BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Hobart financial adviser Kenneth David Drake behind bars over $940,000-plus fraud April 5, 2016 2:46pm DAVID KILLICKMercury The Supreme Court building in Hobart.   A FORMER ANZ Bank financial adviser has been jailed for stealing nearly $1 million from two elderly clients.   Kenneth David Drake, 60, appeared in the Supreme Court in Hobart for sentencing today after pleading guilty to two counts of stealing. Justice David Porter said Drake took $925,085 from a 94-year-old woman and $15,850 from a 71-year-old man. Both were clients he had known for more than 20 years. Justice Porter said Drake had complete control over the finances of both victims. He said that between April 2009 and December last year Drake forged signatures to move money from the two clients’ accounts to his own on a total of 64 occasions. His crimes were discovered when the Public Trustee took over the woman’s finances in...
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  • Geoff
    Geoff says #
    This guy stole money but what about the LOW DOC Total LAF Fraud that we all find when we look at our ANZ documents: fully doctored
  • organza
    organza says #
    I'm certain ANZ have very deep pockets, more like bottomless pits spread across the globe and continually filling up with stolen l
  • Magie
    Magie says #
    ANZ will have to have very deep pockets when we get our Royal Commission. I am sure there will many more stories like this. We wil
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Not a good look......... Fund run by David Cameron’s father avoided paying tax in Britain 5 April 2016 http://www.theguardian.com/news/2016/apr/04/panama-papers-david-cameron-father-tax-bahamas David Cameron’s father ran an offshore fund that avoided ever having to pay tax in Britain by hiring a small army of Bahamas residents – including a part-time bishop – to sign its paperwork. Ian Cameron was a director of Blairmore Holdings Inc, an investment fund run from the Bahamas but named after the family’s ancestral home in Aberdeenshire, which managed tens of millions of pounds on behalf of wealthy families. Clients included Isidore Kerman, an adviser to Robert Maxwell who once owned the West End restaurants Scott’s and J Sheekey, and Leopold Joseph, a private bank used by the Rolling Stones. The fund was founded in the early 1980s with help from the prime minister’s late father and still exists today. The Guardian has confirmed that in 30 years Blairmore has...
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Icelandic PM faces no confidence vote over Panama Papers disclosures 4 April 2015 http://www.theguardian.com/world/2016/apr/04/icelandic-pm-gunnlaugsson-faces-no-confidence-vote-panama-papers-wife-offshore   Iceland’s prime minister is under fierce pressure to step down after leaked documents showed his wife owned a secretive offshore company with a potentially multimillion-pound claim on the country’s collapsed banks – representing what opponents said was a major conflict of interest. As opposition parties called a vote of no confidence in Sigmundur Davíð Gunnlaugsson for later this week, as many as 10,000 protesters – in a country of 330,000 – gathered outside parliament in central Reykjavik for an evening protest, chanting, banging drums and barricades, and blowing whistles. Some waved bananas, symbolising the belief of many that they were living in a banana republic. “He’s just lost all credibility,” said Arntho Haldersson, a financial services consultant. “Our prime minister, hiding assets in offshore accounts … After all this country has been through, how can he...
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Spanish banks must revalue thousands of buildings as part of EU finance audit Time-consuming reassessment of property portfolios will help gauge the banking sector's financial strength following recession  20 March 2014  http://www.theguardian.com/world/2014/mar/19/spanish-banks-revalue-thousands-buildings-eu-audit-property  Spanish banks, slowly emerging from a 2008 property crash, will have to revalue thousands of homes and commercial buildings to meet the demands of European Union regulators who are assessing the sector's financial strength, according to sources.  Banks had been resisting fresh valuations, fearing a costly and time-consuming reassessment that could lead to more provisions against soured loans, on top of multi-billion euro writedowns already taken in recent years. They argue previous estimates could simply be updated. Yet European Central Bank (ECB) regulators engaged in the so-called Asset Quality Review (AQR) of banks across the eurozone have rejected such arguments and have demanded an up-to-date review of the worth of property portfolios, sources said.  The ECB declined to comment...
