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
728075

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: Graham MacAulay we Salute You: D'Aloisio, Lucy and Medcraft to blame for $30 billion losses and rising: ROYAL COMMISSION Desperately Required

Posted by on in ROYAL COMMISSION URGENT
  • Font size: Larger Smaller
  • Hits: 2502
  • 2 Comments
  • Print

GRAHAM MACAULAY WE SALUTE YOU

Graham MacAulay would want me to correct one thing in the previous BLOG, which is compulsory reading for all consumers of financial and banking products and services:  Tony D'Aloisio knew all the right words to say to consumer victims but delivered only a modicum of results in much the same fashion.  Graham lobbied and attended several meetings with D'Aloisio.  He had 300,000 reasons to be angry with the Australian Securities and Investment Commission's newly appointed Chief Regulator.  He pressed for several meetings at his own expense armed with a list of 20 - 30 questions on each occasion and received no cogent answers.  On each occasion he would return home on the train and ring me saying: "they are utterly hopeless in there and D'Aloisio is the worst of the lot."

Graham would then contact all media outlets and vent his frustration at a system that had clearly failed him and his wife.  His tenacity and his caring for his fellow investors was awesome.  I met up with him each time I flew to Sydney, including meeting with other leaders of Consumer Action Groups around the nation, such as Charles representing the victims of MFS.  I remember meeting the first victims of McLaughlins in 1999 in Brisbane, QLD, when over $1.5 Billion of investor retiree funds had been lost in the 127 Law Firm solicitor mortgage scandal.

However as the article below shows, written by Anthony Klan of The Australian in 2010, Michael King laughed in court as if "big business" was a game.  ASIC assisted the 1990's MFS disaster to be swept under the carpet.  King paid himself $3 million salary and the next generation of retirees were enticed into his diabolical $2.5 Billion loss in 2008 with the collapse of MFS, later renamed Octaviar.   Klan wrote: "the question wasn't why the juggernaut had failed, or precisely when, but how it had survived for so long."

http://www.theaustralian.com.au/business/pursuit-of-funds-flattened-gold-coast-property-investment-group-mfs/story-e6frg8zx-1225914001515

ASIC'S failure spanned well over a decade.  Charles had had the same problems with ASIC, as had Adam of Fincorp, John and Jill with Streetwise, Leonora with Foresyte, the Sonntag Group and a host of Victim Group Leaders.  The losses had risen to nearly $5 Billion by 2005.

At these gatherings I spoke of the idiotic decision in 1995, to separate the Australian Consumer and Competition Commission ("ACCC") from Consumer Protection in Financial Services.  It's leader Prof. Allan Fels had been doing too good a job.  Much was written about the TWIN PEAKS MODEL of Regulation.  UK Regulators said: "we are watching Australia with interest.....we are not overly convinced consumers will benefit.

Up until then, the old ASC had been responsible for conduct of directors and companies.  Suddenly they were to be the new Australian Securities and Investment Commission, specifically tasked at being the "best consumer protection system in the world" according to the then Treasurer.   The TWIN PEAKS Model has been a decided failure and ordinary Mums and Dads that this monolith of uselessness, known as ASIC, has been consistently led by industry wizards rather than those from a background of consumer protection.  

The new chiefs would pick up high six figure salary packages and all the perks, including a free trip to the five day extravaganza known as the IOSCO (International Org of Security Chiefs) where we Aussies boasted we had the best regulatory system in the world.  Quite simply the chief's were looking after their mates: eg: Jeffrey Lucy covering up for Barrie Adams, embroiled in the Co Develop Scandal featuring his buddy Les Freeman.  More losses and Barrie's name as director in partnership with Les' wife mysteriously dropped off the ASIC company search database.  Sorry chaps you forgot to bribe ABS Searches and, I have a copy.

We could see the corruption first hand in 2000 and 2001, when I met with Greg Tanzer, Errol Hoopman and Darren McShane in Brisbane over the Westpoint meetings...and which director was an ex ASIC buddy/employee?  Hmmmmm.   I begged these gentlemen to close this company down - "its a Ponzi, created with an initial outlay of $5000 and in 1 year they had raised $100 million using Promissory Notes and "Information Memorandums."  A clear breach of ASIC laws."  My meeting was in relation to the solicitor mortgage scandals and in particular six MFS victims from Qld,  accompanied me.

ASIC had tremendous new powers in 1998 and it failed Graham MacAulay, just as it would fail everyone: retirees, pensioners  siblings and extended families during the next decade and beyond.  Graham would invest his life savings three years after that ridiculous 2001 Tanzer meeting and four years after my Jamie Ogilvy meeting (another ASIC Commissioner in March 2000).  In 2003, Grahams' licensed financial planner, licensed by ASIC, told him to invest with Westpoint.  

His $300,000 was gone within days of handing it over but he had no idea of the scam until 2005 when his retirement was left in tatters with the collapse of Westpoint.  His friends had invested with KEBBEL BANK....another Westpoint linked disaster.

