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BFCSA: CBA was aware of fraud allegations

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CBA was aware of fraud allegations



The Commonwealth Bank was aware of serious fraud allegations against finance broker Bill Jordanou more than five years before Victoria Police uncovered hundreds of allegedly forged loan documents that linked him to a $70 million Ponzi scheme.

Supreme Court documents also reveal a senior CBA loan manager had allegedly arranged to profit from property deals with Mr Jordanou and accountant Robert Zaia, who is also the subject of a two-year investigation by the fraud squad.

Several other CBA staff are also alleged to have approved millions of dollars in loans based on fraudulent documentation until 2011, despite explicit warnings about Mr Jordanou and Mr Zaia in 2007. Since then, the bank has continued legal action to repossess homes from several customers who claimed their bank loans were acquired with fraudulent documents linked to accountancy firm Zaia Arthur & Associates. The Scoresby company is co-owned by Mr Zaia and Mr Jordanou's wife, Suzanne Jordanou.

Mr Jordanou - a former bankrupt and professional poker player - was employed as a ''spotter'' and is believed to have received commissions from the bank for referring business.

Several victims of the alleged scam claim the CBA threatened legal action if they refused to settle huge debts and in some cases forced them to sell their homes.

Fairfax Media can reveal the CBA also has launched legal action against Suzanne Jordanou, who defaulted on $5.65 million in loans taken out in her name as director of one of her husband's property development companies. Ms Jordanou, who acknowledges signing but not understanding the loan documents, claims she did so at the instigation of her husband, Mr Zaia, and the former bank manager, who would receive a share of profits from a property development deal.

She also alleges that Mr Jordanou and Mr Zaia had a 10-year business relationship with the CBA employee, which included him frequently working out of the offices of Zaia Arthur & Associates in his role as a senior mobile lending manager.

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  • doyla66
    doyla66 Wednesday, 06 November 2013

    Five years!!! CBA - please explain - what did you do about it?
    Once again it took the Police to get things happening on the investigation front.
    All those fraud loan documents - they would be interesting to view.
    I guess ASIC isn't interested in them because Bank fraud is so rare?
    What of the senior CBA employee?
    How many more of these kind of Bank fraud cases will come to light now?

  • doyla66
    doyla66 Wednesday, 06 November 2013

    It's all a big fraud,Lisa it has been eloquently outlined in one of the submissions,when the rest of the tax paying public start being educated about the banking industry,and the collusion between those in high places,if heads don't roll.
    I'll eat hay with a horse!!!!!!
    This is deplorable conduct from those in power,if it wasn't so serious it would make a jolly good soap opera.
    To be continued................. reaching a climax.
    It's all up to " A Few Good Men!"

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