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BFCSA
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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: Banker Bonuses for generating loss situations: Stuart Grimshaw receives $4 million and then becomes a Pay Day Lender. Nice Exit! Nice Timing.

Posted by on in ROYAL COMMISSION URGENT
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You will not believe this...bank on it!  Well done Courier Mail....  He says he is entitled to $4 million because of "confusing wording.....?"  SUDDEN EXIT Stuart!  Hmmm  We have plenty of victims of BOQ's "unique branch owner model."  NO head office to report to.........................refer to your branch.........the one that approved your $500k unaffordable, fraudulent LOW DOC LIAR LOAN.  

It seems losses all round...................It would make BFCSA Members weep!          This email address is being protected from spambots. You need JavaScript enabled to view it.

http://www.couriermail.com.au/business/asa-concerned-about-potential-4m-bonus-for-bank-of-queenslands-retiring-ceo-stuart-grimshaw-as-he-heads-to-pawnshop-lender-ezcorp/story-fnihsps3-1227024835242?sv=861844f7bd23fdfd3b4426a2d19f9c71

ASA concerned about potential $4m bonus for Bank of Queensland’s retiring CEO Stuart Grimshaw as he heads to pawnshop lender EZCorp

  • by:Liam Walsh
  • From: The Courier-Mail
  • August 14, 2014

A PEAK shareholding group has expressed concern over Bank of Queensland chief executive officer Stuart Grimshaw potentially being allowed to resign while hanging on to $4 million in long-term bonus stock.

The Australian Shareholders’ Association has also criticised BoQ’s board over its handling of Mr Grimshaw’s sudden departure to Texas-based pawnshop payday-lending outfit EZCorp.  But the board’s ability to progress business has got backing from ratings agency S&P.

Mr Grimshaw confirmed overnight in a statement he would relocate to Texas’s Austin and become executive chairman of EZCorp, which operates in almost 1400 locations and has links to Australia’s Cash Converters.  “This is a business with enormous opportunity globally,” Mr Grimshaw, who has not returned calls, said in a statement.  He leaves this month, and the 260-outlet BoQ on Thursday said details of his entitlements are being finalised and will be disclosed later.

As exclusively revealed by The Courier-Mail, he has almost 400,000 in long-term bonus stock worth more than $4 million.  A contract and a shareholder voting notice state his bonus does “not lapse on cessation of employment”, with the aim being it aligns executives beyond their employment. BoQ’s annual report had confusing wording about if the board had discretion over letting bonuses be retained.

BoQ chairman Roger Davis on Wednesday saying the board was to take advice on Mr Grimshaw’s contract given the resignation’s suddenness. He confirmed performance hurdles would not be waived and BoQ would do “what’s fair” by shareholders.  ASA spokesman Stephen Mayne said the board, which allowed Mr Grimshaw to leave before his six-month notice, “should have finalised the amount of performance shares to be retained and kept this to an absolute minimum.”

“This episode is a good example why boards should use incentive shares as a retention tool by maximising the amount of forfeiture in the event of an early departure,” he said.  Mr Mayne also said it was also disappointing BoQ’s board appeared “to have no intelligence that their CEO was negotiating an exit”, he said.  BoQ’s chief operating officer Jon Sutton, whose stints have included running Bankwest, has taken the CEO role temporarily, and is a potential permanent replacement.

S&P said “we believe that existing board and executive team are well equipped to effectively drive BoQ’s business forward and support the transition to a new chief executive officer”.  Hunter Green analyst Charlie Green said issues for any incoming CEO would include getting back to their knitting by looking at BoQ’s unique branch-owner model.  Mr Grimshaw, a former New Zealand hockey player turned banking veteran, came to BoQ in 2011. He has been launching a turnaround after the bank’s shock loss in 2012.

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  • Duped
    Duped Saturday, 30 August 2014

    Duped

    This bank was too focussed on robbing customers instead of getting their own staffing contracts in order. Suckers!!!!

    Reply Cancel
  • setup
    setup Saturday, 30 August 2014

    Another deceitful money grabbing parasite. Good riddance to him like many others but a leopard never changes it's spots - no doubt he'll continue his scheming behaviour elsewhere.

    Reply Cancel
  • Aries
    Aries Saturday, 30 August 2014

    Yes getting out before the s*#t hits the fan, moving overseas to keep a low profile.
    Hope a Royal Commission comes about, then all these CEO's who have resigned or fled
    will be dragged in to give evidence into the how and why they defrauded the hard working Aussies.

    Reply Cancel
  • MickyD1112
    MickyD1112 Saturday, 30 August 2014

    Can anyone tell what 4 Million looks like in their bank account?Good riddance

    Reply Cancel
  • organza
    organza Saturday, 30 August 2014

    Shades of the Grim Reaper here if you ask me!

    Reply Cancel
  • Louie2U
    Louie2U Sunday, 31 August 2014

    Jon Sutton was the bulldog at BankWest in Perth when Commonwealth Bank "bought" them. He oversaw the the changeover and I am sure there are many, just like me, who remember the effects of that, especially when it destroys your entire life!
    If you are a BoQ customer, with him as CEO, I would be scared and getting out.

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