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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 is STILL investigating brokers... BFCSA has the proof that the Banks masterminded the scam!

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Australian Securities and Investments Commission investigating mortgage broker fraud

 
Make sure your mortgage is legitimate ... ASIC is investigating brokers who are involved in fraudulent activites. Picture: Th...

Make sure your mortgage is legitimate ... ASIC is investigating brokers who are involved in fraudulent activites. Picture: Thinkstock Source: News Limited

BORROWERS have been warned about a disturbing rise in fraud by mortgage brokers who are pushing up incomes and falsifying other information on the promise that it will help clients secure a dream home otherwise out of reach.

The corporate cops will today announce they have rubbed out two brokers - one from Sydney and another from Melbourne - bringing to eight the number banned in the past three months. The total the eight have sought - using dodgy tax assessments, fake pay slips and other fictitious documents - is $15 million.

News Corp Australia understands that as part of an ongoing "crackdown", the Australian Securities and Investments Commission has a further 15 investigations underway, one of which involves hundreds of suspect loans valued at several tens of millions of dollars.

ASIC has received tip-offs from the public, rival brokers and lenders, plus information from the Federal Government's Australian Transaction Reports and Analysis Centre, or Austrac, which monitors large movements of cash through the economy.

It's understood that in multiple cases on ASIC's radar, the borrowers knew the numbers on their application didn't add up.

"We do want to send a message that if any stage you are tempted or encouraged to go for more than your income actually justifies then don't go into that territory," ASIC deputy chairman Peter Kell told News Corp Australia. While no clients have faced action, ASIC is not ruling that out in the future.

http://www.news.com.au/finance/money/australian-securities-and-investments-commission-investigating-mortgage-broker-fraud/story-e6frfmdr-1226807953788

 

WHO HAS BEEN CAUGHT SO FAR?

 

Today: Hyuk Hwang of Dural NSW banned from engaging in credit activities for three years after an investigation found he was involved in the submission of false documents to secure a loan worth $250,000. Mr Hwang included a letter of employment from another business he owned which falsely represented the borrower was employed by, and received an income from, that business

 

Today: Anthony Bergin, manager of Equity Financial Management in Melbourne, banned for three years after submitting seven home loan applications worth $3.2 million that contained false or misleading information, including false pay slips

 

Dec. 11: Wen Yao Hsieh of Castle Hill NSW and Chia Min Shen of North Parramatta NSW submitted seven loan applications on behalf of six borrowers that contained false information. Mr Hsieh gathered tax, employment and income documents in support of the loans before referring the applications on to Ms Shen. She then submitted the applications. Both Mr Hsieh and Ms Shen had been responsible for arranging the false creation of tax assessments used to support the applications. Both have been permanently banned from being brokers

 

Dec. 11: Daniel Minh Tuan Nguyen, of Panania NSW, owner of MAI Home Loans, was convicted of 10 offences including providing false information and documents to banks to secure approvals for home loans totalling more than $3 million. Permanently banned

 

Dec. 6: Hee Seng Lee, 58, of Dural NSW pleaded guilty to six charges including making false statements and providing false documents. The loans Mr Lee was involved in attempting to secure ranged from $160,000 to $1.5 million. Given two years' prison but serving the sentence in the community

 

Nov. 8: Daniel Duy Anh Nguyen of Woodville North SA convicted in the Adelaide Magistrates Court after pleading guilty to five charges of giving false or misleading information to Westpac. Received a four month suspended sentence and released on "a recognisance that he be of good behaviour for 12 months". Mr Nguyen's Arndale Finance provided false or misleading information relating to a sale contract and rental appraisal letters on five loans worth $500,000

 

Nov. 7: Tony Quach of Melbourne banned for five years and credit licence of his company TQ Smartchoice cancelled after ASIC found six home-loan applications to two lenders contained false or misleading information

 

Aug. 21: Edward Richard George of Mudgee NSW, permanently banned from providing financial services and engaging in credit activities after ASIC found his Quest Home Loans falsified and submitted eight documents for four deposit guarantees and one home loan. The applications were for himself and four clients. The false documents included loan approval letters, employment letters and pay slips

 

Jul. 17: Eric Ying Ching Chu of Perth falsified a letter stating finance approval had been provided for a client. Mr Chu then forwarded that letter to a settlement agent so that the Commonwealth Bank would issue a loan in the amount of $256,000. He was permanently banned

