES in Australia's banking sector.   How many lenders have to fall over?  How many people have to lose everything?  How many cases of BLATANT BANK AND LENDER FRAUD have to be given to ASIC before they DO SOMETHING!! It seems that Mr Medcraft and Ms Gibson are part of the problem and are only concerned about themselves and their own security.  WE, The...
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  • doyla66
    doyla66 says #
    I agree totally with last-laf's comments. He has been involved in setting up weapons of mass financial destruction. A SIC Medcra
  • doyla66
    doyla66 says #
    No, he's not an idiot, he's a very deceptive rat. He knows exactly he's doing and what's been going on - he spent years, before hi
  • doyla66
    doyla66 says #
    Don't be silly STM...he has to have a closer look and has concerns for the non bank investment sector. What a Moron..in two years
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ASIC KNEW!! And did  NOTHING Greg Medcraft MUST GO! Full story UPDATE: QUESTIONS are being asked of government regulator the Australian Security and Investment Commission over what actions it took prior to the $660 million collapse of the Banksia Financial Group. Thousands of investors are facing hundreds of millions of dollars in losses after the shock collapse. Julie and Les Bailey, former dairy farmers from Numurkah, say they have potentially lost several hundred thousand dollars invested in Banksia superannuation. "We have lost all our super," Mrs Bailey said from her Queensland home. She said it was not only Victorians who were suffering. Others interstate, including the couple's son, stood to lose significant investments, Mrs Bailey said. ASIC was allegedly informed about the precarious position of Banksia, and a subsidiary Statewide Secured Investments 18 months ago, according to NSW property developer David Hawkins who was involved in litigation with the firm....
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  • doyla66
    doyla66 says #
    SUSPICIOUSLY, CEO Patrick Godfrey, who founded it in 1968, stepped down as chief executive in August, only 2 MONTHS BEFORE THE COL
  • doyla66
    doyla66 says #
    ASIC -- A Sick Institutionalised Corporation
  • doyla66
    doyla66 says #
    Question who insured the accountacy firm. The audit was false. Back on to point Who looks after mortgage lending AND fraud in th
  • doyla66
    doyla66 says #
    If the investors didn't like what was going on did any of them succeed in getting their money out then? I know I couldn't get my
  • doyla66
    doyla66 says #
    Some of the people are nice, Maria but they're limited to what they can do in a basically ineffective stuffed system. It's the who
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Posted by on in Corrupt Regulators
Matthew Drummond
Thousands of investors were already waiting to hear if they would lose hundreds of millions in the collapse of non-bank lender Banksia Securities. Photo: Wayne Taylor Matthew Drummond IN BREACH Southern Finance Ltd: equity ratio 2.1%, should be 20%; Victoria Securities: equity ratio 6.8%, should be 20%; Sewells Finance Ltd: equity ratio 3.4%, should be 8%; HD&C Securities Ltd: equity ratio 5.25%, should be 8%; Hargraves Secured: equity ratio 3.68%, should be 8%; Central Victorian: equity ratio 3.2%, should be 20%. Source: Prospectus documents The Australian Securities and Investments Commission plans to overhaul regulation of the $4.5 billion debenture industry following the collapse of Banksia Securities and Provident Capital. Eight of the 15 largest debenture issuers identified as the riskiest by ASIC in 2007 have since collapsed, research by The Australian Financial Review has found. Only two of the eight still operating, Assist Finance Corporation and Progressive Mortgage Company, meet the...
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  • doyla66
    doyla66 says #
    ASIC will be asking for more funding to plug the regulatory hole, no doubt. It's all retrospective with ASIC. Give them all jobs i
  • doyla66
    doyla66 says #
    #welcome to the Wild West ~ Southern Finance next "Ponzi" scheme to fail under weight of unabated "related party loans". "Banksia
  • doyla66
    doyla66 says #
    waiting now for the Senate Committee's response. STOP THIS ROT BY BANKSTERS INC.