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Panama Papers: ATO Investigates 800 Australians HuffPost Australia |  By Eoin Blackwell Posted: 04/04/2016 http://www.huffingtonpost.com.au/2016/04/03/panama-papers-australia_n_9607018.html?ncid=edlinkauhpmg00000001   More than 800 wealthy Australians are being investigated by the tax office after leaked documents linked them to a Panama law firm accused of thwarting regulators and police.   Panama law firm Mossack Fonseca became the focus of a massive leak of 11.5 million documents showing it routinely engages in business activities that potentially violate sanctions, as well as aiding and abetting tax evasion and money laundering. More than 1,000 Australian links have reportedly been found in the data, including copies of the passports belonging to hundreds of Australians. The Australian Tax Office is investigating. "Currently we have identified over 800 individual [Australian] taxpayers and we have now linked over 120 of them to an associate offshore service provider located in Hong Kong,” the Australian Taxation Office said in a statement. More than 800 wealthy Australians...
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Brazilian prosecutors have filed corruption charges against billionaire Joseph Safra for involvement in an alleged scheme to pay off government auditors.   2 April 2016   https://www.rt.com/business/338116-billionaire-corruption-court/     Brazilian prosecutors have filed corruption charges against billionaire Joseph Safra for involvement in an alleged scheme to pay off government auditors. The authorities said the financier was not directly involved in the alleged corruption, but there is evidence an employee was acting on his instructions. The charges are reportedly based on recorded telephone conversations between Safra company’s executive and tax officials. According to the authorities, Safra was aware of the plan by executives at his banking group in Brazil to pay $4.2 million in bribes to help reduce a tax bill. Prosecutors also filed charges against five other people. “The criminal intention of the group is made clear by the various conversations and exchanges of messages cited in the indictment,” the prosecutors...
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  • organza
    organza says #
    He might as well escape to Australia the haven for white collar criminals. Medcraft will heap praise on his talents and our banks
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When a CBA employee fills out a LAF with false information and can't even spell your name correctly why do FOS refuse to investigate because he wrote falsely on an internal document it was an "investment loan". Asset rich income poor "come into my web" said the spider to the fly. Why do these crimes continue to go unpunished? Please can we have an independent regulatory body.  Ed: We have seen over 2000 of these and THEY ARE STILL BEING SOLD! Bankers should be locked in STOCKS in Martin Place - 200 years ago the colonialists used tomatoes and a good floggin' to thieves If you stole a horse you were introduced to capital punishment These bankers are stealing homes: 600,000 to date. How much longer until Parliamentarians as Representatives of the People wake up and demand in one chorus: ROYAL COMMISSION INTO BANKS  ...
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  • maladmcba
    maladmcba says #
    http://kangaroocourtofaustralia.com/2016/02/07/commonwealth-banks-brendan-french-is-he-australias-biggest-bank-fraudster/
  • maladmcba
    maladmcba says #
    https://kangaroocourtofaustralia.files.wordpress.com/2016/02/brendon-french.jpg?w=250&h=250&crop=1
  • organza
    organza says #
    That's the problem with automated systems. One slip of the finger or misinterpretation of what is written or 'accidental'??? slip
  • NABbed Nanna
    NABbed Nanna says #
    Not only CBA. NAB employees confused names on loan docs mixed first names up with entirely different last names. Went unnoticed
  • FleecedbyBOQ
    FleecedbyBOQ says #
    Almost exactly the same details as my story. This is how it all started. Time these bank managers and brokers were held to accou
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the adjudicator on her casehas not considered the Unfair Contract Terms Act. It can be used to delete an unfair term, especially where there is inequality of bargaining power or one party has drafted the contract and later tries to take advantage of an ambiguous term?   Ombudsman rules that lender West Brom can raise tracker mortgage rate without Bank Rate rise Buy-to-let mortgage customers are being told the lender had a viable commercial reason to impose shock rate rise Nicole Blackmore 13 November 2014   http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/11226776/Ombudsman-rules-that-lender-West-Brom-can-raise-tracker-mortgage-rate-without-Bank-Rate-rise.html   The financial ombudsman has dealt a blow to thousands of West Bromwich buy-to-let tracker mortgage customers fighting a shock rate rise that saw their repayments spike.   The ombudsman, which has been sitting on a raft of complaints for up to a year, has begun issuing decision letters saying the lender had legitimate commercial reasons to vary its tracker rate. (click here for a...
