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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 harbors an obscene culture of cover-up and deceit. Banks Running the Rackets

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TRUST IN THE BANKING SYSTEM has broken down.  Refinancing has stopped.  Loans that implode in 7 years are now (under the NCCP law) imploding in 3 years.  All those who were "stitched" up by banks with Low Docs and Full Doc non affordable loans will then face the sheriff and loss of homes and ASIC know that.  

Since deregulation 1986, citizens have lost long term security that should have been there if you worked hard to achieve your own home.  At the bottom of every scam, there has been a corrupted regulatory regime and of course BANKSTERS.  Our Federal Parliament MUST recognize that at the bottom of every scam and property bubble there are the doyens of the banking world........a world of "high" finance and looting.  Yet for the Banksters to continue to steal homes and arrange monstrous financial scams, there has to be a corrupted Securities Commission.  

Our evil version of a corporate cop is the gaggle of security chiefs ensconced in ASIC.  Its the poison chalice to do very little, see nothing, hear nothing and later get the $1 million a year job tax free in Hong Kong or Singapore and perhaps IOSCO and retire in 6 star luxury.  We all know that.  My work has sent 14 off shore to date.  Its the automatic and ultimate golden parachute.

Our own Australian Securities and Investment Commission is running a dirty little protection racket.  For two decades Retirees have been reduced to pensioners and lost over $10 billion in various illegal and "legal" managed investment schemes.  At the bottom of these scams, was a bankster using the spruiker model to encourage spruikers to run creating wealth seminars to sell "off the plan" CBD units for bankster developer mates.  ASIC simply used excuses not to investigate a Tsunami of Consumer Complaints.  Pete Costello, as Treasurer said in 1996 "this will be the best consumer protection in the world."  Sorry Pete, it was already corrupted as the ASC and CAC.  Allen Fels did his bit to tidy things up by the earlier ACCC.

I wrote to then Prime Minister John Howard in 1999, begging him to clean this up and asked how would retirees losing all their superannuation and suffering an average loss 100% of capital, assist the economy?  We have $1.5 billion of debt in rackets run by 127 law firms and why was this good for Australia?  Now ex Treasurer Wayne Swan flew over to Perth 1998 and met some of the victims and he promised to bring this up in Parliament - he did on 1 July 1999 from memory. Everyone was in the know!!!!  ASIC kept saying.............."Yes Denise, but what do you want us to do?"

In 1999 we lobbied in Tasmania for retirees to walk the streets of Hobart in protest.  Parliament responded with a Joint Inquiry into the Tassie Law Society.  Problem was that all states had the same problem with the solicitor mortgage scams and another $1.5 Billion.  Tassie papers issued my warning that the losses could go as high as $5 billion (an unheard of figure in those days.  ASIC's testimony on the stand was embarrassing.

In 2001 in Queensland, we marched down the streets of Brisbane to Greg Tanzer's office and I met with ASIC Commissioner Tanzer, asic barrister Hoopman and enforcement director McShane to ask why Westpoint was still advertising and no charges laid.  Money at risk at the time: $100 million and all major banks involved in equity lending.  ASIC said: "yes it was of concern......but not our jurisdiction."  That was false by the way, as it was an MIS scheme and the courts agreed with me at a later date.  Losses attributed to Westpoint circa 2005 $380 million.

In 2003 Democrats Senator Andrew Murray brought up the plight of "Penny" a victim of NAB who approved a $1 million loan by NAB to a NSW pensioner.  NAB, as in Nab your money!  ASIC could not care less.

In 2003 the press was full of notorious spruiker Henry Kaye and another $60 million in losses (small dollars now).  Henry's main funders were ANZ, St George Bank and the new victims were generally "students" aged 20 - 50 and most were stitched up with $15,000 credit cards, retirees lost super and their homes and others stitched up with unsaleable over inflated  units in various CBD's.  As in Westpoint, all states were infected. 