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Would you be surprised to find out that Peter Keating, Chairman of Banksia is also the Managing Director of a company called Pearl Financial Services  Link here: http://www.pearlfinance.com.au/Our-Business/Our-News/Business-finance-from-banks-is-getting-easier-to-find%281672008%29.asp  To make it even fishier, it would seem his son Nathan, is the General Manager of Pearl Finaince (see link  http://www.pearlfinance.com.au/Our-Business/About-Us/Our-Leadership.asp) And Banksia's Marketing Manager is Patrick Godfrey's daughter, Nadia...  Hmmmm My question is:  If ASIC knew there were problems 18 months ago, and ASIC did nothing about it then... WHO IS GOING TO WARN OR PROTECT PEARL FINANCE INVESTORS???? Another award coming up for ASIC's in the 'Useless Regulator' department.   Just a thought.... Is it possible to sue or charge a regulator with negligence?  Because that is what has happened to the Banksia investors.  ASIC knew and Greg Medcraft just sat on his hands. Notice to Mr Medcraft - Chairman ASIC:  "The more you try and ignore the problem, the bigger it will...
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  • doyla66
    doyla66 says #
    Good post STM. We totally agree with what you've written. PONZI LENDING SCHEMES like this are destroying people's lives. Australia
  • doyla66
    doyla66 says #
    Don't let the liquidators near it! Or ASIC! CONFLICT OF INTEREST!! ROYAL COMMISSION INTO BANKING & FINANCE - WIDE TERMS OF RE
  • doyla66
    doyla66 says #
    Interesting to see Pearl is a full member of MFAA. Where are they on this? How many degrees separation must there be before they i
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Posted by on in Corrupt Regulators
I looked up Greg Medcraft's background and discovered a possible reason for his drag gin his feet and only investigating 17 cases.   Go down to his former positions and you can see that most of his career has been involved in setting up and managing large securitisation programs.  As everyone is learning, securitisation is major white collar crime as it separates the title from the mortgage and also because of the double-dipping the banks are doing, as both servicer and manager of the stock/securities products.  So...  This means Mr Medcraft an international expert on this disgusting evil, and he therefore MUST know the problems and dangers attached to this kind of investment product with defaulting loans.   Mr Medcraft, you are either PART OF THE PROBLEM OR PART OF THE SOLUTION, or the third option YOU ARE PART OF THE GROUP WHO CREATED THE PROBLEM IN THE FIRST PLACE!  I...
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  • doyla66
    doyla66 says #
    Well done STM. SACK MEDCRAFT IMMEDIATELY. PROSECUTE HIM & JAIL HIM for 10 - 15 years if found guilty.
  • doyla66
    doyla66 says #
    STM, I don't think Greg has any concept of securitisation being harmful. He just thinks the public need more education on the subj
  • doyla66
    doyla66 says #
    Hi, my name is Greg, but u can call me Mr Securitiztion, that's with a "Z" --as I honed my skill-set in the America's,hahaha!!!!
  • doyla66
    doyla66 says #
    Well that explains everything on why he is so unwilling to do anything about the corrupt banking industry. He is probably the mast
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[Partner] ANOTHER ASIC & GOVERMENT FAILURE --"ASIC was allegedly informed about the precarious position of Banksia, and a subsidiary Statewide Secured Investments 18 months ago, according to NSW property developer David Hawkins who was involved in litigation with the firm. "The regulator has been on to them for about 18 months ... (but) ASIC have sat on their hands," Mr Hawkins claimed. [Partner] "MORE FAILURES TO COME BECAUSE  ASIC HEAD CHAIRMAN MEDCRAFT WILL NOT ACT ON ANY COMPLAINT." [Solution]"Like to see the loan application forms they got and if they had any changes made by the brokers or company. Why do you say? --Most of these loans are made with poor credit checks and fudged numbers by the company or brokers and it may be well the total fault of the company doing imprudent loans. Just a thought for a law suit by the investors to the company insurance company." Financing group Banksia Securities folds,...
