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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: CBA promoted Nguyen because CBA was THE ENGINEERS of the product and process. CBA THE CULPRIT

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Nguyen followed the "system."   When Nguyen was reported CBA went into overdrive.  They could not sack Don or he would have gone to his union. The CBA engineered the serviceability calculator assisted with dodgy loans.  Nguyen's recommendations for investment were another matter.  If the banks thought Nguyen was a crook they would have fired him, unless the bank executives were crooks themselves and the MR BIGS.   ASIC in 2005 exempted all banks and their agents from prosecution by issuing Class Order # 05/1122 for the SECRET fudging income machine to be made available to all brokers with the intent of prosecuting a few brokers if people started to work out their loan applications had been tampered with by CBA and the other three Major Banks.  No-one had copies of the LAF's (every Australian mortgage holder).  All approvals were done by a computer and the fudging income was executed by the serviceability calculator that ASIC granted the banks exemption for the banks to specifically use this evil tool to approve more fraudulent loans than in the past.  Banks were breaking the law between 2002 - 2005 and ASIC found out, hence the EXEMPTION.  Parliament pass laws and ASIC watered down those same laws.  One day Australians will wake up to what has been going on.  Just ring your bank and ask for LOAN APPLICATION FORM ("LAF") and see if I am wrong!  Then call me of I am wrong or JOIN US and find out what to do next!!!! The sub prime Mortgage Home Loan products and our bankers (with ASIC's assistance) has created the "perfect" hidden and secretive crime scene. This email address is being protected from spambots. You need JavaScript enabled to view it.

CBA promoted Nguyen to keep him away from clients

Thursday, 10 April 2014 12:15pm  By Laura Millan | In Financial Planning

 http://www.financialstandard.com.au/news/view/39318161

The Senate inquiry into the performance of the Australian Securities and Investments Commission (ASIC) has heard that the Commonwealth Bank (CBA) promoted financial planner Don Nguyen, despite allegations of fraud.  Speaking at the inquiry Commonwealth Bank (CBA) wealth management group executive Annabel Spring said: "In this more senior position he would actually see fewer clients. He would supervise, but he would actually physically see fewer clients."  This came in response to a question by Labor Senator Mark Bishop about Nguyen's promotion following an internal investigation that included accusations of alleged forgery and fraud.  "He was also relocated to Chatswood, where he would be under closer supervision of his manager," she explained, and added that "clearly that was the wrong decision under the view of the investigative reports and as events unfolded, but it was the decision taken at the time."CBA general counsel David Cohen admitted that this and other decisions were "wrong," and noted that the first internal investigation into Nguyen's behaviour had come out "inconclusive in its findings."  Cohen admitted that "we did have poor systems, we did not have the right people, and we did not have the right culture."

 

AND THIS FROM HANSARD PROOF

PAGE 25

CHAIR: So the then general manager of Commonwealth Financial Planning would have approved of the promotion of Mr Nguyen.
Ms Spring: That is right.
CHAIR: What has happened to him since?
Ms Spring: He has left the business.
CHAIR: Shortly thereafter?
Ms Perkovic: He left the business in 2009.
CHAIR: A report by Ms Ferguson and Chris Vedelago in the Fairfax Sydney Morning Herald on 14 June last year headed 'Bank tried to hide documents from victims of banned planner' states that, upon Mr Nguyen’s return from suspension in late 2008, he was placed under supervision and his statements of advice were vetted before being sent to clients. So far so good. The two journalists report that on 22 December 2009 Mr Nguyen was notified that his advice to clients would no longer need to be vetted before being sent to clients. Is that correct?
Mr Cohen: Could you just repeat that date—the 22nd of?
CHAIR: The two journalists assert that, on 22 December 2009, Mr Nguyen was notified that his advice to clients would no longer need to be vetted before being sent to clients.
Mr Cohen: That is a bit curious. He resigned in July 2009.
CHAIR: And left the bank?
Mr Cohen: Yes; 6 July 2009.
CHAIR: It should be 2008. I am advised that the journalists' report was on 22 December 2008.

Remember the old 1960 train robbers?  World News? They now look like actors in a Mary Poppins sequel.  The Banking CARTELS are the heavyweights with sackfuls of criminal intent.  This email address is being protected from spambots. You need JavaScript enabled to view it.

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Comments

  • doyla66
    doyla66 Saturday, 12 April 2014

    Welcome to Cover-up City!
    Dirty linen just starting to emerge.
    With what we all know from our own experience and evidence the Senate Inquiry seems to be yesterday's news a lot of the time. It is however an extremely important exercise in exposing some truth, talking to witnesses and very slowly introducing the likes of CBA execs to the concept that they've done something wrong. This is because no one wants to send the share market into Wall Street crisis with too many revelations at once.
    So stay patient and watch closely as these sometimes flighty thoroughbreds of the Banking world are led gently into the real world, the one that we and the victims of the CBA Scandal have inhabited for years. They know we're watching them.
    Now in return for our patience, the most appropriate action would be for the Senators to ban repossessions for all witnesses involved in the Loan Fraud Scandal too, pending investigation. It's the least that we deserve under the circumstances.

  • doyla66
    doyla66 Saturday, 12 April 2014

    One has to assume all banks are equally guilty. I personally know of somebody who had the same thing happen with Westpac - her funds from a recent house sale were moved from low to high risk in secret and I believe she was not the only one affected by the same branch. She complained directly to the Branch involved and was soon compensated so one has to assume there was a lot of that going on IN stealth and well hushed up. Difficult now to accept how very secure I then felt knowing all I had was still invested in my home and what I THOUGHT a normal amortizing P&I loan with ANZ!

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