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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: Dear Mr Medcraft Chairman of Australian Securities & Stuff-Ups

Posted by on in Consumers Fight Back
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Dear Mr Greg Medcraft

Your letter to me of the 28th August suggesting that I should bring all evidence of Bank Fraud (note....not a few misleading bits) to you.  I did not respond.  Shortly you will understand why.

One point, you suggested to Parliament there are only 17 complaints re Loan Application Fraud and you refer to Brokers, not Banks, doing the fudging of figures, after the signature has been obtained and without the knowledge or authority of the Borrowers or Brokers.  That's cute!

You did not mention Service Calculators.........we ask why?

May I remind you, that our Members sent around 400 letters to you stating specific details of Loan Application Fraud and how documents were altered by third parties AFTER they reached the Banks credit assessors.  You also told Parliament these letters were "of a generic nature.....and no evidence etc."  

Big Porky that one!  May I remind you that if ONE COMPLAINT is received by ASIC, it could well be a KEY INDICATOR of a newly discovered wide spread practice.

Second Porky Pie:  That most BFCSA Members are from one broker firm in WA.  WOW, that's a Whopper!  You know that the 400 letters addressed to yourself, proved that statement to be false and you knew it to be false.  You knew these letters referred to people complaining about all banks from across the Nation....all states. There were 20 from that broker firm BUT they complained about the Banks involved, not the broker, and 380 from everyone else.

Third Porky Pie (aussie slang for lies to our many overseas readers) to Parliament:  That most of these complaints relate to 2003 - 2005.  Wrong again and, once again had you read the 400 letters of serious fraud complaints you would have seen Date of Loan Commencement (subject of the complaint) is 80% 2007 - 2009 and at least 20 of those are 1 July 2010.  In any case the fraud does not appear until three years after the date of the loan due to BUFFER LOANS to maliciously and criminally hide the non-affordability factor.

You not only ignored the work we have conducted, ignored the elephant in the room, you have ignored one key basic tenet of your employ: to protect consumers.  You say ASIC has produced two reports re Low Doc lending - wrong again - its three.  The first one was in 2003, with 167 pages of what to do next.  ASIC simply allowed the game to continue for a decade and 100,000 families will pay the ultimate price for ASIC's folly.

The new NCCP Act came into being in 1 July 2009, yet ASIC decided to give the Banksters a moratorium of 12 months to "get their houses in order." I presume ASIC luminaries were not thinking of consumers when that happened.  Since then you have pinged a few Brokers and no Banks. Nice!

Porky Pie number four: You have seen no evidence.  That is because you are looking in the wrong corner.  Do a raid on a bank (36 to chose from where the fraud resides) and demand their documents.  Not my job Greg.  In any case, the evidence was contained in the 400 letters, but all those families with $500,000 losses each, were given infamous ASIC FLICK letters.

You told these aggrieved families to bugger orf and contact FOS and Useless COSL who just repeat and hang on every word of yours.  These are serious crimes perpetrated by the banks.  You have seen no evidence because you are too lazy to look and, you then send the complainants off to an EDR. a dispute resolution process.  Think about that Greggie, these are not, repeat NOT disputes with the banks: these are very very serious allegations of fraud  with heavy laden files of proof attached!

COSL re badged COSLing Up to ASIC, say if its fraud, then seek out a Policeman!!!  The State Police, "yes its the Banks, head off to the AFP we will be fascinated with their response".....yes indeed those blokes must have been recruited from COSL!!!!  AFP say "its a state problem...welll they wouldn't know anyway, useless lot.

So what happens to everyone that has suffered Bank Fraud 2007 - 2009?  You sir, shoved them into the regulatory bin as if there were no laws regarding fraud PRE 1 July 2010.  WHAT?  So we forgive the fraudsters and all move on?  Are you kidding us?

Then you say to the Senators: "Brailey will not respond to my letter....."  Had to laugh out loud at that one.  I respond to fact not fiction.  The best way I can respond to laughable letters, is in terms of Monty Pythonesque answers.

Now you wish to trot over to IOSCO (International Organistion of Security Chiefs).  OMG then it will be renamed  International Order of Grand Central Stuff-Ups!  Hmmmm, Societel General de ja vu?

To further your education in all things banking: this message re Gadens and ASIC from Wayne:

This sentence by Gadens is a VERY MISLEADING, in fact  LIE.  "....a number of borrowers had written letters generally making broad allegations of misconduct but which do not contain any specific evidence of the alleged misconduct."   This is a total LIE.