The two most common things in all of the above are:-

ASIC Neglect tantamount to Malfeasance in Public Office and,

Behind every "entrepreneurial" operator  there were OUR MAJOR BANKSTERS.  Losses now predicted to be $200 Billion!

Consumer Protection is a farce.  Federal Parliament is not responding well enough.  It can and ought to do better.

ASIC will send the hapless victims to COSL who will just keep on closing files as is "the norm," or send the victims to FOS who at least try to get some reasonable settlement for BFCSA members.  FOS and COSL tell ASIC there are systemic issues as the wait time for investigations used to be around 3 months and has now blown out to 15 months and beyond due to the huge volume of complaints against banks and non bank lenders.  BFCSA has blazed a trail that has uncovered the biggest scandal to ever reach Australia.  ASIC then lie to Parliament and say no systemic issues.  It bleats that the "new" 2010 NCCP laws are "working!"  ASIC tells Parliament "there are no systemic issues."

Stealing ones horse, taking one's livelihood  was a hanging offence in the 1800's   Stealing homes is a crime.  The game ASIC is playing in permitting permanent stealing of homes by banks is keeping the EDR's (Credit Ombudsman and banking Ombudsman COSL and FOS) busy.  The EDR's are licensed by its master ASIC.

ASIC is utterly corrupted.....no not just lazy as we have been saying since 1998.....but a grand nest of racketeers running a protection racket.

The NCCP was a cover-up, but worse than that, it allowed the cycle of toxic loans to continue.  Banks assisted in the wording of the act to trust the Brokers to "pre-approve" loans with zero qualifications and not licensed to perform such a task.  All part of the Bankster grand plan for more misery and more lovely fees, making Australian Banks the most profitable in the world.  Of course its a sham!

More likely more Australians going to wake up to the skull duggery of banks, developers, lawyers, liquidators, accountants, valuers property spruikers, financial planners and brokers in the Bankers' broker channel, all protected by and evil regime known as ASIC.  

For over 2 decades I have been doing ASIC's job and I am a little bit weary.  

Our own Australian Securities and Investment Commission is running a dirty little protection racket.

These nefarious activities of burying files and taking no action against those complained about will be rolled out by aggrieved victims in the coming Senate Inquiry into ASIC.    The Senators better be prepared......from all political sides.    

Behind every scam and spuriker there is money and the organizer of that money is a Banker.  Usually its a gaggle of Bankers.   Pinging a corrupted regulator or a massive swag of Spruikers and Financial Planners is diminishing the seriousness of the problem.  Australians deserve better.  How does reducing citizens to poverty assist our economy.  How does throwing citizens out into the streets assist welfare budgets?  

Collectively, we have some serious problems in Australia and we need some serious people to solve these issues, once and for all.  Every Bank in Australia should hang up a shingle outside their mega buildings saying "CROOKS AT WORK"

Let's hope the Senators join John Williams and have the courage to call for a Royal Commission into the Banking Sector as they ought to have done last year.  This email address is being protected from spambots. You need JavaScript enabled to view it.

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Comments

  • doyla66
    doyla66 Wednesday, 03 July 2013

    I still cant believe out MEDIA sits on their own hands

    The more times I ask myself why wouldnt our MAINSTREAM MEDIA want to expose this corruption the more times I come up with the only freasable answer. ALL of our MEDIA need the BANKSTERS ADVERTISING $ to keep their TV STATIONS, NEWSPAPERS, RAGS
    MAGAZINES and RADIO STATIONS alive. OH my god dont tell me they own the MEDIA as well.

