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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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More Bank Victims: TDT 13 August 2012

Posted by on in Fraudulent Loan Apps
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August 13, 2012, 6:15 pm Damien Hansen Today Tonight

 

Marilyn Bellamy has nothing but regret after accepting a bank manager's offer to open up his branch early just for her.

http://au.news.yahoo.com/today-tonight/money/article/-/14541077/bank-victims/#fop

 

Marilyn was getting was a line of credit for $300,000 from Westpac bank manager David St Pierre.

St Pierre is now the subject of a Senate investigation.

“I was able to get a low doc loan - it meant that I had equity in the house, I could stay in the house, pay everything - it sounded so good”, Marilyn said.

Marilyn remortgaged her home to invest money into a fraudulent investment scheme spruiked by Liz Orchard.

The scheme has also ruined the life of Dell Black who took out a $275,000 loan from Mr. St Pierre and her 98-year-old mother got one for $140,000.

Gold Coast developer Rod Lambert says Westpac's lending practices need further investigation.

“It's wiped us out. My wife and I have been wiped out as a result of this, we've essentially lost everything we had," Mr. Lambert said.

He accuses the bank of lending millions of dollars to a convicted criminal, Mario Girardo.

“Westpac advanced him nearly $20 million. He had three criminal convictions and was on bail for the extortion charge, which he's now been jailed for," Rod said.

Mr Girardo was able to borrow millions of dollars despite being disqualified from managing a company. His involvement in an intricate property swindle, lead to Mr. Lambert losing his home.

“Surely a bank of Westpac's stature and size would have been able to have undertaken a thorough and proper checks into the man's background”, he said.

Statement from Westpac:

A number of people, including a small number of Westpac customers, appear to be the victims of a sophisticated scam and are suffering financial hardship as a result of borrowing to invest in the scam.

Westpac is committed to providing appropriate compensation to those customers who have borrowed money from us and who have been the victims of the apparent scam.

We believe that the apparent scam was committed by individuals who were never connected with Westpac's business.

The matter is presently before the Police.

We are strongly encouraging all Westpac customers who believe they are victims of this apparent scam to lodge a formal complaint with the Police so that a full and proper investigation can be undertaken.

The home finance manager who facilitated entry into the loans is no longer employed by Westpac.

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  • doyla66
    doyla66 Monday, 13 August 2012

    thanks marianna.. AND thanks to Today Tonight and the victims for speaking out. We are all "in the same boat"

    So, who is writing to our favourite media personalities or programmes, politicians etc. to tell them about our own experiences?

  • doyla66
    doyla66 Monday, 13 August 2012

    Marianna,
    What a slime. You must post your story to each of the Senators and the editors of as many papers you can contact. I am totally disgusted with what this sub human did to you and your family. Expose what an evil person he is.
    I will pray for yourself and family, even as I am not a devout religious person, I still believe that God will shine through. Take care, John.

  • doyla66
    doyla66 Tuesday, 14 August 2012

    Talk back radio. A really good idea, Hugh. Can anyone pick up the talk back shows where they are? I think they're city radio stations... e.g. 2GB

  • doyla66
    doyla66 Tuesday, 14 August 2012

    Hi,
    Maybe a good avenue for public awareness is talk back radio, like Alan Jones, Ray Hadley, Jason Morrison etc.
    they have a huge population who listen to their radio show.
    God bless to you Denise and your family and all the team at BFCSA.
    When Truth is on our side, we will WIN!
    Thank you.

  • doyla66
    doyla66 Tuesday, 14 August 2012

    Hi,
    Maybe a good avenue for public awareness is talk back radio, like Alan Jones, Ray Hadley, Jason Morrison etc.
    they have a huge population who listen to their radio show.
    God bless to you Denise and your family and all the team at BFCSA.
    When Truth is on our side, we will WIN!
    Thank you.

  • doyla66
    doyla66 Saturday, 18 August 2012

    Oz Rip Off is back we are now on facebook at oz rip off , twitter @ozripoff we are exposing ray white real estate if you have been ripped off by ray white broadbeach we would like to hear from you thanks rod lambert for exposing these dirty little crooks

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