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  • doyla66
    doyla66 says #
    WHY IS THIS GOVERNMENT NOT DOING ANYTHING??? WHY DOESN'T THE GOVERNMENT ANSWER THE THOUSANDS OF LETTERS & E-MAILS THAT WE'VE SENT
  • doyla66
    doyla66 says #
    I think he's answerable to Penny Wong, the Senate Estimates Committee and the ASIC Board.
  • doyla66
    doyla66 says #
    SHOULDN'T MEDCRAFT BE SACKED FOR NOT DOING HIS JOB..WHO THE HELL IS HE ANSWERABLE TO?
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Here is the link to Greg Medcraft's interview at the Senate Estimates Committee hearing.   His body language was atrocious and Belinda Gibson's answers were evasive and noncommittal.   Read it and be shocked...
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  • doyla66
    doyla66 says #
    "We have been looking at it" ... like the sunset out the window?
  • doyla66
    doyla66 says #
    Senator WILLIAMS: I want to go now to low doc loans, something we are hearing a lot of bad stories about. Say I am a broker or a l
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ASIC boasted of a conviction in September 2012 against Daniel Nguyen.....relating to pay slips and bank statements.  ASIC used the new provisions of the NCCP Act, the ultimate SHAM ACT which place the onus of everything dodgy at the feet of the Brokers and not the Banksters. Yes ASIC pick off the little guys to show "we are doing something"  Remember ASIC stated: "we do not handle consumer complaints."   So this was the bank tipping off someone they wanted rid of?  Perhaps Daniel ought to have demanded the bank's copy of the LAF and the bank's copy of the service calculator.  Sounds like one of ASIC's rare moments of looking as if they are "getting tough!"  Oh please!!!  What about the IMPRUDENT LEND whereby the bank APPROVED the loans.  Hmmmmm Notice how there was no mention of the bank????  So did ASIC assist the customers by suggesting the bank's negate...
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  • doyla66
    doyla66 says #
    Greg "Securities" Medcraft corrupted the complaints system Govt corrupted truth with whitewash Reactive NCCP Law corrupted justice
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ASIC boasted of a conviction in September 2012 against Daniel Nguyen.....relating to pay slips and bank statements.  ASIC used the new provisions of the NCCP Act, the ultimate SHAM ACT which place the onus of everything dodgy at the feet of the Brokers and not the Banksters. Yes ASIC pick off the little guys to show "we are doing something"  Remember ASIC stated: "we do not handle consumer complaints."   So this was the bank tipping off someone they wanted rid of?  Perhaps Daniel ought to have demanded the bank's copy of the LAF and the bank's copy of the service calculator.  Sounds like one of ASIC's rare moments of looking as if they are "getting tough!"  Oh please!!!  What about the IMPRUDENT LEND whereby the bank APPROVED the loans?  Hmmmmm Notice how there was no mention of the banks????  So did ASIC assist the customers by suggesting the bank's negate...
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At the Senate Estimates Hearing last week ASIC were asked whether they were signatories to the Australian Standard for Complaints Handling. ASIC took this as a question on notice! What's hard about that question? ASIC also helped create the Standard!   Some background to this question: Commonwealth Ombudsman: Better Practice Guide to Complaint Handling (2009) Australian Standard for Complaints Handling (extract) http://www.saiglobal.com/PDFTemp/Previews/OSH/AS/AS10000/10000/10002-2006.pdf http://www.standards.org.au/Pages/default.aspx...
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  Oct 22, 2012 The Australian Securities and Investments Commission (ASIC) has publicly released a transcript of a speech given by Greg Medcraft, current ASIC Chair and chairman-elect of the International Organization of Securities Organisations (IOSCO), to the International Centre for Financial Regulation in September 2012. In the speech, Mr Medcraft outlines his views on the key challenges facing IOSCO and his suggested strategies to address those challenges, including a greater role for industry. The three key challenges for IOSCO as suggested by Mr Medcraft are: The migration of savings from the banking regulatory perimeter to the securities perimeter and with it the increased significance of securities regulation, driven by banking regulation and the search for yield The pace of financial innovation and the ongoing risk that it will outpace regulation, which historically has been shown to lead to crises Continuing globalisation of financial markets and products, requiring a global...
