GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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.

Visitors

Articles View Hits
728074

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Banksia Debenture Holders being left in the Dark.....yet again

Posted by on in Consumers Fight Back
  • Font size: Larger Smaller
  • Hits: 2064
  • 2 Comments
  • Print

It appears that Banksia Securities Limited may have been insolvent for a period of time and suggested as being so, since the GFC.  Where has the Australian Securities and Investment Commission ("ASIC") been all this time?  They were certainly not present for the Receivers meetings on the 14th December.  In any case is it not time for those affected to be better informed by the holding of a 1st CREDITORS MEETING?

Is it true that directors withdrew large amounts of funds from the kitty just prior to handing over the keys?  All these mostly elderly creditors want is a modicum of TRUTH right now as to what had really taken place during the past five years in particular.

I will be attending the next most important meeting on behalf of some of our hundred or so investor members.  There are victims of the collapse of Banksia Securities, all over Australia yet, unless you live in Victoria, the chance to ask questions is non existent.   

Receivers are concerned that auditor negligence and conflicts of interest are prevalent after opening up the books for the first time.  Debenture Holders are stunned at the number of inter party loans.  Why did ASIC allow this vehicle to raise funds for so long after it knew that the entire structure was most likely a PONZI structure, and had been for some time.

I have heard from people who placed funds in this sinking ship just a month prior to the doors closing.  What is urgently needed is a competent regulator that understands the duty of consumer protection.  

Banksia Debenture Holders have been fleeced for an apparently long time and now are left to fend for themselves   BFCSA will actively group these people together in order to thoroughly investigate the timelines and seek out the truth as to who knew what and when.

ASIC raised concerns in May but admitted concerns years ago.  If there are to be class actions, my advise is to hold back and then demand ASIC foot the bill for funding such action.  Do not get caught with other party costs in the event of a loss of a litigation.

If Directors have manoeuvred funds during the past few months to the detriment of debenture holders, then the aggrieved have a right o know.  The sooner the better.

Next questions will be: "Will ASIC be laying charges?  Have those funds been clawed back?  Do the Directors have any equity left in their properties?  Have they sent funds overseas in the past 12 months?

YES we have a number of questions on behalf of Banksia victims.

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

Last modified on
Rate this blog entry:

Comments

  • doyla66
    doyla66 Wednesday, 02 January 2013

    Allan & Carol Ohlin

    The main offices of Morrison & Sawers, Dawes & Vary, Sheridan Partners, Advanced Computing Besides Banksias own office complex are all owned by Banksia. Who holds the morgages on these buildings?

  • doyla66
    doyla66 Friday, 04 January 2013

    Many thanks Denise for your support to all those caught up in the fraud
    You seem to have relevant question to be answered and hopefully these will be
    The Receivers seems to be avoiding them
    I would like to know how, with $150 million in cash and reserves, why it was not able to be kept a viable concern?
    How did it get like this when the loans given out were only to 50% of the valuation of the properties
    Ken

Leave your comment

Guest Friday, 14 August 2020