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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: Senate Inquiry into Australian Securities and Investment Commission

Posted by on in Corrupt Regulators
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The Inquiry by the Senators into ASIC has been called for since 1998 when it first opened.  Back then ASIC was handing out Financial Planning licences to those connected to the Finance Brokers Scandal in Western Australia.  Also the solicitors involved in the Managed Investment Scheme scams were handed licences with no back ground checks and they mostly used wrong DOB's as directors to stuff up the system.  ASIC knew this to be true but said they never check DOBs cause we are all honest aussies.  Besides, ASIC could make 6 x $30 search fees by DOB confusions.

The first one who boasted "in the door" and approved for  a newly minted  Managed Investment Scheme license was Clifton Partners Finance run by colorful identity Kim Clifton.  I noticed the same brokers handing out Westpoint brochures at the same time as looking after suspect investments offered to finance broker victims coming from Clifton Partners.    Retirees lost 100 cents in the dollars as they did when investing with the Premier's brother and his business partner who sat on the Finance Brokers Board of course.

I wonder if ASIC kept all the complaint letters and documents from that era.  I kept mine.  The Finance Broker Scandal cost the Court Government dearly as LABs pummeled LIBs in the State Parliament.  Premier Court lost office by suggesting that Education, Health, Jobs were the monumental political issues of the time.  The polls were wrong and so was Richard.  Six Ministers lost their seats, directly attributed to the Finance Brokers Scandal.  But the scandal was nation wide and the lawyers involved were from either Queensland, NSW or Melbourne infecting SA, TAS and WA.  

But in October 2000 across the road and opposite to Fair Trading Perth and a few doors down to the Gunning Inquiry and later on the Ian Temby Royal Commission,  ASIC was busy writing bugger off letters to the hapless victims (some 3000 investors losing millions in retirement monies) who had complained about Clifton Partners Finance, licensed under the new laws by ASIC on 15th December 1999.  I remember it well.  Another 10 thousand to look after.  

The new look ASIC was up to its old tricks and doing nothing.  The big flick letters of the 1998 - 2002 period continued unabated and we kept copies, which we will share with you, the long suffering public, shortly.

Retirees lost over $1.5 Billion in the solicitor mortgage scandals around the country between 1996 - 1999 and all our lobbying did was for ASIC to say we have a clean slate and we will ignore all the other victims BUT FROM NOW ON.............................

Yes well no more are the public so gullible to have Government any Government, use those words:  FROM NOW ON we willbee!!!!

No more attacks of the "willbees" are acceptable from the regulator.

No more: "From now on's" are acceptable   We are tired of this nonsense, draining the wealth of the country by attacking the back-bone of Australian workers who saved and purchased a home and ticked all the good boxes.  Those who placed their superannuation moneys with crooked Fund Managers because ASIC knew who the crooked ones were but forgot to round them up.

What part of the word "negligence" does ASIC not understand?  If it could not see negligence on the part of fund managers then why was it labelled by Government as responsible for CONSUMER PROTECTION?

Government must crack down on ASIC.  In fact we are hoping the Government sees fit to CREATE a brand new properly constituted Consumer Protection Agency as we called for in Queensland TV and other states around Australia in 2001.   I do not need to do more interviews re ASIC - just dig up the old footage.  We have copies back to 1993.   The Commonwealth Government must clean up the back log of consumer complaints or the consumers will turn on everyone responsible - bank on it!!  

Federal Government Ministers cannot ask or rely upon ASIC to do any job relating to Consumers due to the obvious systemic and long term corruption of the Agency, stemming from 1998.

RETIREES have become pensioners over night and I warned the PM of this in 1999 re the threat to the economy.  Now the Pensioners have been stripped of homes and young people are the latest targets of the Bankster Fraudster Gene Pool, whose characters filter around the revolving door of ASIC.

PENSIONERS became the favourite targets of the Banksters: salt of the earth Aussie who had fought in the Korean War and Vietnam.  

Post GFC everyone said "we did not see this coming."  Bollocks!  If you have groups of thieves in high places, bilking campaign funds from faulty financial product rackets, bank loan rackets circa 2000 - 2003 under ASIC's "watch," then as the letter said: "how does this assist the economy of all the retirees are turned into pensioners and on welfare overnight?"

ASIC knew, Treasury knew, the top level of Ministers and the Prime Minister knew.  They wrote about it in now dusty reports hidden from view.  When the GFC hit: "Golly Gosh we did not see that one coming.............................."  Excuse me??????

Ex Commissioner of ASIC Barrie Adams - yes we still have your documents and photos re Co Develop!!!!  And the searches your buddy Commissioners tried to hide from ASIC database?  Do not think all this is in the past.  Its back to the future for you and your cronies.  I know it was only a small $34 million in losses but what the heck.  You were co-director in shareholding with the villains wife!

I still have the Vic Metro Paper cartoon with you with a shark's head......remember that one Bazza?  "When did you decide to change from being shark catcher to shark?"  There are over 12 BIG profile ex pollies who were making money out of these industries of theft and all linked back to the banks.  But that's another story.  Perhaps we will roll out one at a time so you can all wonder - who is next.........................

All will be revealed.

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  • doyla66
    doyla66 Saturday, 06 July 2013

    GREAT IDEA DENISE--- Roll them out one by one.. these big profile ex pollies.............
    "There are over 12 BIG profile ex pollies who were making money out of these industries of theft and all linked back to the banks"

  • doyla66
    doyla66 Saturday, 06 July 2013

    So now it's becoming clearer why nothing has ever been done about the corrupt banksters.
    That's why ASIC has always been so cocky, they've had their corrupt buddies backing them.
    Any wonder they've been able to dismiss a call for a Royal Commission.
    All cases with FOS should and must be frozen immediately.

  • doyla66
    doyla66 Sunday, 07 July 2013

    I agree, Change and Maria.
    Lots more stories - name and shame from the historical records.
    And the history that missed the papers, or snuck in with a few lines only, the real story behind the headlines.
    ASIC are cocky - they've been at this for years.
    Time to burst their bubble and bring the little tin gods down to bite size. ;)

  • doyla66
    doyla66 Monday, 08 July 2013

    We can all agree on that. ASIC must think they are untouchable. Yes, start naming name and roll them all out one by one. Lets see how much money they they profited from protecting the very body who were they for the consumer

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