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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: Wheeldon correct - ASIC EVIL Exemptions Class Order 05/ 1122 ASIC KNEW banks 2002 - 2014 were lending half million dollar toxic loans to Pensioners

Posted by on in ROYAL COMMISSION URGENT
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Australian Securities and Investment Commission ("ASIC"), our criminal Federal Corporate Cops had known that Major Banks were selling Low Doc Loans to Pensioners back in 2002 - 2005. They attended bank events, as I did, whereby even the Treasurer attended saying "look for new markets....ASSET RICH INCOME POOR ("ARIPs") = PENSIONERS.  I was front row for that gem!!!!

ASIC are blatantly misleading Parliament and the Prime Minister and Joe Hockey Fed Treasurer are allowing ASIC to get away with these crimes against consumers of financial products and services.

When is ENOUGH IS ENOUGH?  When do we as a nation, get to the point of saying: Action is necessary to clean yup the Banking & dodgy finance Industry?   The Chair of the Senate Inquiry into ASIC a valid question of me:  "Why didn't the respected Consumer Groups discover what you are saying?" Indeed.....Senator Bishop could see what was happening.....then along comes James Wheeldon................and the Class Order exemptions which we had found a couple of weeks before, suddenly came to life, with the evidence of a lawyer who stood for integrity and said NO GO to ASIC, then walked out.  These exemptions were wicked and all things containing evil are usually buried by the criminal element within ASIC.

No-one can now suggest, with any credibility, that ASIC was a little 'misguided'.  ASIC's intentional and evil culture of deceit permitted the thoughtlines of protecting banks at all costs under the abhorrent pretense "we are helping consumers."  

The exposure of the hidden Class Orders to protect the very people who caused the legislation to be put in place, is the catalyst which will lead us to our much needed Royal Commission into our fraudulent BANKING SECTOR.

No doubt this will cost Australians dearly and no politician wants to be a hero.  Those politicians who object to a Royal Commission need to be publicly ostracized.  It means you are prepared to trade your own idea of integrity for the sake of party politics and we have all had a gutful of those decisions.

You cannot begin the CLEAN UP until we as a nation expose this problem as Icelanders did in their country.  We need to throw a few ASIC chiefs and Bankers in Jail.  Radical words?   Not really: its truth's way of bubbling to the surface as it always does.

There are other ex ASIC employees who have called me.......but are sworn to secrecy by the very corrupt side of the ASIC machine.  We need to protect whistleblowers, praise those who speak out in the name of truth, and demand all involved in the Low Doc scandal be placed before a string of Judges, as common criminals usually are.  

We need to support the whistleblowers and give them a venue to tell their version of events that led to consumers being placed in harms way - consequences of losing homes and retirement funds.  How is that good for the economy Mr Prime Minister?

No-one should trust the Australian Mortgage Loan market and the Bank Engineers in any way, until this mess is sorted out.

ASIC systemically rendered consumer protection legislation from Parliament as impotent.................by the abuse of Class Order exemptions powers - and intimidated anyone who said: "this is wrong."  Next they developed letters to tell all clients who were distressed (some in their 80's and 90's) "bugger off and get a lawyer."  Justice must seen to be done for the 100,000 families affected by this ASIC NIGHTMARE.

THE EVIDENCE IS SCANDALOUS.   Your turn to fight back.  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

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  • doyla66
    doyla66 Monday, 14 April 2014

    If you Google Financial Inquiry submissions you will get an index of nearly 250 submission including a lengthy one from our esteemed regulator ASIC. This was submitted two days before the Senate Inquiry so they have been extremely busy justifying their existence. One article addresses systemic risks in markets while another looks at prison terms, fines and civil penalties compared to overseas. It looks like nearly everyone in the money market has put in a submission, I'm yet to read the banksters but I'm sure they will enlighten us.

  • doyla66
    doyla66 Monday, 14 April 2014

    Yes should prove interesting reading and a good few pe-fabrications just might be picked up in those submissions knowing all we now know. Middle banking executives must all be shuddering knowing what has been happening recently in the UK and the US particularly those lower down from the top of the banker elite club, those middlemen following orders who of course will be held up as the scapegoats!

  • doyla66
    doyla66 Monday, 14 April 2014

    "There comes a point you have to stop pulling people out of the river, get upstream and find out why they're falling in." - Desmond TUTU
    ASIC counts the people floating down the river, pulling the occasional one out before interviewing them and then suggesting they get a lawyer. When there are enough to indicate a systemic problem they write a 252page report on the people floating down the river.
    BFCSA gets upstream to find out why they're falling in, stopping them from falling in, offering them blankets and warm cups of soup, reassuring and encouraging them to stand up for themselves and get smart, so they never have to fall into the river again.
    That's the difference. Not hard to guess which approach works best. :)

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