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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: ASIC Chief Medcraft - filibustering again - We have criminal laws and jail penalties - Greg just not using them preferring civil action with fines and penalties

Posted by on in ROYAL COMMISSION URGENT
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Greg Medcraft is only just waking up we have CRIMINAL LAW here in Australia.  Bankers can be jailed Greg, but YOU Sir CHOSE to take no criminal action against the Australian Bank Executives for being the ENGINEERS of a hideous crime against hundreds of thousands of vulnerable citizens of Australia.  WE have sanctions but you did no investigation into Banksters, and therefore bleated "we can see no evidence to suggest......etc."

You Sir are treating our citizens with disrespect.  You have made no attempt to investigate Lenders and then jail a few..........................To me and our members that Sir, is a cover-up on your part.  Stop treating other IOSCO members as if you know how to fix a crisis.  You may have the press fooled, but not those at grass roots level.  As we have been taught down the ages: "your turn will come...."

You are on the back foot Greg, only because you Sir, are the subject of an Inquiry into the high office you have held the past few years.  I have read all the letters you have sent to pesky consumers that saying:  "not in the public interest to investigate at this time.....get a lawyer."  You KNEW victims of banker crime had no funds to get a lawyer.  The people wrote to you saying ITS THE BANKS, THE BANKS, THE BANKS.  

Medcraft has admitted he now will be consulting with overseas.  Really Greg?  Same attack of the "willbees" that your deputy Peter Kell has every day?

What about MANIPULATION OF MORTGAGE DOCUMENTS en masse?  We call that FRAUD & STEALING ASSETS here in Australia.  Both crimes are deemed criminal activity and punishable by JAIL.................ROUND UP THOSE RESPONSIBLE, but its doubtful you ever will.  You cannot say "we willbee in the middle of an Inquiry into your role in this shameful neglect of consumer protection - your core responsibility.  Deary Me!

Yes we have drawn our own conclusions into how you would "normally" do an investigation.  You went after the bunny brokers, not your Banker Buddies.   You have nailed none of those Banker Chief's responsible for our hidden SUB PRIME Mortgage problem.  You have left it to me and the Senators to unravel.

Bring on the ROYAL COMMISSION into Banking and into ASIC neglect!

Your specific neglect caused the Senate inquiry into ASIC.   This email address is being protected from spambots. You need JavaScript enabled to view it.

http://www.theaustralian.com.au/business/economics/asic-calls-for-white-collar-crime-reform/story-e6frg926-1226863704514#

LEO SHANAHANFrom:The Australian March 25, 2014LEO SHANAHAN

AUSTRALIAN Securities & Investments Commission chairman Greg Medcraft has advocated a shift to a US-style points system in fines and sentencing of white-collar crime, highlighting his dissatisfaction with Australia's sentencing regime.

Speaking at the corporate watchdog's annual conference in Sydney, Mr Medcraft also said that ASIC would work with its overseas counterparts to probe several banks for alleged fraud in the foreign exchange market.  On the back of a Senate inquiry into ASIC and a recent report by the regulator, highlighting the disparity of sentencing in Australia and foreign jurisdictions, Mr Medcraft made it clear he would like to see Australia introduce tougher civil and criminal penalties in line with the US and Europe. "We said in the Senate inquiry that a review was needed of penalties. We've now released that study comparing it . . . in Australia and internationally.

 

Mr Medcraft also confirmed that ASIC had launched a probe with other regulators, including Britain's Financial Conduct Authority and the Securities and Exchange Commission in the US, investigating possible fraud in the foreign exchange market.  "We're clearly going to be co-coordinating with regulators around the world. We're now looking at what they have done and you can probably draw your own conclusions as to how we would normally do an investigation."  According to international reports, up to 15 of the biggest banks are being investigated including Barclays, Citigroup, Deutsche Bank and Bank of America for traders manipulating markets and trading ahead of clients

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  • doyla66
    doyla66 Monday, 24 March 2014

    no one should trust anything Mr Medcraft says.. seeking advice from overseas "bankers" should not be trusted either. They started this whole world wide economic mess.
    We need outsiders to advise not these insiders trying now to save their necks, as the jig is really well and truly up.
    Australian citizens join our global neighbours in saying enough is enough.. we want our assets back, we want our money back, so that we can try and regain the confidence to contribute to the Australian economy again.. not be left homeless, broken and soon to be welfare recipients .......We want our lives back that you banksters have stolen from us.

    IF there are no systemic issues in Australia as Mr Medcraft keeps trying to tell the Senators and the Lower House Pollies, then I see no problem for the banks to just punch a few keys into their computers and right the wrongs of their borrowing customers by transferring the Banks profits and executive bonuses to the very people they stole from.. every day hard working Aussies.
    Banks cannot profit from fraud, nor can the Aust. Government.

  • doyla66
    doyla66 Wednesday, 26 March 2014

    It would appear Mr. Medcraft is caught between a rock and a hard place created by himself. Just give him enough rope and he will hang himself eventually. Happens all the time. Unfortunately it takes time but just hang in there everyone. !!!! No pun intended.

  • doyla66
    doyla66 Wednesday, 26 March 2014

    What Greg Medcraft thinks is a blockbuster looks like a bit of a flopsy to me. with just 246 viewings since launched on 14 August 2012! All about how pancakes can make a difference, cats, dogs chickens and a bit of charity!
    http://www.youtube.com/watch?v=OJAM1HoCspw

  • doyla66
    doyla66 Wednesday, 26 March 2014

    Oh dear looks like I added the wrong link for the Medcraft blockbuster sorry. Poor thing, it's time somebody told him he just has not got what it takes to be a movie star but then again maybe sombody did and why it's closed off re comment!
    http://www.youtube.com/watch?v=WvNmie6tlRw

  • doyla66
    doyla66 Thursday, 27 March 2014

    Duped

    That's all well and good Medcraft but what about if banks have used fraudulent tricks and conned borrowers into loans, we (borrowers) expect to be able to go to the regulator and show them the proof and explain how we have been "done over". We have done that Medcraft and you have deliberately turned your back on us preferring to protect your mates in the banking industry. You sir are supposed to be the consumer protector when something as foul as this comes along. The stench is unbearable.You sir are supposed to summons these evil people and send them to jail. You are a weak poor excuse of a human being and your mate Kell can join you in jail time when the truth is known for covering up this fraud. You sir, and Kell are just as guilty as your bankster mates.

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