IMPORTANT NOTE : Gadens are also trying to play down the seriousness of our complaints by changing the wording to 'MISCONDUCT' rather than calling it the FRAUD that it is.  (nb Denovan was reading from ASIC letter to parliament)

Please note for the record: We are not making 'broad allegations' of 'MISCONDUCT', we are making specific, very serious, formal complaints of FRAUD.

FRAUD is a CRIMINAL OFFENCE.  JAIL terms of 10 - 15 years are applicable.  

We have ALL the DOCUMENTARY EVIDENCE of FRAUD which has been documented & numbered in my affadavit to the Australian Federal Police, who are investigating this CRIMINAL OFFENCE.

I state this again for clarification purposes & for any undecided or disbelievers of our cause: 


We are happy to have this DOCUMENTARY EVIDENCE of FRAUD examined & analysed by any police force, lawyers or courts in the country. 

We have nothing to hide - the Banks have everything to hide.

This bank corruption must be stopped.  The attempted corruption by the Lawyers must be stopped.


800 people have now found the fraud which ASIC fails to see............ASIC is still heading in the wrong direction.  The conflict is huge: do we sink the banks or the consumers?  Which ones buy us lunch?

Over to you Greggie.  We all believe in openness and accountability.  Try it.  A very refreshing state of mind.

One more thought:  Do you really think I would be doing all this in retirement if the evidence does not exist?  And on a pension, which is slightly less than your salary I presume.

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

NB:   Our BFCSA Inquiry into Australian Banks is being conducted by the World Wide Web.....thank you Mr Google!


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  • doyla66
    doyla66 Monday, 03 December 2012


    What is it gonna take for you useless over paid idiots to do something about Bankster Fraud????

  • doyla66
    doyla66 Monday, 03 December 2012

    Well Mr Medcraft NO EVIDENCE OF FRAUD? Really we have in our possession an internal document supplied by Westpac with our LAF documents (obviously in error) It clearly states a failed credit or affordability score but then subsequently manually over-ridden if the asset value only fulfills the loan criteria. Commonly known as Asset Lending which I think you may possibly know is ILLEGAL.

  • doyla66
    doyla66 Monday, 03 December 2012

    Well worded letter dam frustrating... how much more proof do they need!!!
    I'm with you Supadave...

  • doyla66
    doyla66 Monday, 03 December 2012

    Dear Mr. Medcraft, I sent you a complaint re bank fraud, maladministration and imprudent lending,
    you sent me a letter stating whether it is of any benefit pursuing misconduct, and that you would
    ordinarily only take action to recover damages or property on a person's behalf if this would be in the publics best interest, beyond the interests of the affected consumers.
    Investigations of fraud are generally the responsibility of the relevant state of territory or police force.
    In other words go silly pest and don't bother ASIC.
    By the way my broker is in Queensland
    My last loan was in May 2009
    Mr Medcraft you had all my info in the letter I sent you ..did you contact the banks to investigate my complaints...of course you didn't.
    You reported in your letter, that you had not had previous reports about MISCONDUCT before...thats because we were not given our copies of the Loan Application Forms, and it's not MISCONDUCT it's BANK FRAUD!

  • Denise
    Denise Monday, 03 December 2012

    ASIC disregard laws on "asset-lend." The do not look for anything PRE 1 July 2010. Regulatory Blinkers worn by Blinky Bills [email protected]

  • doyla66
    doyla66 Monday, 03 December 2012

    How do these people ( who are supposed to be looking out for us )sleep at night, WHEN THEY KNOW how these banks have operated and wrecked all our lives ??????
    I bet if it happened to any of their family members it wouldnt be the same outcome.

  • doyla66
    doyla66 Monday, 03 December 2012

    If Asset lending is illegal ..then how come all my loans are Asset Loans.
    And to be able to pay of the loans the banks were kind enough to lend me buffer loans.
    Mr Medcraft I have proof I never earned between $200,000.00 - $450,000.00 as stated by
    someone on my LAFS without my knowledge.
    I want what the banks stole from me by stealth returned ASAP...I'ts criminal to receive by deception.