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  • doyla66
    doyla66 says #
    He does what he does best - ducks for cover at question time and when he is asked to carry out a task which doesn't suit him. I w
  • doyla66
    doyla66 says #
    So true! I like the idea of BFCSA informing the new chair of ASIC what's required of them. BFCSA are the only borrower representat
  • doyla66
    doyla66 says #
    Yes - totally agree with that statement. IOSCO can have him. He's a fraud, a failure & as we all witnessed regarding this current
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07 May 2012 Issuers of over-the-counter derivatives relating to the wholesale price of electricity could have easier financial requirements if the proposals in ASIC's new Consultation Paper 177 Electricity derivative market participants: Financial requirements are adopted. This new consultation paper, which is part of ASIC's revisiting of financial requirements for the financial services industry generally, proposes to simplify financial requirements of AFS licensees by moving to a test of net tangible asset measure of 10% of revenue. On the other hand, ASIC is proposing longer cash flow projections for electricity derivative market participants – these would be rolling 12-month cash flow projections prepared quarterly. But the proposal only applies to AFS licensees who only trade electricity derivatives. If you trade gas, weather or oil derivatives as well as electricity, then the standard derivatives financial obligations will still apply. As a result, this change would be of benefit really only to traders...
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ASX Stock Chart for BXB
Business Spectator 18/1//12 A late night parliamentary committee has been told a high frequency trade may not have caused the market anomaly in more than eight blue-chip stocks yesterday, The Australian Financial Review reports. According to the newspaper, Australian Securities and Investment Commission deputy chair Belinda Gibson said the corporate regulator was investigating whether illegal action was behind a shock spike in blue-chip stocks including Brambles Ltd, Commonwealth Bank of Australia Ltd and Bank of Queensland Ltd after a major deal with investment bank Goldman Sachs failed just seconds before the opening of the market. “There were a number a sale orders in the market until one or two seconds before the actual match happens ... and those orders were withdrawn, that caused the buy orders to push up the price. It was in the A to B section of the index,” Ms Gibson said, according to the AFR. “The...
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  • doyla66
    doyla66 says #
    ASIC is all "after the event". Much more proactive effort is needed for effective consumer education. I'm not advocating a "nanny
  • Denise
    Denise says #
    Deputy Chair of ASIC Belinda Gibson only starts a modicum of movement as a reactive stance to newspaper reports....No way would sh
  • doyla66
    doyla66 says #
    Are ASIC going to investigate who did the put and pull? Or who benefited from it amongst the companies affected or their sharehol
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Our BFCSA Members have collectively exposed one of the two greatest crimes in Australian History 1.   The systemic corruption of the Banking System which could impact upon the economy. 2.   The systemic corruption of the Regulatory System that govern our banking sector Walk tall you people:  Future generations of children will grow up to thank you for finding the courage to band together and speak out Message to our sleepy regulators: NEXT WEEKS TASK:  Look at the three sets of hand-writing on all these Loan App Forms and identify, name and shame the third person: the banking credit assessors........they were under orders...so round up the order givers and you will need around 3000 handcuffs!!! Get a wriggle on!!!   How slow are these guys? This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • doyla66
    doyla66 says #
    The CBA credit assessor who did our loans was JAMES STEWARD. The CBA tried to hide his name and loads of other information, includ
  • doyla66
    doyla66 says #
    I just can't understand ASICs lack of motivation to do a better job, even for their own sakes. Surely they can't all be suffering
  • doyla66
    doyla66 says #
    Denise, maybe ASIC have been hiding a closet-handcuff-fetish,if so, [email protected] would like them to come out of the closet--like JT(jo
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Dear Senator   Re : Banks & Lenders use of Fraudulent Loan Application Forms. ASSET LENDING.           AFP are REFUSING TO INVESTIGATE FRAUD against the Commonwealth..   I have just received this 'standard FOB OFF'  e-mail response  to my Formal Complaint lodged with the Australian Federal Police, about serious  FRAUD being committed.     It is the exact same reply that hundreds of BFCSA members received when they also wrote to the AFP complaining about their fraudulent Loan Application Forms.   It seems that the AFP are now refusing to investigate widespread loan fraud.     Are we living in a country that is totally corrupt?   I would hate to think so as I love Australia, but something desperately needs to be done, for the sake of our children & our grandchildren.   I believe that this is yet another reason that we urgently need a...
