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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How many times do we have to repeat ourselves?  Politicians, Regulators, Law Enforcement agents, Where are you? "First they ignore you, then they laugh at you, then they fight you, then you win".  Mahatma Gandhi ~~~~ Predatory mortgage lending widespread, and there is no regulation By Philip Soos Tuesday, 21 August 2012 The level of sub-prime mortgages in Australia may be far in advance of what was previously assumed and provided for by banks. The story was broken on the ABC, and covered elsewhere. The revelations centred around two personalities: Kate Thompson and Denise Brailey. Kate Thompson was a licensed mortgage broker at Mortgage Miracles in Western Australia. A highly regarded and award-winning broker, Thompson disbursed a veritable torrent of credit from bank and non-banking lenders to clients wanting funds to buy property. Agents in her company earned a collective $5 million a year from upfront and trailing commissions.  Soon to face the State...
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  • doyla66
    doyla66 says #
    Hi Honesty, i feel the same way. Is there ever going to be a victory for us? One day my life was normal, happy and secure, then wi
  • doyla66
    doyla66 says #
    Honesty: When you add up the sum game of answers to all of your questions there can only be one word to describe the behaviour. Co
  • doyla66
    doyla66 says #
    I have had enough of this, Here's some why's from my case Why did we need a low doc loan? Our loan application stated (altered by
  • doyla66
    doyla66 says #
    I think we're all feeling a bit jaded. Hang in there. This is a long road we traverse & I believe it has been very deliberately cr
  • doyla66
    doyla66 says #
    Hang on in there Honesty. We are stepping up the action another few notches. We are stepping up the PERSONAL scrutiny on them. We
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How was ASIC monitoring this fiasco as more and more retirees were encouraged to "place their life-savings" with Banksia Securities Limited? Taken from © Australian Securities and Investments Commission August 2007 Page 64 of 79 report Table 9: Mortgage financing unlisted, unrated debentures  EXTRACT: Banksia Securities Limited  004 736 458 Permanent Nominees (Aust.) Ltd  408.042 3.00%–6.50% Nov 00    Mortgage financing is defined as secured mortgage lending for residential  and commercial property ownership and improvement with security over  real property. This category represents 42% by value and 39% by number of  the total unlisted, unrated debentures. The largest 3 issuers’ amounts  outstanding represent 34% by value of this category and the largest 10  issuers’ amounts outstanding represent 69% by value of this category.    ASIC presented at the Senate Economics Committee on 30 May 2007 a  preliminary analysis of the market for deposits and debt securities in  Australia. The analysis as shown in Figure...
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Here we are in 2013 and nothing has changed except of course more billions of dollars in losses suffered by innocent Australians.  The Financial Planning and Banking Industry is a corrupt and imploding mess and our ASIC Chief has been lounging around for too long.  You are planning to fly the coup in March.  So much for your February 2012 promises. GREG Medcraft was always going to do things a little differently as Chairman of Australia's corporate regulator, the Australian Securities & Investments Commission ("ASIC"). As an investment banker with a strong interest in securitisation, Medcraft took over the top job at the regulator in May from ex ASX Chief and veteran lawyer Tony D'Aloisio, with a clear view of trying to open up the workings of the organisation to the public as much as possible. Medcraft began his first "summer school" as ASIC chairman yesterday by releasing details of its views on...
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THIS SAYS IT ALL - THANKS CHRIS FOR SHARING THIS ONE Hi Denise, this is the reply to our questions I filled in on the ASIC website via their contact us. It appears that you were right when you said they wouldn't answer any of our questions. I’ve also forwarded a letter (the same contents as the e-mail) to ASIC today. It will be interesting to see what reply we get from the letter version. Regards, Chris    From: This email address is being protected from spambots. You need JavaScript enabled to view it. Sent: Wednesday, January 02, 2013 3:13 PM   Subject: Re: Your question to ASIC: 1-4776053485   Please do not reply to this email as it is an unattended mailbox. Please ask us a question by contacting us at www.asic.gov.au/question Dear Mr and Mrs S Thank you for your enquiry You can find the information you need on our website at: http://www.asic.gov.au/asic/asic.nsf/byheadline/Banksia-Securities-Limited?openDocument I have referred your enquiry to the relevant area to answer your...
