GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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.

Visitors

Articles View Hits
751382

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: ASIC cops well deserved criticism from all sides of Australian Banks Fraudulent Loans Scandal

Posted by on in BANKSTERS
  • Font size: Larger Smaller
  • Hits: 3772
  • 4 Comments
  • Print

If ASIC sounds a little peeved right now at all the criticism from brokers, and financial planners who sell these fraudulent loans, they will each have to cop it sweet.  WHY?  Because ASIC has know of these activities by Lenders lowering lending standards for well over a decade.  ASIC decided to blast into 2015 with an announcement of investigating Myra Financial Services and laying one charge each against two brokers.  The kingpin of the business of course was permitted by ASIC to leave the country AND ASIC once again ignores investigating Too Big to FAIL & JAIL Banks.

ASIC spent the following day in a predictable cauldron of evidence based criticism.  The most disturbing questions are the ones ASIC refuses to answer:

When did fraudulent tampering of loans begin?  Why did ASIC announce this now, after a 12 month investigation from complaints in 2011 or earlier?  Why so slow? Why did they prematurely annoucnce three days ago: 350 loans involved and $110 million, then today change to 600 loans and we presume $220 million worth of fudged loans AND, why has ASIC not questioned the Major Banks involved in APPROVING THESE LOANS, knowing these specific dirty loan services to be of a regular and systemic nature of fruaudlent tampering after the consumer signed the application and without their knowledge or consent?

BFCSA Members are so sick of ASIC's bleating that they the regulators know what they are doing...........................

It is time the Government cracked down on the Keystone Kops at ASIC.

Property Observer

The Australian Securities and Investments Commission (ASIC) says it is determined to continue its crackdown on loan fraud to ensure consumers can have trust and confidence in the lending industry.

ASIC was responding to media articles today that reported on ASIC’s investigation of an alleged $110 million loan fraud which resulted in conspiracy charges against two men late last week.

"Those articles, which are critical of ASIC’s work, are inaccurate and speculative," ASIC stated.

"ASIC is strongly committed to transparency in our enforcement and regulatory work, as demonstrated through the publication of regular enforcement reports.

"However, there are very good reasons why we can only provide limited details on criminal investigations and matters before the court.

"It is important for the public to understand the reasons."

Property Observer notes ASIC's response did not address the issue of the four day gap when it appeared it failed to move against the mortgage broking licence accreditation of one of the alleged fraud participants after the bail appearance.

The Melbourne man arrested after an alleged $110 million mortgage fraud, Aizaz Hassan, was capable of writing loans until his accreditation was stopped on Tuesday this week, 6 January 2015.

But Hassan had appeared before a bail justice on 2 January 2015, bailed on conditions including that he report to police twice a week, surrender valid passports or any other valid travel documents and not apply for any other, not attend any points of international departure and not leave Australia.

The Australian reported several other concerns including ASIC not flagging the investigation with his current employer.

ASIC advised its investigation into the allegedly fraudulent loans arranged by Myra Financial Services had been conducted by ASIC over several years.

"It has necessarily been a long, complex and at times extremely sensitive operation.

"There are some important parts of the investigation which we are not able to divulge.

"While we understand the frustration that this may cause the media, there are very good reasons why ASIC, and other law enforcement bodies, have significant restrictions on what we can disclose in such matters.

"In some matters such disclosure could jeopardise the entire case.

"In others it could put people at risk. During an investigation the premature public release of information could result in evidence being destroyed by an accused.

"And there are important legal restrictions on the information we can make public.

"We are expressly required to maintain the confidentiality of information we obtain in connection with the exercise of our functions (s 127 ASIC Act)."

ASIC advised another issue that all law enforcement agencies face was deciding the scope of the case.

"Najam Shah and Aizaz Hassan have each been charged with conspiracy to defraud.

"Decisions regarding the nature and scope of the charge have been made following extensive investigation and forensic analysis.

"ASIC, like other law enforcement bodies, does not as a rule flag an impending arrest to an employer (or, for that matter, to other related parties).

"To do so would increase the risk of the person of interest being tipped off, even if this was inadvertent.

"It would potentially place the employer in a compromised position.

"For example, the employer may wish to suddenly treat the employee differently – perhaps even sack them.

"How could this occur without affecting the confidentiality of the investigation?

"How many people in the employing organisation should be told?

"The decision to seek orders from a court to restrict a person’s travel movements is not taken lightly, and court orders are not obtained routinely.

"Importantly, it is not ASIC that decides if an individual is to be prevented from travelling. That decision that can only be made by a judge once an application has been successfully made to a court, which includes giving the affected person the right to respond.

"In short, ASIC has followed common and carefully developed principles in its investigation and legal actions in the Myra case."

http://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/39202-asic-defends-its-110-million-myra-home-loans-alleged-fraud-investigation-timetable.html?utm_source=Property+Observer+List&utm_campaign=5ef998519b-12_January_2015&utm_medium=email&utm_term=0_a523fbfccb-5ef998519b-245275013

 

Last modified on
Rate this blog entry:

Comments

  • Duped
    Duped Tuesday, 13 January 2015

    Duped

    What a load of bull ASIC sends out! What about the people who have informed ASIC of fraudulent misconduct on their loan application forms and have been told to bugger off and not in the publics interest!!!!! ASIC must stop and smell the roses, this fraud which is engineered by the banks is ruining countless of peoples lives past and present. How can they get justice when the regulator and their side shoots the EDR's have got it so wrong. They are completely biased towards the banks and lenders and will protect them at all costs. What about the borrower who has been scammed you idiots and what measures are in place for the people from the past who you have fobbed off and left out to dry penniless and homeless.

    Reply Cancel
  • Wayne
    Wayne Tuesday, 13 January 2015

    It is becoming almost crystal clear what seems to be happening at ASIC & you can't help thinking now, it must be the way that it looks, TOTALLY NOT GOOD
    How can you blame the seller of the bread if there was a mouse baked in it. It is clearly the Manufactures responsibility not the seller.

    Reply Cancel
  • Wayne
    Wayne Monday, 09 February 2015

    ASIC, FOS, BANKS & POLITICIANS, are all playing a game of dodge ball. They are all professional players, with years of experience. This is a very clever system of multiple departments with no end results for consumer's. The main focus in this particular game is not to get caught out, so one way to dodge the ball & not get caught out is never let the game end.

    Reply Cancel
  • Louie2U
    Louie2U Monday, 23 February 2015

    Interesting cop out comment from A-SIC regarding their dereliction of duties and allowing the lying cheat to flee the country.

    How often have we read in mainstream news of the judiciary preventing a party from leaving the country and of how quickly and easily that restriction has been obtained? Weak A-SIC. Just, the usual bloody weakness we regularly see trotted out as inconsequential excuses from A-SIC. These puppy watchdogs with no teeth must have a belly full of them.

Leave your comment

Guest Thursday, 29 October 2020