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Well that bright idea didn’t work out...now getting ‘the chop’??   ANZ may be forced to rush Asian exit  23 March2016  http://www.australianbankingfinance.com/banking/anz-may-be-forced-to-rush-asian-exit/  News earlier this month that Australia New Zealand Banking Group (ANZ) was streamlining its SME business in Asia was taken by the market as a welcome sign that the lender is gradually reducing its presence in the region. But, according to a new report, a deepening slowdown in the region may force the Aussie lender to hurry up and exit poor performing businesses much faster than management had planned. While ANZ has successfully grown Asian revenue over eight years, its cost base is too high and growth has been very capital intensive, diluting returns. The bank's International and Institutional Banking business - where the Asian business sits - now eats up half the banks capital yet generates a return on equity of around 8 to 9 per cent, failing...
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Bankers' bonus tax avoidance schemes so complex judges named them after Houdini are illegal, Supreme Court judges rule in a legal battle over bill worth £183MILLION  Ruling against UBS Group, AG and Deutsche Bank at Supreme Court Judge said a 'great deal of intellectual effort is devoted to tax avoidance' The schemes were set up a decade ago to avoid tax on bankers bonuses   By James Salmon for the Daily Mail  10 March 2016  http://www.dailymail.co.uk/news/article-3483942/Supreme-Court-judges-rule-against-Houdini-tax-avoidance-schemes.html  Two giant banks used elaborate ‘Houdini’ schemes to help hundreds of staff dodge tax.  Deutsche Bank and UBS enriched their senior executives in London by routing more than £180million of bonuses through notorious tax havens.  The money was channelled into companies set up in the Caymans and Jersey purely to collect the payments.   The bankers saved around £100million in national insurance and income tax in 2004 before the share schemes were outlawed. Yesterday a...
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  Former broker pleads guilty to loan fraud   Huntley Mitchell         March 22, 2016   A former Sydney broker has pleaded guilty to three charges of loan fraud which resulted in her receiving more than $100,000.   Ms Jennifer Mary Farias was the director of finance brokerage Mortgage Finance & Insurance, trading as Up N Riding (MFI). MFI arranged finance for vehicles such as motorcycles, cars and jet skis on behalf of clients.   Appearing in the NSW Local Court at the Downing Centre in Sydney, Ms Farias admitted to having received $96,270 in loan funds and $10,349.26 in commissions from a credit provider as a result of submitting 10 loan applications through MFI which contained false information and invoices.   According to ASIC, the invoices contained false information relied on by the credit provider when approving loans. Ms Farias admitted the relevant loans would not have otherwise satisfied the...
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  • prickle
    prickle says #
    FOS and ASIC are joke the staff should all be sacked they have NO moral compass whatever Prickle
  • organza
    organza says #
    I think ASIC are well aware it's beyond a joke. The question is - is what's now coming being said all bluff and bluster or have t
  • NABbed Nanna
    NABbed Nanna says #
    ASIC are not targeting the real perpetrators of fraud. This is chicken feed in comparison to the bankers. Come on ASIC get your
  • Aries
    Aries says #
    ASIC has to be seen to be doing something.......can't be sitting on their hands doing nothing...They won't take up my complaint be
  • Denise
    Denise says #
    Amazing: We have a giant Banker Ponzi Financing Scandal worth $300 billion on toxic lending and ASIC via the CDPP go after a $96,
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Here is a UK article with some horrifying stats....... Politicians and regulators all need to be punished AFTER the stolen loot is handed back......     100 families a day lose their homes as repossession soar 50% to 12 year high   8 August 2008   http://www.dailymail.co.uk/news/article-1042841/100-families-day-lose-homes-repossessions-soar-50-12-year-high.html   Britain is in the grip of an escalating repossession crisis with the numbers evicted from their home soaring nearly 50 per cent over the last year.   Between January and June, 18,900 families – equal to more than 100 families every day – lost their homes after failing to pay their mortgage.   The number who will be repossessed is set to keep on rising as the lethal combination of poor pay-rises and soaring household bills takes its toll.   In a sign of the impending crisis, a shocking 155,600 people have not pad a penny of their mortgage for more than three...
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  • Magie
    Magie says #
    FOS said no need to decide if ANZ changed LAF as the penalty was the same for giving a loan to some one that could not afford it.
