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BFCSA; Brokers cry fowl after being caught out by PETTY CASH scammer.

Posted by on in BROKERS & PLANNERS
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Dear members

For once the shoe is on the other foot, in the online magazine 'The Advisor" ( just google it) brokers and advisors are whinging and bleating poor me after being caught out by a former financial industry person turned scammer. When I first started reading the article I assumed it must of  been large sums of money but no it sums of a thousand dollars or less.

These poor souls are calling on everyone from ASIC to the police to act to bring this known fraudster to account, they are victims of fraud and want the courts to act. Well, well welcome to our world and we aren't talking little piddling amounts of less than a thousand dollars, we're talking in excess of a million dollars in some cases.

The irony of this story is a lot of these people are the very people we trusted and yet they had no qualms about setting us up for financial destruction as long as they got their juicy commissions.   The Bank's Service Calculators assisted with these frauds.     There's an old saying " what goes around comes around" unfortunately in this case its only in small doses. Thanks Neil T.


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  • doyla66
    doyla66 Friday, 27 September 2013

    Thanks, Neil - 'scuse me while I laugh - how much??
    Only 3% of brokers were found by ASIC to be dodgy. 97% apparently ok.
    After that witch hunt they're probably ready to shoot anyone that ASIC missed!
    Maybe all this fuss over their fraudster will help regulators and government understand: something is deeply rotten in the Financial Services Industry. A variety of frauds popping up all over the shop? What about the cesspit underneath it all? Are we expected to ignore that part?
    Inquiry into ASIC.
    Inquiry into Banking.
    How about a Royal Commission into Banking, ASIC and the whole Financial Services Industry? The sooner the better.

  • doyla66
    doyla66 Friday, 27 September 2013

    OLd saying..
    "You can con a con, ..but a mug will get you hung."

  • doyla66
    doyla66 Saturday, 28 September 2013

    Half-the-job, ASIC

    From The Adviser ...
    "In July 2013, Mr W was ordered to pay $198,331 to the director of Consumer Affairs Victoria as compensation to four of the real estate agents who were scammed via Connection Blue."
    If a State body can handle a dispute over fraud and gaining financial benefit through deception and then arrange compensation for the victims ... why can't ASIC finish the job too?
    Maybe all consumer "disputes" including frauds will have to be handed back to the States to get the job done properly...

  • doyla66
    doyla66 Saturday, 28 September 2013

    Lisa: they will create a Consumer Financial Protection Bureau, headed by no less than a 3star-General.. everyone knows the system is broken!!!

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