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  • doyla66
    doyla66 says #
    Sorry Wayne, I disagree. Australian Federal Police ARE GETTING READY TO PRESS CHARGES against the CBA. We reported our case of le
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Ali came up with this and its should be re-posted:  Please everyone write to Senator John Williams and let him know that Kell was lying.  He deserves to lose his own home and Medcraft better lose his mansions and give us back some dignity.  Amongst all their fumbling and squirming and lying, something Kell said gave us a ray of hope -  we are sure he was admitting guilt - his comment was quick and quiet but it will reveal itself in the transcript.  Medcrafty's body language showed guilt - full of hot air - beats around the bush - not dinkum and at one stage he put the blame on the victims.   As Chairman of ASIC, appointed without tender process by the Treasurer, Medcraft should have everything at his finger tips but instead he had to fumble through his paper work and still couldn't answer the questions.  He did...
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  • doyla66
    doyla66 says #
    Police-Chief(UK)resigned: said "No evidence of ph-hacking",but UK/MP found 30bags "un-opened evidence" in a "dark-corner"[that MP'
  • doyla66
    doyla66 says #
    mine sat in the corner gathering dust for almost a year or under a desk at ASic
  • doyla66
    doyla66 says #
    Asic complained that people made complaints, but were not forthcoming with the evidence. (Liar liar - pants on fire). When senator
  • doyla66
    doyla66 says #
    Ah so, ze Mr Medcrafty one is appointed via the good ol' "jobs for the boys" scenario! Tells us all that it always was a dodge app
  • doyla66
    doyla66 says #
    KELL IS AN OUTRIGHT LIAR. LYINY TO PARLIAMENT IS A CRIMINAL OFFENCE. JAIL HIM & OTHERS THAT DELIBERATELY TRY TO MISLEAD PARLIAMENT
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20 September 2012 Page 1 of 11 SENATE ECONOMICS REFERENCES COMMITTEEInquiry into the post-GFC banking sector Questions on Notice taken by ASIC at the public hearing on 8 August 2012 Question 1 (Hansard Ref: p. 55) Senator CAMERON: When you say ASIC will act on issues if they are raised, theevidence we had from the previous witness [Denise Brailey] was thatcorrespondence had gone to ASIC seeking some support on the FirstMac andStreetwise issues and no support was forthcoming. Is that correct? Mr Kell: I am not in a position to comment on individual matters. What I can sayis that ASIC had some complaints brought to it about low doc loans. Theseinstances have almost exclusively, from my understanding, all concerned loansmade prior to the GFC and prior to the introduction of the national consumercredit protection regime in July 2010. In some cases they involve matters where afinance broker has been charged by...
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  • doyla66
    doyla66 says #
    If the bank or broker was part of this false bankurptcy this is jailable offence. Jail those corrupt bankers & brokers.
  • doyla66
    doyla66 says #
    Lying to Parliament is a CRIMINAL OFFENCE. The liars must be prosecuted. Justice must be upheld
  • doyla66
    doyla66 says #
    ASIC just keep on being the "Willbees" who will wait until someone else gets the ball rolling before they issue any statements tha
  • doyla66
    doyla66 says #
    I have had two rejects of action from ASIC over fraud considering the fact of the statement made by the chairman of ASIC: Mr. Gre
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