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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: Charterhill collapse & George Nowak loaned over $11 million to related companies. Lazy ASIC again.

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Clients of collapsed broker group $11.5 million out of pocket

Creditors of an insolvent mortgage and financial services group are facing a multimillion-dollar haircut, as the liquidator investigates whether the director should be charged.

At least four related entities of Charterhill Group entered insolvency in January. The Adelaide-based group offered a range of services including mortgage broking, real estate marketing, property management, contract negotiation and SMSF advice.

Three of the Charterhill companies owe creditors a combined $11.5 million but have only collected $25,000 in payments, according to their six-month presentation of accounts.

Lending Solutions International is now under the control of the liquidator, Andrew Heard of Heard Phillips. It owes $10.2 million and has received $31 in payments.

Financial Wellness and EJ Property Developments are under the control of the receiver, Michael Basedow of Pitcher Partners. They owe a combined $1.3 million and have received $25,000 in payments.

Mr Phillips told Mortgage Business' sister publication The Adviser that it was too early to say how much money he would be able to recoup during the Lending Solutions liquidation, which is expected to end in April 2015.

“The company's assets relate entirely to loans to other Charterhill Group companies that are in receivership with Pitcher Partners and shares in other Charterhill Group companies that have an uncertain realisable value,” he said.

Mr Phillips said he would “conduct more comprehensive investigations” into Lending Solutions to “determine whether there are offences that have been committed and prosecutions that should be brought”.

Charterhill director George Nowak was ordered in February to surrender his passport.

Mr Basedow from Pitcher Partners had not replied to The Adviser’s request for comment by press deadline. 

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Guest Saturday, 21 September 2019