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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: Macquarie spends $49 million teaching ethics to its planners??? Hockey & Cormann just watered down FoFA. Charles Ponzi laughing all the way around his gravestone.

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"spending $49 million improving compliance and adding 11,500 hours of adviser training to comply with ASIC and implement FOFA reforms.  Concerns were raised about the fact that Macquarie clients must contact the bank about remediation, because it is in charge of the process with ASIC's oversight.  Key class action law firm Maurice Blackburn's financial disputes head John Berrill said the process was flawed with no detail given about whether clients would be given all of the information on their files."

Charles Ponzi must be laughing from the grave.  He was a serial control fraud - a robber of banks.  He had a sense of humour.  His first "group victims of PONZI schemes" were three quarters of the BOSTON POLICE FORCE.  In 1927 he borrowed all their superannuation and savings and forgot to pay it back.  But he did buy a bank and robbed it blind.  He ran fraud and forgery scams involving property for nearly forty years.  In 1929, America had had enough and waved goodbye as he was deported back to Italy where he became financial planner for Mussolini.  10,000 Americans stood on the boat pier to see his ship sail into the sunset: shouting "good riddens."  Later he returned and pulled off Florida Land Bank scams.

He would have loved Australia....banks are self regulated and no policing here either.  Heavy Regulation of Banks by Senators Glass and Steagall's legislative masterpiece had yet to be written and accepted by American Congress.  Its came four years later.

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Guest Thursday, 09 April 2020