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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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Storm Financial Victims Converge On Court

Posted by on in COURTS & LEGALS
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DOZENS of investors have arrived at the Federal Court in Brisbane for a hearing into the collapse of Storm Financial.

Storm's clients, many of them retirees and small investors, lost about $3.6 billion when the Townsville-based financial services company folded.

The Australian Securities and Investments Commission (ASIC) is pursuing two banks - Macquarie Bank and the Bank of Queensland - seeking compensation and orders for them to improve their standards.

The ASIC recently made a deal with the Commonwealth Bank over the matter, guaranteeing a total of $270 million will be made available to customers who invested through Storm Financial.

Investors have also launched a class action against two of the banks.

The hearing is expected to run until the end of the year.

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  • doyla66
    doyla66 Monday, 24 September 2012

    Just which bank? was it who posted a profit of greater than $5 billion? Hmm - and they only settled for how much? Oh, that's right - a pissy $270k!! Something is definitely not right with ASIC selling the customers out, you know those people of Australia who pay some of their taxes these pratts earn as a wage! How many degrees are there in a circle again?

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Guest Tuesday, 25 February 2020