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BFCSA: Four Corners Exposes ASIC Uselessness and Medcraft's Appalling Indifference

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WELL DONE STEPHEN LONG FOR THIS EXPOSE:  featured PRIME TRUST - 26 Highly Illegal Managed Investment Schemes in 2001 PrimeLife investigation, - LM INVESTMENTS promoted by garden guru Jamie Drury; and BANKSIA SECURITIES debacle

In 1998, I campaigned for tighter laws for ASIC to use to beef up existing "new" 1996 Corporations Law provisions regarding "Prescribed Interests" whereby supposed protection of consumers was seeing so many retirees lose their life savings within 10 days of receiving superannuation lump sums - and do not fall for annuity scams.......

The Australian Securities Commission had achieved nothing in regard to prosecutions despite the new 1992 laws designed to protect consumers.  Thousands of aussie retirees lose their life savings

Decades before, due to the banks triggering the Great Depression via Bank Fraud and Greed and citizens suffering, people understandably did not trust banks and for the next forty years they kept tins in the back yard with life savings.

The Corporate Affairs Commission had achieved nothing in regard to prosecutions despite the new 1940 corporation laws designed to protect consumers. Thousands of aussie retirees lose their life savings

Governments said you were unsafe burying cash and "we will protect consumers of financial products and services."  Labor said "we will protect you, after the 1989 collapse of ESTATE MORTGAGES, so the Prescribed Interest provisions were established to protect consumers from Fund Managers and Trustees Crooks.

The Australian Securities Commission had achieved nothing in regard to prosecutions despite the new 1992 laws designed to protect consumers. Thousands of aussie retirees lose their life savings

Labor lost power in 1996 and Peter Costello said: "we will protect consumers: we shall develop the best consumer protection system in the world.  In 1998 the ASC became the new Australian Securities and Investment Commission (useless ASIC),  New Managed Investment provisions of Corporations Law (CH 7) to tighten the prescribed interest (too broad" provisions) came into being.

ASIC then decided to give all the Solicitor Mortgage Firms involved in a nation wide mortgage scandal (127 law firms on the original ASIC list) and $1.5 billion in losses according to the Money program,  a slap on the wrist.  Only one prosecution and charges dropped after media interest died.

ASIC said "we will get tough" and Jeffrey Lucy Chairman of ASIC in 2004, called himself "The Enforcer" with Adele Ferguson writing a story on what ASIC was going to do to protect consumers with New Managed Investment laws.

In late 2004, ASIC started to look at Westpoint after media pressure.  As always it was a reactive approach to complaints I had repeatedly lodged with ASIC with Commissioners in three states, face to face, 2000 - 2004.  ASIC said "yes we know."  They went to court with case re Bayshore - a hole in the ground.......retiree life savings - the usual.  Judge said in essence to ASIC Counsel: "Tell your client these are (illegal) debentures.....had you asked me are they Managed Investment Schemes answer is YES!!!!!  Stop wasting courts time, this is your clients job, tell your clients they should know all this.  Why ask the court if you have powers.....yes you have powers, use them!!!!!"  Glad we got that sorted!  Consumers thank you, your Honour, particularly those who attended the court session and reported back to me.

Westpoint continued to trade for another 12 months, thanks to ASIC's love of crooked corporations, and waited for Westpoint to collapse under its own weight of dodgy deals, and another 8 creditors meeting for me to attend.

The Australian Securities Commission had achieved nothing in regard to prosecutions despite the new 2001 Managed Investment Laws  designed to protect consumers. Thousands more Aussie retirees lose their life savings.

Meanwhile in 2001 miracle finance guruTed Sent set up Primelife.  He was landlord to infamous Spruiker HENRY KAYE and National Investment Institute. Primelife, unbeknown to Primelife retiree investors, paid all the telephone bills to Telstra for Henry Kaye's phone canvassing spruiking empire.  We advised ASIC of this.  Henry's 111 companies collapsed of their own accord in 2003

Primelife was found by ASIC to have 26 illegal Managed Investment Schemes incorporating 52 projects of which only 10 retirement villages were actually up and running, the rest were holes in the ground (similar to Westpoint ratio).

The Australian Securities Commission had achieved nothing in regard to prosecutions despite the new 2001 laws designed to protect consumers. Thousands of aussie retirees lose their life savings

In 2004/5 or thereabouts, two white knights pour $17 million from own pockets to rescue TED SENT. Why?  Robert de Crespgny and Ron Walker decided to relaunch PRIME TRUST (an election was in the wind and 600,000 retirees fleeced was not a good look).  Robert flew to UK for next four years on another assignment and Walker rewarded as head of the Olympics.  Babcock and Brown led by Phil Green headed into the Prime Trust camp, deals were done and you know the rest.  2012 Prime Trust predictably collapses.

The Australian Securities Commission had achieved nothing in regard to prosecutions despite the new 1992 laws designed to protect consumers. Thousands more aussie retirees lose their life savings

LM Investments advertised heavily featuring garden guru Jamie Drury, as Dawn Fraser did with another similar MIS disaster, as Alan Jones did with Estate Mortgages in the eighties etc......was a disaster waiting to happen why?  ASIC never explained to the high profiles used in ads that the regulator did not have any appetite for testing "new" laws or taking the bandits of the finance world to court.

The Australian Securities Commission had achieved nothing in regard to prosecutions despite the new 2004 laws designed to protect consumers. Thousands of aussie retirees lose their life savings

In 2006 Senator Helen Coonan publicly stated on television: "ASIC have plenty of laws and powers we do not need to tweak them"

In 2007 Senator Stephen Conroy and Nick Sherry announced spearately their desire to clean up the financial products and servicing industry.  To clean need to take cases to corut, test the laws or else you admit you are not using powers bestowed.