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  • doyla66
    doyla66 says #
    It is good to see some one is trying to look after those who have put their faith in local communities and businesses and unfortun
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Happy New Year to all our Members and Readers Anyone else wish to add to the growing LIST of ASIC FOB-OFF lines? Thanks Wayne "ASIC will not be taking any further action."  "There is insufficient evidence to investigate the matter."    Ed: They have no idea what evidence looks like and if they "suspect" they are under orders to BURY. "Credit is not defined as a financial product under the corporations act."  "Anyone dealing in or advising on credit is not required to hold an Australian financial services licence."  " The issues you have raised appear to fall outside of ASIC's jurisdiction." Ed: Definitely an old chestnut  Pass the Parcel ASIC Stakeholder services.  " Your complaint should be referred to the Western Australian Capital Territory regulator." Ed: Plenty of them when complainant lives in NSW...ask Maha!!  "Toss over to WA, they haven't a clue." " Oops, sorry, I should have referred...
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Hi Readers and Members Today I opened up yet another perplexing letter from ASIC requesting evidence of misconducts in relation to inappropriate lending.  We will place the entire content online in the next couple of days. So why do we not send them our evidence?  We have collected thousands of documents?  Why not simply send them over in a brown paper bag? The answer is simple:  This is not my job.  It's ASIC's job to investigate.  If we have 4000 internal emails ASIC will simply find a way to plug up the "leak."  It will not look at anything to alleviate the loss for investors.  It has done nothing for consumer protection during the past 14 years, so why would ASIC luminaries start now?  Another reason is well justified: We are the PEAK CONSUMER GRASS ROOTS GROUP and our BFCSA Members have sent in well in excess of 400 letters of complaint, only to have ASIC lie...
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  • doyla66
    doyla66 says #
    ASIC - I HAVE ALL THE DOCUMENTARY EVIDENCE. I CHALLENGE YOU TO INVESTIGATE MY COMPLAINT OF FRAUD. I have written to you a number o
  • doyla66
    doyla66 says #
    No consumer would ever trust ASIC. Yep, that's true. Why ever would we? We're not stupid now. We've learnt the very hard way doing
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Posted by on in Corrupt Regulators
Dear Mr Swan and Greggie, Your budget would be in surplus by way of billions if you dismantled FOS, ASIC, ACCC, APRA etc., sacked all the workers and simply employed a robot to reply to all incoming mail via email with a simple message "GET STUFFED". FOS has destroyed about 20 trees using only the best quality paper to respond to me with letters that simply say "GET STUFFED", "GO AWAY". Ed:   YES and the AFP ditto!...
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  • Denise
    Denise says #
    ASIC has been corrupted for 14 years and should be demolished. We have proof. The Banksters have lobbied hard with their ASIC b
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Posted by on in Corrupt Regulators
Hi, me again. Today I received a call from a lady in ASIC. She listen to what I had to say (asked me to compress my story to few minutes which thing I hate as what happened to me cannot be re told in "few minutes"). In the end I was informed that ASIC cannot and will not help individuals (as myself) as their role is to investigate only the matters which are in the general public interest. My question: Why my children and I are not considered general public, what are we, Zombbies??? What about all the other members of BFCSA, 800-1000 people, are we not included in the term "general public"? The lady was very helpful to advise me that I need to go and get legal advice, whith what money lady?? I asked why  solicitors are able to provide financial services (lending private funds at astronomical interest rates) without...
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  • doyla66
    doyla66 says #
    " The Working Group on Communications (WGC) is designated by the Human Rights Council Advisory Committee from among its members f
  • doyla66
    doyla66 says #
    The Human Rights Council is an inter-governmental body within the United Nations system made up of 47 States responsible for the p
  • Denise
    Denise says #
    Hmmmm: Refugees on boats have rights as to fair and equitable tribunal system with right of appeal if not happy with first decisi
  • doyla66
    doyla66 says #
    NAME & SHAME this fool. Ask her to confirm what she has told you by e-mail. This matter IS in the public interest! Another attempt
  • doyla66
    doyla66 says #
    ASIC says that Lenders maladministration is not in the General public's interest? What rot! We are being given the run around. I
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A Letter of complaint was posted from us to the Office of the Australian Information Commissioner (OAIC) regarding RAMS WBC and FOS. OAIC wrote back 8 days later. Here is a copy of this letter. (with our reference details etc. missing)  I've highlighted some sections.   By the way, did you also receive a similar letter from OAIC ??    "Dear Mrs XYZ Privacy complaint against RAMS Financial Group Pty Ltd and the Financial Ombudsman Service Limited I have treated your letter as a complaint under s 36 of the Privacy Act 1988 (Cth) (the Act) Section 41 (2)(a) of the Act gives the Information Commissioner the discretion not to investigate a complaint if he is satisfied that the respondent is dealing adequately with the complaint. I have considered your complaint against RAMS and it appears that your complaint is currently being adequately dealt with by RAMS (via mediation through FOS) In...
