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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 Farce continues into 2015. ASIC wants to get tough but has to GROW UP first and tackle the Banks!

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Only 89 cases of white collar crime in Australia?  What about the 18% of fraudulent loan applications penned by bank officers and no brokers involved?  The fraud is occurring after the applications are sent in to the 17 Major Lenders who are the worst offenders.  We have reported over 2000 of these to ASIC. The public are tired of ASIC suggesting it gets "tough." Time is long overdue to investigate Lenders and their asset stripping strategies.  This is why there are over 14 Inquiries to date on Loan app fraud.  ASIC employs over 300 investigators to take action in 89 cases?  Time for a Royal Commission into the entire banking sector if we are really serious about protecting consumers.  These sub prime loans will impact the economy. Bank on it.

ASIC flexes muscles against fraud in financial services

(its  A SIC JOKE!)

Australian Broker News by Julia Corderoy | 02 Feb 2015
The amount of white collar crime committed in financial services almost doubled in the second half of 2014, according to ASIC’s latest six-monthly enforcement report.

In the six months to June 2014, ASIC took enforcement action against 48 cases of white collar crime related to financial services. However, the corporate regulator almost doubled that in the six months to December, taking action against 89 cases of white collar crime in the financial services sector. This includes unlicensed or dishonest conduct, fraud and theft.

ASIC’s commissioner Greg Tanzer says this highlights the regulator’s ongoing focus on tackling serious corporate fraud and loan fraud.

“ASIC investigates serious white collar crime. We have recently completed several significant enforcement actions after detecting serious fraud by company directors and officers, committed against the companies they serve and the investing public. These results demonstrate that for those who steal and deceive the consequences are great,” he said.

When it comes to loan fraud specifically, the regulator says it has a “clear commitment to tackling loan fraud involving false loan applications and related documents”.
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  • Duped
    Duped Monday, 02 February 2015


    Never heard so much rubbish coming from ASIC. I wonder how many of us (ordinary defrauded borrowers) have ASIC been in contact with re their Fraudulent loan applications forms, I am still waiting for my ASIC phone call but I had better not be holding my breath!!!!!!

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  • Wayne
    Wayne Monday, 09 February 2015

    ASIC must know there is thousands of victims, and over years. Popping your head up now making a little ruckus is simply too late. The problem now seems to be, how do they let the cat out of the bag & who's going down for it. After 14 years of evidence, we really need a Royal Commission into the whole fiasco, including FOS ASIC BANKS & whoever else ends up in this mess. In the meantime we are all hanging on to our dodge documents for the exact time.

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  • Wayne
    Wayne Sunday, 22 February 2015

    ASIC allowed NAB to check and alter media release into bank's Wealth's Navigator errors. Secret files expose NAB
    Adele Ferguson examines revelations that NAB sacked financial advisers over forgery and poor ethics. WELL THAT WILL DO ME... is everyone getting this picture, if that's not looking after your mates then what is?

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  • Louie2U
    Louie2U Monday, 23 February 2015

    Will A-SIC answer a 'please explain' to the people of Australia - you know those people who pay their taxes into the public purse that ASICCers draw their wages and salaries from? We too, have the right to an answer regarding this blatant favouritism.
    Why did you permit NAB to monitor and amend a media release?
    Is NAB contributing to your wages and salaries in a different form than us taxpayers are?
    Would you afford Denise of BFCSA the same courtesy to vet and amend your media releases too?
    There is most definitely a rule for big banking buddies, a rule for yourselves in A-SIC and another for the taxpaying public. Bad A-SIC puppies . . naughty, naughty, naughty!

  • Wayne
    Wayne Tuesday, 24 February 2015

    A Banker Band by ASIC predecessor was employed by ANZ Bank who ran amongst the pigeons without detection for 22 years steeling 6 million dollars & was jailed for 6 years. Do you really expect us to believe that know one else knew? Did the BANK employed this person with NO BACKGROUND CHECKS?? Sounds very similar system to their Loan Application Form posses.

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