  • doyla66
    doyla66 Monday, 03 December 2012

    We are happy to have this DOCUMENTARY EVIDENCE of FRAUD examined & analysed by any police force, lawyers or courts in the country.
    ASIC & APRA set up a transparent "Special Task Force"
    Investigate, immediately compensate & prosecute the guilty
    The Australian people have charged YOU ASIC & APRA with the job of administering our Laws

  • doyla66
    doyla66 Monday, 03 December 2012

    EXACTLY, we too have evidence of LAF fraud in our own documents from 2007 - 2009
    We also wrote to you and were given the general fob off letter

  • doyla66
    doyla66 Monday, 03 December 2012

    This is SERIOUS, SYSTEMIC, FRAUD Mr Medcraft - and you know it, and have known about it for a long time!
    And yes, it's FRAUD not misconduct.

  • doyla66
    doyla66 Monday, 03 December 2012

    Well Mr Medcraft NO EVIDENCE OF FRAUD? Really we have in our possession an internal document supplied by Westpac with our LAF documents (obviously in error) It clearly states a failed credit or affordability score but then subsequently manually over-ridden if the asset value only fulfills the loan criteria. Commonly known as Asset Lending which I think you may possibly know is ILLEGAL.

  • doyla66
    doyla66 Monday, 03 December 2012

    Stop the LIES

    Wrong, Wrong Wrong Mr Medcraft!!

    My loan was taken out with a Mortgage Manager (not a broker) and it was initiated in 2006.

    Recently I received a copy of my LAF (luckily I retain the original wet-ink copy) and basically someone unknown to myself changed everything on my original LAF but my signature after I faxed it off! In essence, someone lifted my signature from the original document I signed and created a BRAND NEW LAF document!! DOES THAT NOT SOUND LIKE FRAUD TO YOU MR MEDCRAFT???? It's a TORT and a CRIMINAL WRONG! If this happened to you would you not believe it was FRAUD??

    I have not contacted ASIC in regards to my matter as I have felt that it would be a complete waste of my time. I have seen others on this site attempt to inform ASIC and request its assistance only to be told to 'bugger-off'!

    GIVE US YOUR ASSURANCE that ASIC will do the right thing and perhaps we can all right the wrongs of these bankster frauds!!

  • doyla66
    doyla66 Monday, 03 December 2012

    Mr Medcraft why is it so difficult for you to admit that you lied to the Senate re the falsification of Loan Application Documents? Our laf's show hard evidence of criminal activety and yet you refuse to investigate. The evidence is so compelling that Asic should be taking steps to warn the public, but instead you keep denying the truth which is fast rising to the surface. There are now probably 1,000 of us fraud victims and growng rapidly.
    You do know that asset lending is illegal and so is lying to Parliament don't you?? So Greggie you may have a lot to answer for here, I would advise you to come clean now before you get yourself in deeper than you already are.

  • doyla66
    doyla66 Monday, 03 December 2012

    Destruction of evidence is at ASIC's 'imprimatur'

    Medcraftie --my circa 2008 bank$ter-scanned ~ broker-faxed-LAF "copy" clearly presents fraudulent-altered applying "white-out" by 3rd parties --allegedly bank$ter-officer "Corrie", whose name appears as noted on LAF cover-page --amongst other lawless tampering of same pre and/or broker faxing docs ... curiously, lender never insisted to their broker/agent -- "original(LAF) to follow", as soon as practicable...Why was that Mr Medcraft, Why did AUssie Home Loans alternatively insist on "original" Laf securely "assured" destruction[of evidence]?....sounds like bank$ters complicit in exercising 'their' best endeavours to facilitate the "extinguishment of (real) evidence" in any year 101 Law Book on "white-collar" Fraud....what do u say to that Mr 'bank$ter' practice et al??? So "Destruction of Evidence", is at ASIC's imprimatur!!!

  • doyla66
    doyla66 Monday, 03 December 2012

    You either Know or are pretending NOT TO KNOW!!

    Dear Mr Greg Medcalf

    It concerns my husband and I what you’re saying! How can a person of your calibre and education not know what is going on in Australia/NZ with the banking sector, are you truly uninformed?? I think NOT, it is truly a shame that you would say the things you say, how unfortunate we are to have a person like yourself defending us. However isn't your job to protect us??

    We request that you ask the banks for the Service Calculator and LAF (Loan Application Form) and really take a long hard look at our banking sector - the LIES that they have put on our Loan Application Form and Service Calculator forms will quickly inform you of the Lies that were told.

