BFCSA Blog

Often when you tell people your story and plight with the banks or to the media- they comment - but you signed the papers. My next question to them is - so you think it is okay that fraud has been committed and that the Banks are profiting from it? Are you saying that the banks are above the law and should not be accountable to the rules set by the law of this country.  No matter which way you look at it - a crime has been commited and it needs to be investigated. Isn't that why we have laws for?  Crime is crime. No sugar coating of it or exceptions. When put that way to most people - they understand better and agree - if fraud has been committed - it needs to be investigated. So if you speak to the media - make sure you ask that question. Remain focused...

Please forgive me if this has already been posted before ... Lisa     AAP  August 22, 2012 12:11AM   THE Australian Greens will move for a royal commission into whether the Reserve Bank of Australia (RBA) covered up evidence of bribery by its note-printing subsidiaries. The scandal was exposed in the media in mid-2009.A committal hearing in Melbourne last week heard eight former executives of the wholly RBA-owned NPA and the part-owned Securency were involved in a conspiracy to bribe public officials at foreign banks in trying to secure contracts to make plastic banknotes. But ABC Television reported on Tuesday then NPA company secretary Brian Hood detailed corruption concerns in the mid-2007 memo to then RBA deputy governor Ric Battellino. Greens banking spokesman Adam Bandt said he would move for the establishment of a full independent inquiry into the banknote bribery scandal. "The inquiry should have the powers of a royal...

http://www.mortgagesettlements.com.au/downloads/Mortgage%20Fraud%20Article.pdf With lax lending compliances and checking systems, such as exist with No Doc and Lo Doc loans, there maybe borrowers who were taught to take advantage of the opportunity to tell the Bank exaggerated detail, or so it seems.  This opportunity was created by the banks themselves, by offering a product that didn't involve the prudent checks and balances that any reasonable person would expect from a Bank or Lender in Australia.  Then there are the borrowers in our situation: we told the truth and even offered our documentation for checking, only to discover later that our honestly declared financial facts had been changed by bank staff or brokers. Without Lo Doc and No Doc loans it would be well nigh impossible to create a fraud loan... unless I've missed something?  Strict enforcement of all codes, regs and Laws should eliminate 99% of loan fraud. Banning of Lo Doc and...

Has anyone tried to use the new ASIC connect website searches?  As part of my research for bank submissions and other related criminal activities - theirs, not mine - I've been very disappointed with the much touted ASIC connect.  While the old ASIC site was complex and labyrinthine, at least the information was there with relative ease and accuracy, once you had bookmarked the sites you needed for future reference.  A search for one company, which I understood had closed, alternated between no such company and having the company appear as usual. I was unable to determine what the status of the company was, beyond "registered". How long does it take for a company to move into administration? I have a bone to pick with the company over misleading and deceptive conduct leading to fraudulent losses in excess of half a million dollars. ASIC don't think that's worth investigating. I certainly...

It only took six years for Tony Mokbel, a suburban pizza maker worth less than $100,000, to be rolling in dough. Source: Herald Sun THE boss of the National Australia Bank has admitted its multi-million-dollar relationship with drugs boss Tony Mokbel was not acceptable. Cameron Clyne said he would examine how the NAB loaned Mokbel millions of dollars to invest in property and expensive cars at a time his reported taxable income was $160 a week and when police were closing in on his drug empire. The Herald Sun told yesterday how in documents released this week by the Supreme Court it was revealed that between 1996 and his arrest in 2001, Mokbel amassed a portfolio of more than 20 properties, financed by loans from the NAB and cash from his amphetamines business. Read on .... http://www.adelaidenow.com.au/national-australia-bank-chief-admits-banks-relationship-with-drug-baron-tony-mokbel-was-unacceptable/story-e6frea6u-1226452943587...

I've just received a letter from ASIC. They have had my complaint about a possibly fraudulent investment involving deceptive and misleading conduct by the fund manager, lack of fiduciary duty and breach of contract issues since October 2011. On learning that my investment had been "lost" after everything I'd done to get it back, I put in another related complaint recently and that has prompted a reply. What I did this time was ask them to let me know asap or within 28 days what breaches of law etc they could find in my complaint. I also sent an email to one of the addresses that came back on the read receipt requesting copies of the two letters I received from their officer, who I named from memory. She was the last person to contact me in December 2011. She was also the person who got me an answer after all...