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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: RAMS, MONEY CHOICE, FAST GROUP Steven Kane - Lenders not blamed for process and approval of TOXIC FRAUDULENT Mortgage Loans? ASIC & Kell a disgrace!

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We have hundreds of dodgy RAMS HOME LOAN files whereby the service calculator manufactured the fraudulent income.  Why is Broker/Agent punished by ASIC and not the LENDER.  Who is ASIC protecting?  ASIC has to be labelled the biggest protection racket in town.  Here is the problem.  Money Choice representatives were placing their loans via Major lenders and RAMS.  RAMS dealt with brokers directly.  Steven Kane now NAB exec, and director of FAST GROUP aggregated Money Choice deals.  Kane also was reported as contender for head of MIAA.  Any more info out there on these deals?  So if ASIC nailed RAMS for approval of fraudulent loan and for providing the dreaded service calculator that caused the fudging of incomes, surely that would stop this system issue dead in its tracks?  We kept warning Brokers you will carry the can.................  Peter KELL doesn't get it......yet again.................ITS THE BANKS STUPID..........................Then you say "this type of behaviour can put consumers in financial difficulty!"   Nail the Bankers Pete, then loan approvals will smarten up.  These toxic loans are at record highs because you took a very bad position in your own approach to this crime scene....the same as you did with spruikers in 2001.  How can you drive to work and say "today I will nail a broker - my fifthteenth this year and then have lunch with Bankers who then permit 100,000 new toxic loans to be written in the months ahead?"  Remember the Premier that fell on his sword over a $3000 bottle of wine?   Bankers have paid out squillions in petty cash for lunches with nice people.........................Something has to be done.   This email address is being protected from spambots. You need JavaScript enabled to view it.

Credit representative banned for false home loan documents

Australian Broker News  30th April 2014

ASIC has punished a former RAMS financial group credit representative for creating and submitting false documents to support home loan applications.
Andrew Douglas McClure, of Cheltenham, Victoria, is now banned from engaging in credit activities for five years after an investigation found he created and submitted false documents to support home loan applications.

In 2010, McClure processed applications referred to him by rogue property investment and finance business Money Choice.
Last May, ASIC cancelled the Australian credit licence of Money Choice and banned its director, Matthew George, for eight years for home loan related misconduct.

ASIC's investigation found McClure created and submitted false accountant's letters and failed to verify documentation in support of three home loans referred to him by Money Choice. 

McClure also admitted to creating and submitting false accountant's letters in relation to another four home loans in 2010 and early 2011 for non-Money Choice customers. 

“This sort of conduct can put consumers in financial difficulty if they obtain a loan that, in the long run, they cannot afford,” deputy chairman Peter Kell said.

“We will act to ensure those who engage in this conduct are removed from the industry.”

McClure, a credit representative of RAMS Financial Group between 1 July 2010 and 8 August 2011, has the right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

BFCSA:  Message to McClure:  I suggest you blow the whistle on WHO taught you to "submit a false accountant's letter."  WHY?  Because brokers were taught to do this.  Just name the BDM please....because most BDMs were taught to do this by higher up in the Bank...................hence "widespread practice."   And, you were also pinged for not verifying the income figures that the RAMS service calculator produced??????  What?????  We have warned before that 20 brokers per year, will be singled out for time in the naughty corner and the game plays on.  I'll bet your RAMS quotas lowered................... You have been selected.   As Matt George said to me: "Denise, I always presented the lender with a requested pensioner statement!"  So what did the banks do? Approved all Matt's loans.   The Banks approved this Junk Mortgage system.  You Brokers better start blowing the whistle................  Consumers will thank you for it.  They know its the Banks running the Mortgage Loan rackets and our memebrs have the proof as to why Australia urgently needs a Royal Commission into the Banking Sector.   This email address is being protected from spambots. You need JavaScript enabled to view it.


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  • Denise
    Denise Wednesday, 30 April 2014

    If you are a RAMS, Money Choice or McClure victim, we would love to hear from you [email protected]

  • doyla66
    doyla66 Thursday, 01 May 2014


    I wonder what date Andrew McClure started working for Rams in this capacity? Does anyone know?
    So Mr Kell decides to rub this bloke out for 5 years - is he joking, only 5 years for FRAUD and FORGERY? What happens to the poor borrower stung by this fraud and forgery when they realise Rams have loaned them money under false pretences and their loan starts to go bellie up? Does Rams offer to square things up with the borrower or is the borrower left to rot in hell like all of us. Rams must be held accountable as it is their system, their staff ( BDM and credit assessor ) and therefore their responsibility.
    RAMS and ASIC are rotten to the core and people are starting to work this out for themselves.

  • Denise
    Denise Sunday, 04 May 2014

    No matter what the Brokers were doing with Bank engineered service calculators, geared by lenders to hoodwink borrowers, why hasn't ASIC gone after RAMS and all other LENDERS involved in Money Choice? Matt George was not the only broker working for aggregator Steven Kane's FAST GROUP. Why only ping one or two brokers? Brokers never approved these Liar Loans - the Lenders did. Lenders had to power to check incomes and the calculators and the power of REFUSAL of LOAN as unaffordable. Why did this area of the scam become a neglected space? Those who invested life savings with George and others could also have been spared THE AGONY OF FINANCIAL LOSS had ASIC properly investigated complaints re the LENDERS. [email protected]

  • doyla66
    doyla66 Monday, 05 May 2014

    Don't rush them Denise, first they have to thank you for bringing it to the Government's attention, then they have to
    all get their head together and think about it for a while. Then letters and bullshit have to go to and fro for many many months, whilst they decide whether it will be in the public's best interest to make a big hoohaha and bother with it, before putting it in the too hard basket never to be seen again.
    So I dare say the brokers and lender are quite safe, unless we all start speaking out in ONE BIG VOICE

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