    Take NOTE: there are sooooooo many of us - I think that your just trying to Hide from the massive titlewave that is about to come!!

    Denise your letter is brilliant - straight to the point well done!!

  • doyla66
    doyla66 Monday, 03 December 2012

    NOTE: These are ASIC standard FOB OFF lines.

    These are taken from ASICs replies to me in 2009 when I sent in my Formal Complaint against the CBA & Mortgage Choice Brokers.

    "ASIC will not be taking any further action."

    "There is insufficient evidence to investigate the matter."
    NOTE: At this stage I had not sent them any of my fraudulent LAFs & they did not ask for any evidence - yet they still waffled on about insufficient evidence!

    "Credit is not defined as a financial product under the corporations act."

    "Anyone dealing in or advising on credit is not required to hold an Australian financial services licence."

    " The issues you have raised appear to fall outside of ASICs jurisdiction."

    From : Lan To. ASIC Stakeholder services.

    " Your complaint should be referred to the Western Australian Capital Territory regulator."

    " Oops, sorry, I should have referred you to the Qld Office of Fair Trading instead."

    " FOS is the place you need to take your complaint to."

    "ASIC does not generally act on behalf of individual complaints."

    "These enquiries have been unable to gather sufficient information."

    "I confirm ASICs determination not to take further regulatory action."

    "Credit providers have not been subject to 'responsible lending' obligations."

    From: Greg Hackett. ASIC Stakeholder services.

    "ASICs enquiries did not reveal sufficient evidence."

    "You can complain to the Commonwealth Ombudsman, PO Box K825, Haymarket, NSW 1240."

    From : Warren Day. ASIC Senior Executive. Stakeholder services. Dec. 2010.

  • doyla66
    doyla66 Monday, 03 December 2012

    Its at the highest point

    We have all been witness to how the system works, for the past month we have had the saga of Julie Bishop Federal Deputy of the opposition making claim that our Prime Minister Julia Gillard has a case to answer re FRAUD charges.
    These charges relating to her days as a Lawyer working on behalf of her then boyfriend, assisting him and a colleage to set up a slash fund for their trade union links. Many people have jumped up and down about this whole issue saying what a waste of time, energy and money, to that point they are probably right. The big issue is what everybody has missed its the character of the person that is under scrutiny is our Prime Minister capable of committing the Fraud and if so what do we do about it. Yes well it might have been 17 years ago but if she is guilty of the accusations then there will be consequences and voters will be left wondering if a leopard can change its spots.
    This leads me to a point on our situations, our regulators are trying to devoid themselves of any wrong doing when it comes to the bank fraud that leads us all here to this site as we are victims of dirty dealings and wrong doings. They the regulators are prepared to put time frames on crimes and suggest they dont count if they were committed before certain time frames(wrong crime is crime). Then they try to tell us that the banks are too big to prosecute (no different to the PRIME MINISTER) no matter how powerfull (crime is crime).
    Then at the end we have that slush fund lets liken that if you like to the regulators, you know the Mr Medcrafts of the world that get to rub shoulders with the big Bank CEOs and the high end of town. Well there is only benifits can come out of not being the gangster (or union man in this play) you get all the benifits and all you have to do is divert the truth. Lets just wait and see how both of these scenes play out one thing is for sure there will be casualties and as in every fight the truth does win out in the end check the history books oh and the LAW JOURNALS (case file 2013 BFCSA v BANKSTERS and associated CROOKS ruling in favour of the poor downtrodden and those ripped off by the Banks)

  • doyla66
    doyla66 Monday, 03 December 2012

    Bank Fraud

    Mr Medcraft
    The bank listed my occupation as a Solicitor, I am not a solicitor, have never been one and never said I was one. They listed my husband and I as Stockbrokers - we are not and have never been brokers, and never said we were.
    How would you like it if someone filled in your occupation as a clown !

  • doyla66
    doyla66 Monday, 03 December 2012


    Love it - - so appropriate :):D

  • doyla66
    doyla66 Monday, 03 December 2012


    Mr Medcraft,on our last loan our income was noted at $100,000.PA, Our total income for that year was $9,500, along with a whole heap of other lies. We were refinanced twice with different lenders and still can't get LAF's from them. If we do i dont like our odds going through COSL, mention fraud and they shut the gate. Of course it's FRAUD,Asset Lending,Imprudent Lending and Maladministration.

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