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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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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.

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BFCSA: Australian Bank Shares Plummet? Truth has a way of breaking down barriers .... so be suitably warned.

Posted by on in ROYAL COMMISSION URGENT
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Our Members are continually asking this legitimate question. 

  • We know the Low Doc product was predicated on fraud and forgery.  We have the collective evidence. 
  • We know 36% of member loans were arranged by bank managers and no brokers involved. 
  • We know that 18% of total loans surveyed are TOXIC FULL DOCS by Bank Managers. 
  • We know that masses of defaulting loans have been "topped up" in order to hide the bodies. 
  • We know the Major banks are now saying the original documents have gone "walkabout." 
  • We know the banks cannot PROFIT FROM A FRAUD but clearly that is what they have been doing. 

How do we have only 23 million people and our banks boast most profitable in the world?  Where are the experts????

So who is confident over bank shares placed on the edge of a sub prime precipice?

One of our members explains:

"What happens to all the people enticed into investing into the Banking Share Market when the levee breaks?   ASIC have had knowledge of the Bank FRAUD that has been taking place for twenty years or so AND have done nothing to expose and correct BAD BANKER antics. We the BFCSA Members of this era will eventually go into battle and win hopefully to get justice for the Banking and Broker scandal, what will happen to the next line of victims? The Banking Shareholder Scandal victims.

See whichever way you look at it, the Banks will be trading in FRAUD. Yesterday they trumped up paperwork to entice people into an overheated market only to sell loans that were not affordable using smoke and mirrors to disguise their trickery. Today they sell the seemingly profitable Loan Book Profits of yesterdays FRAUD to the unaware customer of today the Bank Share Purchaser, so they are really selling profits which don't really exist because they are profits of FRAUD from the last era of customers DEFAUDED by Maladministration in Lending and asset lending.

ASIC should be held accountable for not bringing Banks to account for their crimes of yesteryear. But now they should be taken a step further as co-conspirators to the crime of selling worthless shares to investors that knowingly contain profit from the prior perpetrated FRAUD that ASIC supposedly had been investigating AND briefing Treasury.

It can not be allowed that the regulatory people put in place by the people, with tax payers money to police corporate crime and register businesses that should trade within guidelines and rules, are the very ones to co-conspire with the WHITE COLLAR CRIMINALS to perpetrate disclosed FRAUD on decent tax paying citizens.  When will it be considered insider trading? The BANK CEO's already know about FRAUD as they continue to upsell their profit making ability to the unsuspecting public, who inturn continue to snap up what appears to be a never ending spiral upward of BANK SHARE PRICES?

I can tell you right now we will find out about insider trading the minute the truth is exposed to the world about Elite Aussie Bankers using the Broker Model to hide the INTENDED crime.

Shareholders should WATCH FOR:  the Bankster CEO's dumping their massive share portfolios, flooding the market with Bank shares worth nothing, jumping on a plane to Majorca and getting their Bank pensions till the end of eternity.

ASIC have the opportunity now to come clean and prosecute their Banking Buddies for the crimes they have committed on decent ordinary hard working Aussies and get our country's finances back on an even keel.   If ASIC continue to protect and hide the real truth the Australian Economy will crash and burn while our Banksters fiddle.   Already, because of the Bankster Model our entire economy is out of kilter:  a GIGANTIC SWINDLE..... A lie based on money which does not belong to the banks but shows up on their profit column in their ledger.

My final piece of advice if anybody wants to listen is DUMP YOUR BANK SHARES before the Senate Committee Hearing and Joe Hockey's Branch and Roots Investigation into the murky world of Banksters and their TOXIC financial products and services.  Why?   Because once the heat is blasted on to today's Banks, all the BANK CEO's, they will already be long gone from the kitchen and enjoying their ill-gotten dream 10 star retirement....at YOUR EXPENSE."  Nigel

ED:  Yes indeed.  How true!  Every scam has two or three stings and shareholders have no idea what they are holding on to......a big class action coming their way.   This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Friday, 18 October 2013

    Denise,

    Very prophetic ; check the below from cnbc
    A unit of British bank HSBC was hit on Thursday with a record $2.46 billion final judgment in a U.S. securities class action lawsuit against a business formerly known as Household International.