  • organza
    organza says #
    If one reverses FOS to SOF and adds a T then there's the big clue we all unfortunately missed. To even bother embarking on the lo
  • Duped
    Duped says #
    Someone should tell these poor souls to check their loan application forms, I bet anything you like their application forms have b
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ASX chief Elmer Funke Kupper quits in face of investigation March 21, 2016 - 7:48PM Nick McKenzie, Richard Baker, Michael Bachelard and Dan Quinlan http://www.smh.com.au/business/markets/asx-chief-elmer-funke-kupper-quits-in-face-of-investigation-20160321-gnn1m3.html   ·         The questions we asked the ASX   The head of the Australian Securities Exchange, Elmer Funke Kupper, has quit his $3.5 million a year job over allegations that he knew of a $200,000 payment to the family of Cambodian strongman prime minister Hun Sen.  The $200,000 payment was made when Mr Funke Kupper was chief executive of gaming giant Tabcorp and is now the focus of an international anti-bribery investigation led by the Australian Federal Police.  ASX chairman Rick Holliday-Smith announced the resignation late on Monday as it emerged Mr Funke Kupper was personally the subject of the investigation and was explicitly warned against making the payment. Mr Holliday-Smith said the board had "accepted that Elmer wanted to direct his full focus to the...
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Goldman disguised a $793 million loan as a derivative transaction?? Now the bill for the Greek government from Goldman is $6.8 billion??   Evolving Global Financial Crisis. Selling “Foreclosed Homes”   March 10 2012 http://www.globalresearch.ca/evolving-global-financial-crisis-selling-foreclosed-homes/29682   The government is preparing to package and sell foreclosed homes. We do not know what discount to the current market there will be but you can guess it will be 20% or more. This event will cause home prices to trend lower dependent on whether the houses are put up for sale or rented. These homes will only be available to big buyers such as hedge funds and others with enormous amounts of capital. It is expected that the homes will be sold in lots of 5,000 to 10,000 and the minimum bid would be $1 billion. This is corporatist fascists busy at work. You could call it the largest transfer of wealth from the...
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  • organza
    organza says #
    Hope our Mr. Goldman Sachs and politicians with the same alumni are not intending to sell out the Australian people and Mickey Mou
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My story started with the purchase of my home .I had just sold my previous home (which i owned out right.) I went and saw a broker to see if i was eligible  for a home loan. I was unemployed and studying at the time but had a sizeable deposit and money in the bank and was told i could apply for a low doc loan.. I did so and everything seemed to go along fine.I signed a couple of areas on the pages of my three pager application and was told after an evaluation on the property that the loan had been approved.I had signed up for a low doc loan paying interest only for the first  five yrs.I have never been through the process of a loan before and was quite shocked that i was paying all this money every month which i struggled with at times but my...
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  • Wayne
    Wayne says #
    years of parse the corruption parcel is finally drawing toward the prize
  • Grandma
    Grandma says #
    Unfortunately people this story gets worse!But as i am in the court system still i cant reveal too much.In saying that a simple ap
  • organza
    organza says #
    Do You Trust the Government? 87% of Americans Don't. A poll taken in 2014 was revealing. The amount of Americans who trust corpo
  • Duped
    Duped says #
    What makes these bastards tick? When no regulator , EDR, state and federal police will help in tackling toxic bank behaviour, wha
  • organza
    organza says #
    For this to be going on is more than shocking. It's proof the country has to be under the control of a bunch of thugs. Perhaps th
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The corporate regulator has used a Federal Court action to warn spruikers not to cross the line that separates real estate from financial services. ASIC has started proceedings in the Federal Court of Australia against companies associated with Jamie McIntyre and the 21st Century Group regarding their promotion of five ‘land-banking’ schemes. The regulator has alleged that the schemes are unregistered managed investment schemes and that the 21st Century Group and Mr McIntyre have been unlawfully carrying on an unlicensed financial services business. Land banking is a property investment scheme in which a promoter acquires large blocks of land – often in undeveloped rural areas – and then offers portions to investors. Promoters typically emphasise the high potential returns available if the land is redeveloped or if plans for rezoning and development are finalised. ASIC said that while it does not regulate direct property investment, some land-banking schemes may be a managed...