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  • doyla66
    doyla66 Thursday, 23 January 2014

    Duped

    This is ASIC's pathetic attempt to try and protect the banks by blaming the poor old broker so that they can report to the inquiry that the brokers are the problem here falsifying loan documents. What about the borrowers who were conned by the banks themselves falsifying documents. The culprits are the banks and lending institutions, these are the ones who approve the loans and have the resources to do background checks and remember one simple phone call could verify what has been put on loan app. forms, and why don't any of them give a copy of the loan app form to the borrower which they supposed to do by law. The reason why is so that lenders in-house can falsify and change anything on the form because they knew that the borrower didn't know to request a copy for themselves. Now we do know what's on them because we asked for them and hey guess what we found? FRAUD, FRAUD every where!!!!!

  • doyla66
    doyla66 Thursday, 23 January 2014

    Senate submission 413

    Members, read this latest submission which has an extract from a letter from ASIC, again they were supplied with reems of information and did nothing,AGAIN they refer to how old the event was when this occured. 2007 and they are trying to make it sound like an eternity ago. ALL of us feel the pain as though it was yesterday not last century as ASIC are trying to imply.

  • doyla66
    doyla66 Thursday, 23 January 2014

    Duped

    What's happening here, all of a sudden ASIC comes out and says there is an increase of dodgy loans all of a sudden and done by brokers. How about dodgy loans from many, many years ago from dodgy banksters and banksters are trying to pass the buck.

  • doyla66
    doyla66 Thursday, 23 January 2014

    Its been happening for years and nothing done until the spotlight is on ASIC What about the victims

    This of course is no news to BFCSA Members that's the starting process of us all being bought together. It again states what these Brokers (Note; yet again no Banker involvement yeh sure) have done and the large amounts of money involved but it never in any
    report states the end result and what has been the eventual outcome for the poor old victims. Obviously the people left in the wreckage really are not important these Financial sector workers (that includes Brokers Banksters and Advisors and I include them all as the colluded to put this sting together) create a car wreck and the best effort our regulators can produce is to charge the bloke that installed the accelerator pedal and stack up the carcasses left in the tangled mess on the roadside bleeding to death and not apply even a band aid let alone first aid. How about a story that tells us what has happened to the people that are the innocent victims of this elaborate asset grabbing plot produced by the Banking and Finance sector, I think I know why there are no stories because our insipid regulators have never given a ruling that has returned a victim to their previous position before they met the crooks that destroyed their lives.

  • doyla66
    doyla66 Thursday, 23 January 2014

    Exactly what ASIC did before after the investigation they did in 2003 when then they also blamed Brokers and scalped a few of them so something is going on and more I suspect than just trying to justify their own existence. Noticed today's story was reported in a Shanghai newspaper also - imagine what would happen if the real truth came out and chinese investors stopped buying or started dumping. Just hope today's ASIC cover-up does not trap more innocent people like I then was Iinto believing all fault lies with Brokers. WARNING ALL WHO MIGHT BE THINKING BETTER RE-FINANCE WITH A MAJOR BANK TO FEEL SAFE - DO NOT DO IT!

  • doyla66
    doyla66 Thursday, 23 January 2014

    Click on link to watch Today tonight story about Mortgage Brokers

    Today Tonight show which aired tonight on Channel 9 in QLD.
    Why did they not interview Denise Brailey for the REAL TRUTH based on BFCSA REAL EVIDENCE ?
    Peter Kell Deputy Chairman of ASIC is interviewed, still targeting the Brokers and not the Banks who masterminded this scam.

    click on this link.
    http://aca.ninemsn.com.au/article/8788395/sent-broke-by-mortgage-brokers