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  • doyla66
    doyla66 says #
    We will be writing a complaint to the Human Rights Council to be sent off shortly by us. " What are the criteria for a communicati
  • doyla66
    doyla66 says #
    Wayne. Who else is out there? If fos, cosl,asic,apra,MFAA oaic,aba,majority politicians, afp etc.. wont admit there are serious pr
  • doyla66
    doyla66 says #
    The reason that they are refusing to release the documents is because they know it is "commercially sensitive FRAUDULENT DOCUMENTA
  • doyla66
    doyla66 says #
    I wonder about the qualifications of these people making decisions about your case. They sound more like the red-tape brigade of t
  • doyla66
    doyla66 says #
    "under NPP 6.2, where providing access would reveal evaluative information generated within the organisation in connection with a
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ING Direct Service Calculator
The lenders' serviceability calculators are discoverable!! It is a copy of the brokers' cover sheet and checklist (p1 of 13 of the loan app form) that brokers use to make sure they have all the documentation they have to send through to the lender for approval of the loan .  This proves the broker has to print it out and include it as part of the 30 page set of documents they fax to the bank. FOS, ASIC et al ... If the broker is printing it and faxing it to the lender, broker is therefore the agent of the bank More Lies and Deception!!!  When will it stop!  How dare the regulators take the lenders side when it must be so easy for them to see the truth!  Abominable!! Banks lying to Judges???  Of course they did when billions of dollars of dirty loans at stake!  Government knows and is in denial.  Shame...
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  • doyla66
    doyla66 says #
    OAIC reply "if you are seeking access to evaluative documents that RAMS consider to be internal or commercially sensitive, there i
  • doyla66
    doyla66 says #
    So if you discover this what should you do about it? ED: you ask denise - she knows what to do. Do myou have your copy? [email protected]
  • Denise
    Denise says #
    Banksters' Stolen Loot: used to build mega buildings - should be turned into accommodation for the homeless. [email protected]
  • doyla66
    doyla66 says #
    I wonder if any other BFCSA members can see this on their broker docs and if this is a standard item on the broker checklist? Hmm
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Posted by on in Corrupt Regulators
By Karina Barrymore  Full Story OH, no. They're at it again. The shape-shifting watchdogs, trying to save us from ourselves. Nothing like a bit of extra red tape to keep the uneducated masses under control and shift the attention to someone else. I'm talking about the latest push by the so-called investment watchdog, the Australian Securities and Investments Commission, to once again blame everyone but themselves. In this case, it's another round of victim bashing. The victims of financial scams, fraudsters, incompetent investment groups and shonky financiers, the likes of which continue to flourish and expand each year. After all, it's our own fault we're all so stupid, that we can't make good decisions, can't tell a crook when we see one and, of course, trust our investment watchdogs to do their job. What silly possums we all are. And believe it or not, silly possums seem to be breeding at...
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  • doyla66
    doyla66 says #
    FOS is a public company abiding by terms of reference set by ASIC and the OAIC replied to our complaint stating "if you are seekin
  • doyla66
    doyla66 says #
    King-ass Possum wants to score brownie points to look good before he takes up his new role. We can see through his efforts. Only p
  • doyla66
    doyla66 says #
    What a well written piece,it would be even more humorous if it wasn't about such a serious matter. You see,possums only come out i
  • doyla66
    doyla66 says #
    Hundreds of thousands of decent Australian people & their families are having our life savings ripped off by shonky investment fir
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Posted by on in Corrupt Regulators
Full story AUSTRALIAN Securities & Investment Commission chairman Greg Medcraft has foreshadowed tighter rules for the shadow banking industry and a continued focus on insider trading prosecutions as priorities for the coming year. In an interview with The Australian, Mr Medcraft highlighted moves to keep ahead of technological advances in the sharemarket such as high-frequency trading, with the regulator signing up for a new surveillance system better able to "join the dots" on insider trading and market manipulation. (STM:  Shadow banking?  Please explain Mr ASIC?  This what is causing the collapses of the lenders!  Two sets of books?  ) ...
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Hi everyone, ASIC say: “the 400 letters were not actual complaints from people, just a form letter.” What a load of garbage. I am writing this as I have lodged an on-line complaint (in details, this was not a template letter with my signature on the bottom) with the ASIC against  the lenders who cooperated with my ex-lawyer who literally forced me into a development to save one of his clients ass and steal money from me/my company which I can prove, black on white. The lenders, lawyer's mates without doing any "homework", qualified my company (who's income was  $40,000.00 a year) for two loans: a $1,000,000.00 loan and one for $135,000.00. The lenders never did any due diligence as prudent lenders should and never checked if my company could service these two loans who also had attached to them astronomical interest rates. All they were interested was that my children's home (a...
