BFCSA Blog

09 May 2014 14:37:00 | UPDATED: 10 May 2014    Former Natinonal Australia Bank staffer Lukas Kamay was in court in Melbourne on Friday over insider trading, corruption and laundering charges. Photo: Wayne Taylor Georgia Wilkins An Australian Bureau of Statistics staffer and a National Australia Bank employee have been arrested on insider trading and corruption charges over allegations they made $7 million by trading on market-sensitive information on the Australian dollar. The Australian Federal Police said a 24-year-old ABS man, Christopher Russell Hill, allegedly gave his 26-year-old friend at NAB, associate director Lukas Kamay, market-sensitive information before it was released publicly by the ABS. They allege his friend then took the information to trade on the foreign exchange derivatives market using labour force, retail and trade figures – which had yet to be publicly released – to predict fluctuations in the Australian dollar. The activity generated about $7 million in...

Medcraft is attempting to orchestrate the loooooooongest list of excuses, as to why he has to lie to Parliament and say "no systemic issues in banking practices regarding obvious fraudulent loans and barrels of Maladministration in Lending.  In other words to say every mortgage loan application approved by Banker Mates was checked and verified as affordable loans to people who could afford to sustain repayments. You can see the build up in small stream media.  You can almost guess the exact words these luminaries will use on the witness stand prior to Greggie flying off on his usual IOSCOnian Adventures.   The problem is Mr Medcraft, you Sir will be leaving behind fractured banking industry riddled with bad practices, bad procedures and definitely toxic financial products, riddled with fraud.  You did not start the banking cartel here, but you were in on the ground floor in 1994.   You will attempt...

Tom is spot on:  Denise, As know FOS are now eliminating the appeal avenue from their decisions and going straight to determination effectively benefiting the banks and themselves.  By the time the Senate Inquiry into Lazy ASIC reports  in March FOS and COSL hope to reduce their over bloated case load.  The one they both pretend they do not have.   Our Banks and ASIC, reminiscent of the Nazi tactics in the latter stages of WW11: holding centres and send everyone to gas chambers before the Allies arrived.  This time its the Bank Case Manager executioners.  Naturally, it's in everyone's interest except consumers of toxic bank loans, to have ASIC lie twice to Parliament: "we see no systemic issues."  Industry Regulators and their Banking Buddies must be desperate to shred the evidence to skew the figures of case numbers. Yes Sir:  The most experienced INCOME FIGURE FUDGERS and Document Magicians with disappearing files living...

 ED:  Police in each State have investigated a few brokers over fraud.  However, they soon realise ITS THE BANKS.  Few charges are ever been laid against Finance/Mortgage Brokers for this reason. When disingenuous ASIC said to go and report endemic fraud to Police - they knew the State Police cannot investigate matters relating to the Banks and they know from experience the Banks refuse to co-operate.  Australian Federal Police refuse to investigate, quite simple because the Australian Government has not raised the flag and ordered a full investigation.  Every regulator must be aware of the Big Bank Elephant in the room but no-one wants to go near the systemic problem.   "7News has learned police are investigating allegations of fraud against an Adelaide finance broker"   http://au.news.yahoo.com/video/national/watch/17485977/major-fraud-against-finance-broker/   A little investigation has shown musical office has been played of recent times.    Mort ...