If ASIC sounds a little peeved right now at all the criticism from brokers, and financial planners who sell these fraudulent loans, they will each have to cop it sweet. WHY? Because ASIC has know of these activities by Lenders lowering lending standards for well over a decade. ASIC decided to blast into 2015 with an announcement of investigating Myra Financial Services and laying one charge each against two brokers. The kingpin of the business of course was permitted by ASIC to leave the country AND ASIC once again ignores investigating Too Big to FAIL & JAIL Banks.
ASIC spent the following day in a predictable cauldron of evidence based criticism. The most disturbing questions are the ones ASIC refuses to answer:
When did fraudulent tampering of loans begin? Why did ASIC announce this now, after a 12 month investigation from complaints in 2011 or earlier? Why so slow? Why did they prematurely annoucnce three days ago: 350 loans involved and...
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$220 million and 600 loans
Australia's FINANCIAL PRODUCT SHAME
Dodgy Bank Approvals
Fraudulent Loan Applications
Myra Financial Services debacle
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Interesting cop out comment from A-SIC regarding their dereliction of duties and allowing the lying cheat to flee the country. Ho -
ASIC, FOS, BANKS & POLITICIANS, are all playing a game of dodge ball. They are all professional players, with years of experience. -
It is becoming almost crystal clear what seems to be happening at ASIC & you can't help thinking now, it must be the way that it l
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What a load of bull ASIC sends out! What about the people who have informed ASIC of fraudulent misconduct on their loan applicatio