  • doyla66
    doyla66 Friday, 24 January 2014

    Our Government is doing everything they can to stop this coming out

    Don't doubt yourselves fellow BFCSA Members you know the truth, I know the truth, Denise Brailey discovered the REAL TRUTH and our Government not just the present one but the one before that and the one even before that knew the REAL TRUTH.
    The problem being is as organza stated this news is leaching out to the rest of the world now even making a Shanghai newspaper and it wont be too long before the whispers become a shout and our Government is going to great lengths to make it look like they are in control of the situation. Nothing could be further from the truth our Government is even going to the effort of setting up what to all intent and purpose looks like on the outside an investigation into our Banking and Finance Industry. Not at all in fact it is probably about getting the Banking CEO's together in one place to let them know their industry is about to get bombarded from all directions and to let them know there is now too much evidence against them for the Government to cover up for them for much longer.
    The detriment that this will cause to our trade relations with our big trading partners will be unfixable if it gets out that our Banks are committing FRAUD against their own customers, all confidence will be lost. Although the Chinese are great gamblers and have their own problems with organised crime in their own country they do business with integrity and much of what they do trade wise is about building a TRUST BASED RELATIONSHIP.
    The Mickey Mouse attempt at a ROOT and BRANCH INVESTIGATION into the BANKING and FINANCE INDUSTRIES is more about being seen to be doing something to control these industries in the eyes of our trading partners. It is not about getting to the TRUTH or about putting the affected's lives back together but it does half heartedly fulfil an election promise, that will help no one but the Banksters to know people are onto them.
    Why do we keep kidding ourselves that what happened World Wide has not happened here, many people have asked this question as we continually point the finger at the Broker not the Bankster. In so many other countries around the world BIG Banks and Banking Heads have been held to account for FRAUDULENT DEALINGS against mortgage holders, mortgages have been dissolved and ordinary people have been put back into the position they were in before the BANKSTERS stole their money. In Australia we hold out against exposing our BANKSTERS as the perpetrators of the lowest of all crimes STEALING ORDINARY PEOPLES HOMES. Why you may ask? well its is simple the BANKSTERS cunningly worked with our previous Government to make sure the industry could never be exposed to what had happened in so many other countries and Banks collapsed so here they got our Government to give a GOVERNMENT GUARANTEE for our Major Banks. So it now leaves us with a situation in this country that if one of the Major Banks was to collapse we the TAX PAYERS will have to prop them up of course it will probably be the TAX PAYERS that will inevitably be asked to hold all our Banks up when the TRUTH comes out.
    Even watching the channel nine report last night I was still amazed that the Brokers are copping all the blame for this rort and they are now reporting that YOU need to request your paperwork, why as part of the process are the BANKSTERS not handing over the relevant copies of documents at the time the loans are approved?. Further to this point why did legislation get passed and was never publicised that the BANKS can and now do destroy YOUR ORIGINALS, WET INK COPIES, CONTAINING YOUR SIGNATURE and never give you the opportunity to keep possession for your reference. The Banksters claim this is purely for convenience and so they do not have mountains of paperwork in their archive areas, THAT IS TOTALLY UNDERSTANDABLE. However what is not understandable and I believe unlawful is destroying without MY KNOWLEDGE OR CONSENT a document which contains MY SIGNATUE IN MY OWN HANDWRITING which states I have a contractual agreement with said company. If the Banks were struggling for space and no longer want to archive millions of documents why not give the option to the customer to take control of their own Bank File. If there is nothing to hide or there are internal sensitive documents that are not for customer eyes they can scan and store those electronically for their own records. I never received anything from our Bank when we did our finance and was flabbergasted by what I saw when we finally got copies after some chasing, inflated incomes overstated assets, loaned amounts changed without even being initialled that we had even authorised a higher amount all things that require a paper trail. We now are being asked to prove what we supplied to the Bank to verify what they the Banks have changed information to suit the loan, whilst all our original documents have been destroyed by the Bank. How can you win when the Government is allowing this sort of behaviour and the Regulators that are in place whole heartedly back the Banks, now the legislation also works in the Banks favour. We now desperately require some serious follow up from good journalists to say Channel nine your half way on the right track yes there has been FRAUD committed but its not by the Brokers its by the ones who engineered the BROKER MODEL the BANKS THEMSELVES.
    I know it took some time for all of us to get our heads around what had happened to us and yes we all blamed our Broker of the time until Denise Brailey (why didn't NINE interview her) gave us the real system being used to recruit us as customers. Remember back to your first contact with your Broker it was a friend or a friend of a friend that worked at the Brokers office and he's a great bloke and will put you on the road to riches, we all fell for it. All taught by Bankster recruiting/teaching classes sent out to sell the toxic product and steal our hard earned assets we didn't stand a chance a well versed spiel and a recipe for making a retirement nest egg we all longed for. The only retirement nest egg we were making is the one for a disgusting greedy human being called a Bank CEO, the money fountain finally trickling down to the fall guy The Broker. The BROKERS didn't know they were being paid handsomely to eventually take the rap in Australia's greatest ever asset strip, watch the BANKSTER CEO Retirements come hard and fast over the next twelve months or so, they will not be around when the wall comes down.

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