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http://www.apra.gov.au/adi/Publications/Documents/Letter-to-all-ADIs-Implementation-of-Basel-II-enhancements-for-securitisation-July-2011-2.pdf   20 July 2011   To all locally incorporated Authorised Deposit-taking Institutions   IMPLEMENTATION OF BASEL II ENHANCEMENTS FOR SECURITISATION   The enhancements to the Basel II Framework released by APRA on 23 May 2011 will become effective on 1 January 2012. Among other elements, the enhancements included substantial changes to Prudential Standard APS 120 Securitisation (APS 120) and Prudential Practice Guide APG 120 Securitisation (APG 120). This letter seeks feedback on each ADI’s plans to ensure that it will be in a position to meet the new securitisation requirements from 1 January 2012.   The key changes to APS 120 are: the requirement to perform due diligence on all securitisation exposures; the need to identify whether exposures are securitisations or resecuritisations and are classified appropriately; operational requirements for the use of external credit assessments; and the requirement to obtain APRA approval for secured funding arrangements that are non-complying securitisations...
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  • organza
    organza says #
    Knew you had something up your sleeve Denise when you posted the previous blog.
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Duties & Responsibilities of a CEO at a Bank   http://www.ehow.com/list_6318571_duties-responsibilities-ceo-bank.html   A bank chief executive officer (CEO) is in charge of all aspects of a bank's operations and procedures. The incumbent in the job is highly educated and has held several different jobs in banking. Her experience is diverse to the point that she has an understanding of how all aspects of operations interact. These diverse experiences allow the CEO to make decisions in the best interest of the board of directors, employees and customers. Operations and Policy ·         The CEO of a bank is responsible for operations and policy. These operations include how the bank handles business. These functions are defined and regulated by the Federal Reserve, but things not regulated are determined by bank policy written by the decision makers in the bank management team, which is supervised and directed by the CEO. These policies and procedures govern...
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  • Duped
    Duped says #
    Bank CEOs network with colleagues from other banks, well well, I suppose that's where the CARTEL comes in to play. This is most li
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ASIC investigates BOQ role in Wickhams Securities ‘scam’ as lawyers launch class action   14 March 2016 http://www.moneymanagement.com.au/news/financial-planning/asic-investigates-boq-role-wickhams-securities-%E2%80%98scam%E2%80%99-lawyers-launch-class   The Bank of Queensland (BOQ) and DDH Graham are facing a class action resulting from their alleged role in a scam perpetrated by banned adviser, Bradley Sherwin, using the bank's Money Market Deposit Accounts (MMDAs). Global litigation firm, Quinn Emanuel Urquhart and Sullivan, filed the class action with the Federal Court of Australia, on Friday, reporting more than 350 clients lost more than $60 million as a result of Sherwin's actions. Quinn Emanuel partner Damian Scattini, said the firm had been recruited to lead the open class action case, by Brisbane-based lawyer, Paul Watson of Watson Law Group, noting that the Australian Securities and Investigation Commission (ASIC) was continuing its investigation into the role played by BOQ and DDH Graham, in Sherwin's scam, which involved using the MMDAs to perform a series...
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In the mid-’90s, white-collar prosecutions represented an average of 17.6 percent of all federal cases. In the three years ending in 2012, the share was 9.4 percent..........read more http://www.nytimes.com/2014/05/04/magazine/only-one-top-banker-jail-financial-crisis.html?_r=0   Why Only One Top Banker Went to Jail for the Financial Crisis   By JESSE EISINGER   APRIL 30, 2014   http://www.nytimes.com/2014/05/04/magazine/only-one-top-banker-jail-financial-crisis.html?_r=0   This article is a collaboration between The Times and ProPublica, the independent nonprofit investigative organization. On the evening of Jan. 27, Kareem Serageldin walked out of his Times Square apartment with his brother and an old Yale roommate and took off on the four-hour drive to Philipsburg, a small town smack in the middle of Pennsylvania. Despite once earning nearly $7 million a year as an executive at Credit Suisse, Serageldin, who is 41, had always lived fairly modestly. A previous apartment, overlooking Victoria Station in London, struck his friends as a grown-up dorm room; Serageldin lived with...
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