    ED: BFCSA get a wide range of media coverage from mainstream and local and we are grateful to all editors and producers, reporters journalist and anchor persons for their continued and in depth support. [email protected]

  • doyla66
    doyla66 Wednesday, 03 July 2013

    Duped

    You hit the nail on the head Guest, I believe most television stations have a heavy debt with the banks and of course they do a lot of advertising with them so again they have the power to silence. One phone call from a nervous bankster and all bad publicity will be pulled off air and from certain papers. It's not that they don't want to run certain articles but they can't. When there is a ground swell and a public outcry and the general public wake up to what is happening then may be they will start running features of fraud and scams designed by the banking industry.

  • doyla66
    doyla66 Wednesday, 03 July 2013

    An

    Euthanise A-SIC gaggle-of-security-chiefs' duplicitously romancing bank$ters; gang$sters; sham$ters lest "pitchforks will prevail, alternatively---

    It's perhaps insightful to refer to Simon Benson of Sydney Daily Telegraph (Mon,1 July/p4) - whose source informs - Rudd's primary "Weapon of Mass Destruction"(WMD) to incinerate status quo, was the prospect that "the Senate could be lost, --which meant the unions would almost certainly face a Coalition inspired Royal Commission."

    Pollies, time to 'get inspired' ~ launch a Royal Commission into A-SIC duplicity of Banking & Finance "Racketeering":
    Whatever side of the "furniture" one falls, pollies must contemplate real consequences of perpetually turning-a-blind-eye ("Nelson's eye") to rabies-infected bank$ter "racketeering", in the form of perhaps eating "pitchforks" @taxpayer-subsidised-canteen? So "man/woman-up" as Dr Phil would say, and have a "Janus" moment in time -- he, is usually depicted as having two faces -- and instigate a broad based Royal Commission and let NOW POWER prevail.

    Janus – Greek god of the doors, crossroads, and choices who had two heads to symbolize choices someone could make;
    Janus presided over the beginning and ending of conflict, and hence 'war and peace'. The doors of his temple (read: Royal Commission) were open in time of war, and "closed to mark the peace."

    In ancient Roman religion and myth, Janus (Latin: Ianus) is the god of beginnings and transitions,[1] thence also of gates, doors, passages, endings and time. "He is usually depicted as having two faces", since he looks to the future and to the past.

    http://en.wikipedia.org/wiki/Janus

  • doyla66
    doyla66 Wednesday, 03 July 2013

    Rogue regulators + banksters & rogue staff + scared weak government + timid media = ORGANISED CRIME

    Well organised crime spree in Australia - spread the word, warn everyone, without delay.
    Great information, thankyou, Denise. The news that so many weren't allowed to know.
    Is destroying the elderly, the sick, the weaker in our society Australia's answer to reducing drain on public purse?
    A form of eugenics, perhaps?
    It makes no sense - many more on welfare now due to ASIC protection racket.
    May they get the gang of past ASIC thieves back and put them through the justice mill for their crimes against humanity. No mercy for these parasites.
    ROYAL COMMISSION INTO BANKING AND FINANCE - needed urgently now.
    Everyone, please spread the word around the world, any way you or your families can.

  • doyla66
    doyla66 Wednesday, 03 July 2013

    Thanks Denise for that article, very informative. I was wondering why every media outlet I contacted were not interested in our story. You did hit the nail on the head Guest, the advertising!! OK, so what about the ABC they surely don't rely on paid advertising? Any idea who we can flood with our story? If we do this collectively we may just get their attention. 7.30 Report comes to mind or Catylist any others people?? Lets join together and put a few together and start penning some more letters and making phone calls. I will await some feedback to do this as one big push. What do you think??

  • doyla66
    doyla66 Wednesday, 03 July 2013

    CBA corruption

    Today Tonight were going to do a big expose story on the CBA's document tampering, forgery & fraud, but when it came to be aired on National TV, they shelved it with no mention of the CBA, the reason being, we believe, is because the CBA are major advertisers on their website!

    The financial corruption in Australia is widespread & must be stopped. Both political parties are helping this corruption to thrive, at the expense of decent ordinary families, who are financially destroyed.

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Guest Saturday, 21 September 2019