Both parties permitted ASIC to bumble along as uselessly as they ever were.

In 2001 in a televised interview in Qld I stated: "we have no consumer protection in Australia at this point in time.  The regulators have no appetite for taking these bandits to court and the problem lies there....."  "we need a Royal Commission into Banking, Finance and any associated industries.  Meanwhile start placing your savings under the bed!!!

In 2005 I once again (since 1998) alerted ASIC to non-bank lenders as I had with Firstmac in 2003.  This time I spoke of Banksia Securities.  

The Australian Securities Commission had achieved nothing in regard to prosecutions despite the new 2004 laws regarding Managed Investment Scams, designed to protect consumers. Thousands more aussie retirees lose their life savings

As for Mr Greg Medcraft's crafty remarks on Four Corners last night:  The sooner you boot yourself off to the IOSCO bear-pit, the better.  You will be out of your league mate.....and you leave behind hundreds of thousands of shattered lives.  We shall all label you THE GREAT PRETENDER......

Its time we released the ASIC letters to Chairmen: circa 1998 - 2003.  

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  • doyla66
    doyla66 Tuesday, 05 March 2013

    I was uncomfortable watching ASIC's Greg Medcraft "smirking" in his interview with Stephen Long.
    Well Done Stephen Long and your team for travelling all over Australia to bring us this story. Thank you to those people interviewed and telling their story.

    There is so much more I would like to comment about our Politicians and their mates.. but what's the use? Most Ordinary Australian are just so gullible, and our Government and Regulators like, and want, to keep it that way. This is so frustrating to see what our Politicians, present and past are doing to this country. Australia could be a much greater place to live for everyone, it has everything you could want to farm, to mine, the climate, the friendly people, the freedom.. well not quite the freedom bit we are learning about this the hard way .. and so will future generations if laws are not changed now to stop Company directors as one example. ripping decent hard working people off with their Family Trusts, blatant corruption and all those jobs for the boys.

  • doyla66
    doyla66 Tuesday, 05 March 2013

    ASIC's Chairman's appalling attitude

    I watched the 4 Corners show last night and it seemed like someone had their hand up Mr Medcraft's back, making his mouth move: "I don't know about that, I didn't know about that, Thank you for telling me about that". The smug, masked look on his face said it all! (Could it be the banks who have their hand up his back? Hmmm) The fact that Mr Medcraft was given this job and didn't even have to apply for the position, also says a lot about our government's policy of nepotism and disregard for what should be a sacred position for the protection of the consumer. What is ASIC given $400 million a year of taxpayers money, to do? I want to see the disbursements? How much have they spent on legal fees fighting for consumers? Check out ASIC's annual report and you will see: NOT MUCH! = NOT investigating cases = NOT bringing corporate criminals to justice! What about the crimes being perpetuated by the banks, right under ASIC's nose, of falsification, suppression and deliberate manipulation of situations (documents and disclosure) to create an advantage for the lender and a disadvantage for the borrower?
    Even the ex-ASIC investigator interviewed for 4 Corners had nothing good to say about ASIC! The election is coming, so the politicians will have to take responsibility or take the fall... I guess they get to choose which. VERY VERY disappointing Mr Medcraft, but not surprising or unexpected to those who have been following this debacle over the last few months. Your successor must be watching all this and asking, "What the hell am I getting into here?" Has he asked for more money yet? But we will all look back at you, Mr Medcraft, and the whole of Australia will be pointing the finger at YOU. We will hold you accountable, even though you are running away and leaving some else to hold the bag. PS Google: document falsification, suppression and 'advantage for gain' in your local state's Crimes Act and see what the fines and imprisonment is for each count! Ouch!! Why aren't the courts FULL of banksters and their agents? It is the lenders' executives, assessors and mortgage managers who will be charged and prosecuted. You can't charge a company! Wakey Wakey banking staff!! Whistleblowers, come forward, speak to Denise and join the growing number of insiders who are sickened by the deliberate ignorance to the facts of the Great Australian Mortgage Scandal. It will be you or your boss who will be brought to justice... You choose.

  • doyla66
    doyla66 Tuesday, 05 March 2013

    It is absolutely shameful how these scum can continually keep getting away with deliberately ripping off decent Australians. Then they get their dodgy lawyers & accountants to set up all these company trusts to hide the money stolen from other people in these fake trusts. What a legalised scam.

    I think that those people responsible deserve the death penalty.

    Oh, and as for ASICs Medcraft in the interview, the smug look on his face & the fact that he was clearly smirking when Stephen Long advised him of some illegal facts, showed the world that he obviously DOES NOT CARE AT ALL.

    I believe he should be jailed for corruption.

    ALL of Australia needs to take a stand just like the people of Iceland did.

    If we don't, then God help us all. God help your children. God help your children's children.

  • doyla66
    doyla66 Sunday, 24 March 2013


    BANK OF QLD BANK - SCAMMERS of the biggest kind, to get you IN. FOS, supposed to protect the consumer, HWL EBSWORTH, are they just able to bribe everyone to get what they want to win cases for BOQ? You ought to be ashamed of yourselves all of you. Finance in, 3 years later, sorry don't qualify now, finance out Simple! No other real practical solutions offered even when feasible. Still no LAF's despite many requests. Take all instead.
    Malfeasance is against the law - especially when you can save people and protect them from losing their homes and livelihoods. Mr Stuart Grimshaw I would love to see you lose your job and house, see how it feels.

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