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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: Global Financial Sector has become criminalised - riddled with FRAUD AND FORGERY

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http://www.theguardian.com/business/2012/may/20/wall-street-role-financial-crisis

Heist of the century: Wall Street's role in the financial crisis

Wall Street bankers could have averted the global financial crisis, so why didn't they?..........

Charles Ferguson  The Guardian, Monday 21 May 2012

 

Bernard L. Madoff ran the biggest Ponzi scheme in history, operating it for 30 years and causing cash losses of $19.5bn. Shortly after the scheme collapsed and Madoff confessed in 2008, evidence began to surface that for years, major banks had suspected he was a fraud. None of them reported their suspicions to the authorities, and several banks decided to make money from him without, of course, risking any of their own funds............ The Securities and Exchanges Commission has been deservedly criticised for not following up on years of complaints about Madoff, many of which came from a Boston investigator, Harry Markopolos, whom they treated as a crank. But suppose a senior executive at Goldman Sachs, UBS or JPMorgan Chase had called the SEC and said: "You really need to take a close look at Bernard Madoff. He must be working a scam."  But not a single bank that had suspicions about Madoff made such a call. Instead, they assumed he was probably a crook, but either just left him alone or were happy to make money from him...............

 

It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accidentThis behaviour is criminal. ............

Let's take the example of securities fraud. Where to begin?  When did Wall Street insiders know there was a really serious sub-prime mortgage bubble, and that they could game it? Many of the clever ones knew by about 2004..............Almost all the prospectuses and sales material on mortgage-backed bonds sold from 2005 until 2007 were a compound of falsehoods. And as the bubble peaked and started to collapse, executives repeatedly lied about their companies' financial condition. In some cases, they also concealed other material information, such as the extent to which executives were selling or hedging their own stock holdings because they knew their firms were about to collapse.......................

The Rico Act provides for severe criminal (and civil) penalties for operating a criminal organisation. It specifically enables prosecution of the leaders of a criminal organisation for having ordered or assisted others to commit crimes. It also provides that racketeers must forfeit all ill-gotten gains obtained through a pattern of criminal activity, and allows government prosecutors to obtain pre-trial restraining orders to seize defendants' assets. Finally, it provides for criminal prosecution of corporations that employ Rico offenders.

 

 https://www.nolo.com/legal-encyclopedia/content/rico-act.html

 

 

Racketeer Influenced and Corrupt Organizations Act (RICO)

 

Passed in 1970, the Racketeer Influenced and Corrupt Organizations Act (RICO) is a federal law designed to combat organized crime in the United States. It allows prosecution and civil penalties for racketeering activity performed as part of an ongoing criminal enterprise. Such activity may include illegal gambling, bribery, kidnapping, murder, money laundering, counterfeiting, embezzlement, drug trafficking, slavery, and a host of other unsavory business practices.  To convict a defendant under RICO, the government must prove that the defendant engaged in two or more instances of racketeering activity and that the defendant directly invested in, maintained an interest in, or participated in a criminal enterprise affecting interstate or foreign commerce. The law has been used to prosecute members of the mafia, the Hells Angels motorcycle gang, and Operation Rescue, an anti-abortion group, among many others.

 

664 (relating to embezzlement from pension and welfare funds), sections 891894 (relating to extortionate credit transactions), section 1028 (relating to fraud and related activity in connection with identification documents), 1344 (relating to financial institution fraud),1503 (relating to obstruction of justice), section 1510 (relating to obstruction of criminal investigations), section 1511 (relating to the obstruction of State or local law enforcement), section 1512 (relating to tampering with a witness, victim, or an informant), section 1513 (relating to retaliating against a witness, victim, or an informant),1957 (relating to engaging in monetary transactions in property derived from specified unlawful activity)..............

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  • doyla66
    doyla66 Monday, 05 May 2014

    Does this mean that ASIC are responsible for aiding and abetting criminal activity by not
    reporting illegal and fraudulent activities. After all they have known about the scam for years.

  • doyla66
    doyla66 Monday, 05 May 2014

    No one wants to burst the bubble in this country either.
    White collar crime is rampant in Australia,and those that are supposed to be the protectors eg:regulators ,judges and government,do nothing about it,because they love the Bernie Maddoffs of this world,with their get rich quick schemes.
    Banks are the central criminal conduit.

  • doyla66
    doyla66 Tuesday, 06 May 2014

    So that means FOS and COSL are responsible for covering up crime as well. Not to mention their Determinations which so often enshrined further crime and cover ups. How do we get the EDRs to understand: they're not supposed to perpetrate illegal conduct in the process of finding a solution to the original misconducts.

  • doyla66
    doyla66 Thursday, 08 May 2014

    Duped

    FOS and COSL certainly are part of the problem in covering up forgery and fraud, listening to bank seconded lawyers is incomprehensible for a start as they are also part of the scam and no doubt had a part at some stage in fleecing the life blood from unsuspecting borrowers.

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