Two years later, ASIC laid charges against Burnard as a token effort, not the other directors and not the non director Judge.  ASIC failed to tell the consumers that Burnard had been working unlicensed for Bangaru of STREETWISE fame, whilst he was under investigation for earlier losses in 2001.

ASIC only ever "reacted" to bad press.  ASIC never takes the initiative and brings a company down prior to escalating losses   It waits until the fund raising has escalated into the hundreds of millions and in its own words to criticism states: "we are monitoring." It had its own team of spin doctors and the press releases from ASIC were squeamish in content to read.  Graham and I continued to speak with Consumer Group Leaders (we are all still in touch).  

ASIC failed on all levels to achieve its aims: CONSUMER PROTECTION.  There are tattered lives and ruins all over the battlefield as ordinary Mums and Dads like Graham, who scrimped and saved and rarely took holidays, managed to accumulate a tidy sum of $300,000.  The glory lasted a few weeks and he went to a licensed FP for advice.  His anger grew as the truth revealed its ugly head.  The 2000 Perth/Ogilvy meeting and the 2001 Brisbane/Tanzer meeting made him see red.  It had taken him his one allocated lifetime to save those dollars.  D'Aloisio couldn't have cared less.

All Commissioners met twice a year....the key topic at four of those summit meetings where Westpoint was raised as priority one on the agenda.  Yet all six Commissioners and the Chair and deputy Chair, failed to protect GRAHAM MACAULAY and more importantly they failed to protect he and his wife's retirement.

Our Australian Federal Government needs a swift boot to the backside.  Consumers have been actively calling for a ROYAL COMMISSION INTO THE BANKING AND FINANCIAL SERVICES SECTOR for well over 16 years.

We have witnessed first-hand the trauma of decent Australian citizens who ticked all the right boxes and did everything by the book.  They did not have salaries such as Cameron, Knott, Lucy, D'Aloisio and Medcraft who have been poncing around whilst Rome burns.

No-one deserves the punishment for trusting ASIC, as dished out by the above luminaries to retiree investors and pensioner borrowers. NO-ONE!

i have all the letters I have ever written to ASIC and their form type stupid response letters circa 1998 - 20th December 2012.

Demolish the Twin Peaks Model, lay charges of malfeasance in public office and start apologizing to the the hundreds of thousands of Graham MacAulays who have been robbed of their retirement and to the same number of pensioners who are now being threatened with eviction.

We are the taxpayers and paymasters....we demand the Australian Federal Government immediately agree to a Royal Commission into Banking and Finance and the negligence of the Australian Securities and Investment Commission.

Graham is not well at present and we send you this cheerful message Graham.....every consumer in Australia SALUTES YOU GRAHAM MACAULAY.  

You stepped up to the plate at a time when it was all too hard.  The ASIC Chiefs may have brushed you aside and yet you did more to fight for consumers than any other person.  

We are listening to you through your writings.

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

PS:   ASIC will say it took actions against a couple of aggregation firms and also KPMG as auditors.  Yes they did receive monies thanks to Graham, not the regulators' initiatives and efforts.  Graham lobbied the Media and the media shamed you into action.  IMF Australia Limited did the investigation that you failed to do.  You reacted to Media pressure and only did ASIC use its considerable powers to recover funds lost.  Lucy said: "people have to be responsible...etc...."  Instead of protecting consumers, Lucy blamed the consumers for falling into the hands of his licensed mates.

ASIC acted too slowly on information received to save most of the $380 million investments, whilst in an infancy form.

POST Collapse, ASIC acted too slowly to recover funds and that effort took them FIVE LONG YEARS to get a result.......................and procrastinate..............Meanwhile some of the investors were so stressed they lost their lives.

D'Aloisio announced there was losses of $34 Billion likely in 2007.....later after intense parliamentary questioning and Media attention he admitted the figure was closer to $80 billion if you added the four categories.   He had failed to admit the four cats and failed to say those figures were known by him two years earlier.

Banksia Securities Limited was on that unregulated and unlisted LIST and therefore a HIGH RISK investment.  Critically, D'Aloisio forgot to inform the public.

 

 

Last modified on
Rate this blog entry:

Comments

  • doyla66
    doyla66 Friday, 04 January 2013

    I also wrote a formal letter to Tony D'Aloisio complaining of FRAUD in 2009. TOTALLY INCOMPETENT
    would be the words I would use to describe his actions,(or non action).

    He just sent me another standard FOB OFF letter.

    I believe that they should ALL be investigated by the Crime & Misconduct Commission for corruption.

    THIS BLATANT CORRUPTION CANNOT BE ALLOWED TO CONTINUE.

    These criminals should be in JAIL where they belong.

  • doyla66
    doyla66 Friday, 04 January 2013

    STEP 1: Knock down the TWIN PEAKS. (asap --- rather than later . . .)
    STEP 2: Bring back Prof Allan Fels. (give him both those useless idiots salaries if he's that good)
    STEP 3: Sack the heads of the TWIN PEAKS. I am sure their massive contracts have clauses pertaining to 'failure to deliver/oversee' their responsibilities &/or duties.
    STEP 4: Get Denise Brailey involved . . .

Leave your comment

Guest Friday, 14 August 2020