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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 email to ASIC Chairman re JP MORGAN TRUST, BNY Trust and PEPPERS

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Dear Mr Medcraft


I have posted this letter to you but, as the matter is of some urgency I have decided to communicate with you via email.

The attached case is relating to a West Australian couple who have discovered proof of fraud by the bank officer.

We have the proof and know the identity of the officer.

We have uncovered unrelated witnesses who were treated in the same manner earlier and by the same person of interest – the bank officer.

Apart from the fact the matter is one of an IMPRUDENT LEND by Legacy Financial, J P Morgan Trust Australia Ltd and then on sold to Bank of New York Trust Australia Ltd, Mr Terence and his wife Marlene have been left to fend for themselves in court without responsible representation.  Once again this involves an elderly couple and their battle to stay in their own home.

The WA Supreme Court found against them in the first round.

However the evidence is shocking.

A lawyer has assisted recently and managed to be granted leave to Appeal.  However, the Court has ordered the couple come up with a surety of $225,000 by mid next week.

I have organised for a television crew to bring this and another story out into the public arena.

Two years ago this family wrote to ASIC and received no attention at all.

They then wrote to FOS and were dealt with by someone I would not have recommended for other reasons and who was inappropriately placed  as case manager.

Predictably, everyone failed to properly investigate this matter.  Had they done so, they may have discovered the documents we have discovered leading to the crime scene.

This case highlights the very reason why people such as these feel the system has left them with an inability to defend their position of saving their home.

Instead of trying to lay blame I am offering ASIC the chance to redeem themselves by sending in lawyers and, to provide funds to represent themselves in court.

Secondly, perhaps ASIC may start to look at taking action against bank officers who were certainly involved in these frauds in the Low Doc Market.

Leadership is required and for this case to be made top priority in showing the public that ASIC can be relied up as you are suggesting.


Kind Regards

Denise Brailey

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  • doyla66
    doyla66 Friday, 28 September 2012

    Do what you are supposed to do Mr Medcraft of ASIC. Your inaction disgusts me. Take action against these bank officers that ere involved in this fraud. Fraud is a CRIMINAL OFFENCE & must be prosecuted to the full extent of the Law.

  • doyla66
    doyla66 Saturday, 29 September 2012

    Mr Medcraft if you are not capable or if you are not interested or if you are not decent enough to prevent this elderly couple from having their home stolen, then you should hand your position over to someone who can - someone who cares about their fellow man. How can you sleep at night knowing that it was because of you that these people may loose their home! Do the job that you are being highly paid for and put yourself in the victim's position - how would you like to become homeless. Imagine it!!

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