    The judgment by U.S. Judge Ronald Guzman in Chicago was the largest in a securities fraud class action that went to a trial, according to a statement from the Robbins Geller Rudman & Dowd law firm that represented investors.

    Almost all securities fraud class action cases settle before going to a jury.

    The suit was filed in 2002 and alleged Household International, its chief executive, chief financial officer and head of consumer lending made false and misleading statements that inflated the company's share price.

    The plaintiffs also claimed that Household artificially boosted its share price by engaging in predatory lending and hid the quality of its loan portfolio.

    When reports about Household's lending practices began to emerge in 2001, the share price sank to a seven-year low.

    HSBC bought the U.S. lender in November 2002.

    HSBC believes it has a strong case and plans to appeal, according to an HSBC spokesman. He added that the matter has been noted in HSBC regulatory filings.

    In 2010 a Manhattan federal jury found Vivendi SA liable for misleading statements to investors and damages were estimated at $9.3 billion. However, after various challenges and appeals, the vast majority of that case was dismissed.

    The case is Lawrence E. Jaffe Pension Plan v Household International Inc, U.S. District Court, Northern District of Illinois, No. 02-C-5893.

  • doyla66
    doyla66 Saturday, 19 October 2013

    SocGen's US securitisation arm, which Medcraft led, was VERY badly exposed to the toxic US subprime housing market.

    Does A-Sic Greg Medcarft practice what he preaches? Non! Greggie says "if in doubt, disclose". Well, letz see? As head of SocGen's US securitisation arm, he declares it's ‘exposure’ was “relatively small” --good management apparently he exclaims at the time, in early 2007.

    However the timing is somewhat "problematic"..., you see, in [the first half] of 2007, his Group was “secretly writing down SocGen assets, and whilst making positive comments [also in early 2007] about the company's [SocGen] subprime exposure..

    ...and at round the same time Medcraft began packing his bags [30 June, 2007] his one-time boss Jean Pierre Mustier was busy offloading his multimillion- dollar tranche of SocGen shares, and Jean quit SocGen in 2009 -- and was fined by the French for insider trading last year -- and five other mostly former SocGen executives (not Medcraft) as having "engaged in a fraudulent scheme to sell the majority of their SocGen shares" before the firm's financial woes were made public [around Jan, 2008].

    ... and all this before the third biggest French bank was ultimately allowed to cart home $11.9 billion in American government money to cover Medcrafts (et al) CASINO bets “misadventure” as head of SocGen's US securitisation arm-- which turned out to be a spectacular train wreck? .

    It begs the question appropriately in the "public’s interest"... that is;

    Did Greg Medcraft sell down any SocGen shares in this relevant period?.. and If yes; Under what knowledge and circumstances did this "sell-down" occur?

    “ ...One of ASIC's consistent messages has been the need for executives and directors to be held responsible for the overall conduct of the institution they lead. It is a message Medcraft pushed while at SocGen in New York. In 2003, he told a reporter that it was "very important" to make senior company officials personally responsible for activities occurring on their watch. The question is whether that standard should be applied to Medcraft himself in relation to the activities of SocGen's RMBS team. And should he have disclosed fully to his new employer, the federal government, the team's potential exposure to court actions? His message to the business world in a 2003 newspaper interview was "if in doubt, disclose".

    Read more: http://www.theage.com.au/national/watching-the-watchdog-20111110-1n9so.html#ixzz2i7LRlFub


  • doyla66
    doyla66 Monday, 21 October 2013

    Have you read the submissions that are already up?
    I just heard from a member who phoned the Senate.
    Apparently there are many more to be uploaded.
    I hope he's right - that would be wonderful!
    Here's the link: http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions

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