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.......exactly the same blueprint is being used in Australia Mainstream Media Finally Awakens to the Fact that Big Banks Are Criminal Enterprises From:  http://www.washingtonsblog.com/Alternative financial media have noted for years that: Fraud caused the Great Depression and the current financial crisis, and the economy will never recover until fraud is prosecuted Criminal fraud is the main business model adopted by the giant banks. See this Largely because they are out-of-control criminal enterprises, economy cannot recover unless the big banks are broken up. The Obama administration has made it official policy not to prosecute fraud. Indeed, the “watchdogs” in D.C. are so corrupt that they are as easily bribed as a policeman in a third world banana republic. Instead of prosecuting, the government throws money at them As Nobel prize winning economist Joseph Stiglitz noted years ago: “The system is set so that even if you’re caught, the penalty is just a...
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  • doyla66
    doyla66 says #
    The Banks may be responsible for supporting the terrorists that hijacked the planes that blew up the twin towers and killed all th
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 LIES, LIES AND MORE DAMN LIES FROM ASIC  I wrote to ASIC a FULL and DETAILED 7 Page letter;. I addressed it to you personally. YOU LIED TO PARLIAMENT!!!  That's a criminal offence.  You also said most of us were from one Mortgage company I had never heard of.  I asked Ms Brailey.  More lies.  She said only 20 people from that company mentioned.  You said "most"  We have almost 1000 Members and growing by the day. You also told Parliament that most of these were from 2003 - 2005. LIES LIES AGAIN.  You need the sack. We taxpayers employ you and we do not pay you to tell lies to us!  BFCSA did survey a couple of weeks ago and most of us had the complaints from loans in 2008 and 2009.  More LIES In mid 2009 Parliament enacted the new NCCP laws and you are using them to say...
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  • doyla66
    doyla66 says #
    I also offered as part of my submission to this recent Senate Inquiry to supply copies of all my paperwork. I have a complete back
  • doyla66
    doyla66 says #
    If we the people of Australia don't stand up rigorously for our rights, then we are just as bad as our so called leaders as we are
  • doyla66
    doyla66 says #
    Asic lie because they know they can get away with it. Why does anybody lie? because they can and are not severely reprimanded for
  • doyla66
    doyla66 says #
    Well said Lee. We are sick of lie after lie being told by ASIC. Lying to Parliament is a CRIMINAL offence. Medcraft should be inv
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Posted by on in Corrupt Regulators
Why is FOS allowing Gadens lawyers to not only 'sit in' on the so-called 'informal' mediation sessions with aggrieved borrowers, but to run the bankers side of the mediation?   Picture this... On one side of the phone you have the FOS Mediator, on the other side you have the bank's two representatives AND two lawyers (partners, no less!!), and last but not least you have the hapless idiot victim suddenly sitting alone on other side suddenly thrown into a intimidating session.  The bank reps sit there saying nothing, letting their 'dobermans' question the victim, implying that the borrower has been doing dodgy stuff and using legal trickery and pressure that the victim has no training or experience to deal with.  Plus they are obviously stressed, nervous and about to have their home stripped from them. I was told I could bring a friend or family member to the mediation, and...
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  • doyla66
    doyla66 says #
    You peanuts in Parliament who call yourselves pollies are just a bunch of useless, lazy twits who sit back and don't care a damn a
  • doyla66
    doyla66 says #
    This is yet another example of the collusion, trickery & deceit that FOS & the Banks use. They have an obligation to tell you that
  • doyla66
    doyla66 says #
    It just goes to how double guilty they to have 2 lawyers present and again going to desperate extremes to cover up their white col
  • doyla66
    doyla66 says #
    From the "Guide to Conciliation Conferences" section on the FOS website: Do I need representation? Can I have another person pres
  • doyla66
    doyla66 says #
    Confidentiality clauses mean the person is trying to conceal their actions. If they were honourable there would be no need. Pret
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My organization works with homeowners fighting foreclosure. Since July of 2008, we've seen over 12,000 local residents, reviewed their mortgage documentation, and helped them negotiate the kafkaesque process of working through loss mitigation with their servicer. It's a degrading, disheartening slog of a process with very little transparency or accountability from banks, and little enforcement from regulators. A half year ago, when national attention was drawn to irregularities in the filings of foreclosure documentation (the so-called "robo signing scandals" - something we've been complaining about for a long time), we made a number of recommendations to state and federal banking regulators (including the Federal Reserve and FDIC), attorneys general, and the US Dept of Treasury. Our primary suggestion was simple: don't just review foreclosure actions for accuracy and correctness, but request to review mortgage documentation from origination. We proposed taking a random sample of mortgage loans from securitized pools as well...
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  • doyla66
    doyla66 says #
    If there were sufficient evidence of fraud, many mortgage securities themselves could be deemed invalid. Originating banks would b
  • doyla66
    doyla66 says #
    It leaves me deeply disturbed too. Modern debt jubilee seems the ONLY WAY
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 Hmmmmm? .........more eye popping  insider secrets shall I tell......... .....very very disappointed & enraged!!!!.........with this statement from FOS............. so ASIC is also kept in the dark about Bankster Fraud.........no wonder SWEET FA is being done!!!!!......... ......this unconscionable practice MUST CEASE ...............coverups ........... destruction of legal & LAF documents........ de-identifying of perpetrators........ is against the LAWS of our country.........
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  • doyla66
    doyla66 says #
    does the Fossils at FOS not make this report PUBLIC??? Why is it kept hidden from view? We all know full well that ASIC will only
  • doyla66
    doyla66 says #
    "Regular" is one of those meaningless words we often see. Christmas is regular. My birthday is regular. Leap years are regular, bu
  • doyla66
    doyla66 says #
    "Regular" is one of those meaningless words we often see. Christmas is regular. My birthday is regular. Leap years are regular, bu
  • doyla66
    doyla66 says #
    "Regular" is one of those meaningless words we often see. Christmas is regular. My birthday is regular. Leap years are regular, bu
  • doyla66
    doyla66 says #
    This is a pure gobbledegook statement from FOS, absolute claptrap! De-identified - is that even a word? FOS state that: "We provi
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Early this year I have contacted COSL to find out if  one of the brokers that contacted me (not the other way around), the private lenders or the firm of solicitors that they were landing money through are members of COSL only to be told after giving the lady at the other end all their names that none of them are COSL's members and to look soemwhere else for help. Well, surprise, surprise months later I went into COSL's website and I discovered that you can do searches to find out who is a member of COSL before attempting to lodge a complaint. To my amazement the broker that I had enquired before over the phone about he is actualy a COSL member contrary with what I was told months ago by the lady on the phone. Well I have made the complaint and after few swaps and changes in case managers and paperwork being required from me (yet I did...
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  • doyla66
    doyla66 says #
    Maria,the bit about God, i agree totally and we keep fighting for our rights.
  • doyla66
    doyla66 says #
    Hi Ali, Thank you for your input. I find it very hard to clearly explain my whole story in just a few paragraphs. Also keep in mi
  • doyla66
    doyla66 says #
    Hi Maria, Pardon me if i'm missing something here but if your Laf's were falsified without your knowledge or consent, then you mus
  • doyla66
    doyla66 says #
    Maria, he deserves to be named and shamed right here. i would have written his name in capital letters - do not protect him, he di
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ABC net  21/11/11 ALAN KOHLER, PRESENTER: These are interesting times for the nation's top corporate regulator, ASIC chairman Greg Medcraft, who has seen a lot of tricky new issues hitting his in-tray in the past few weeks. The collapse of MF Global has seen local investors struggling to get their hands on their money that's trapped inside the business. The federal Opposition and sections of the media have been running hard on Mr Medcraft's appointment six months ago and his role leading the securitisation business at the big investment bank Societe Generale, a business that is now being sued by the US government. And this week, perhaps the highest-profile insider trading action yet taken by ASIC was launched with the charging of former Gunns executive chairman John Gay. Now, while he couldn't discuss the specific case about Mr Gay, as it's now a matter for the courts, I started by asking...
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  • Denise
    Denise says #
    Fraud is like Owning a Porsche??? I choked in my weeties! Gregory Medcraft you Sir haven't a clue what you are doing or saying..
  • doyla66
    doyla66 says #
    ALAN KOHLER: Societe Generale, which is now the subject of lawsuits in the United States. Now, it's being sued - accused of making
  • doyla66
    doyla66 says #
    We should change Mr Medcraft's name to Mr Think!,I have never seen as many "I thinks" in one interview. Me thinks,you have forgott
  • doyla66
    doyla66 says #
    One year later, still all talk no real action from ASIC. Good read Jane
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