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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The dubious performance of the Australian Securities and Investments Commission:   Lenders-accused-of-systemic-fraud: by SMH Michael West:   Veteran consumer rights campaigner Denise Brailey is to make public 2500 private emails and bank docs to expose what she describes as ''Australia's subprime crisis''.  Ms Brailey claims that lenders and mortgage brokers tampered with documents to provide more credit for borrowers with ''low-doc/full-doc" home loans and is making private documents public after years of trying to get the 'captured' corporate regulator ASIC to investigate the banks cabal over what she alleges is ''systemic fraud'' in the ''low-doc/full-doc" market" :   Phoenix rising:   "It's business as usual for Peter Drake, the GC entrepreneur, whose LM funds management empire bit the dust in May, (but) is back in the insurance game and is suing this reporter (Fairfax) claiming he was defamed by a report which criticised him for being greedy and charging too much."...
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  • doyla66
    doyla66 says #
    Well I guess this means Mr Medcraft is well qualified to understand the intricacies of the low doc/no doc scam. It's a pity he do
  • doyla66
    doyla66 says #
    Oh, what a tangled web we weave, when we practice to deceive!!!!!!
  • doyla66
    doyla66 says #
    Article-SMH-Michael-West 9/9/2013: shows how banks use tax havens to conceal (profits). How CBA made a handsome profit in Malta?
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Denise Comments:  Please lighten up.  Neil just calm down and stop stirring.  The Senators worked incredibly hard to bring this Inquiry into being.  In case none of you have noticed there happens to be an election on.  For the uninformed:  The Government has been in care-taker mode the past five weeks. Give the Senate and new Government time to get organised - around three weeks further and the Senate Submissions will then flow again.  What we are waiting for is the dates when the Senators set dates for the Inquiry.  I have taken out the vitriol from the comment below.  If the department has technical difficulties, I am sure they will sort them out.  We need the Senate to assist us and they do not need bricks thrown through emails.  Politeness is a virtue.  If you all have anger then direct it to the culprits......the banks.  Do not attack the messengers...
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  • doyla66
    doyla66 says #
    I like you're never die no non-sense attitude Lisa; must be many 'embarrassing' reveals under wraps till election day+ lame-duck e
  • doyla66
    doyla66 says #
    So good to see others pushing for answers, offering solutions, asking the hard questions. This is accountability! We don't accept
  • doyla66
    doyla66 says #
    Sure seems strange. Elections sure bring out the best in deceptive and sneaky tactics. Doesn't make one at all confident in our p
  • doyla66
    doyla66 says #
    There is more to this outage than meets the eye. Bureaucrats won't put up with being 1 hour off the air never mind 1 month. And
  • doyla66
    doyla66 says #
    Maria B I also rang Senator Williams office and they told me they are chasing it up and it should be up by Monday, now with the in
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Dear members The one thing I have always claimed that if a politician came within cooey distance  in our area for this election campaign, I would be there publicising our plight. I live in an area that contains safe Labor seats and it would take a swing of 16% to lose so I was shocked on Tuesday morning to hear Tony Abbot was having a flying visit to Newcastle. I listen to the local radio everyday and there was no mention of a forth coming visit, it was all kept pretty low key and it was only a select few that got invited to the meeting thus making Tony Abbot unapproachable. The same thing happens around the P.M. and they ship in the party faithful to surround him, its all pre-planned and anyone with grievances can't get within earshot because of the minders and the party machine.  Even the last two...
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  • doyla66
    doyla66 says #
    These staged events with rent-a-crowd and dorothy dixer questions are ridiculous. Let them face a real crowd in a country town ha
  • doyla66
    doyla66 says #
    Senate website down, not one mention by the Coalition as to the dropping of RMBS by Wayne Swan through out the entire campaign, no
  • doyla66
    doyla66 says #
    I got the same response from Treasury
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Why did ASIC refuse to act against the Promissory Note Spruikers in 2000?  All Commissioners attended a meeting in 2000 re Westpoint, but no action was taken.  This latest part of the saga is cold comfort to the 3000 investors who lost a total of $380 million in 2005 - all could have been spared the agony!  ASIC called for a report in 2003 and permitted these activities to continue.  What type of consumer protection is that?  And what type of pills were they all on?  So the media made loud noises and finally ASIC took some action but only after t$380 million of retiree Mums and Dads money had evaporated along with their modest retirement plans.  Shame on you ASIC.   Westpoint boss Norm Carey loses second appeal ·         AAP ·         AUGUST 28, 2013 2:30PM       THE former boss of the collapsed Westpoint group has lost his second appeal...
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  • doyla66
    doyla66 says #
    Who prosecuted this case originally against Carey? Why do they take so long to get anything happening? How much compensation did
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ASIC replies to critics Listen now Broadcast: ABC  Saturday 3 August 2013 Saturdays 7.30am Presented by Geraldine Doogue   Last week on Saturday Extra, Fairfax journalist Adele Ferguson and NSW Nationals Senator John Williams spoke about why there needs to be a Senate inquiry into the performance of the Australian Securities and Investment Commission, to see if it is being vigilant enough in presiding over the financial sector. This week, ASIC deputy chair Peter Kell replies to the critics.   Comments (5) Penny Russell : 03 Aug 2013 8:38:15am From personal experience ASIC may be a well meaning organisation, but in reality is a toothless tiger at best, and a bit scared of the Big End of Town at worst.Luckily the pension keeps us fairly comfortable, but inept advice from a Commonwealth Bank advisor, and separately, dubious activity with a couple of ASX stocks, (which ASIC and the ASX refuse to investigate...
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  • doyla66
    doyla66 says #
    How I'd love to see Peter Kell either tell the whole and full truth for once or be cornered, unmasked, exposed and thus forced to
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Treasurer says; it's Aust Office of Financial Management (AOFM) will not be making any new (immoral) investments in residential mortgage-backed securities (RMBS). Denise, govt must have heeded your revelations to Senators in Parliament 8th Aug, 2012 raising endemic abusive mortgage fraud; issued directive in Aug, 2012 to stop buying-up banker-engineered-loan-fraud. You are right when you told the Senators: "Government cannot, ought not to profit from a fraud." Maintaining semblance of sovereign integrity govt says,"it will not entertain (RMBS) sales that undermine improvements seen in market", lest racketeering compounded were AOFM seen 'off-loading' $15.5b of known fraud-infected-mortgage-pools. Remarkably, 'captured' ASIC lay comatose, electing to turn-a-blind-eye to rampant unjust repossessions; tell consumers "find a lawyer", enabling the govt's partners-in-crime, bank CEO's - unjustly paid as 'mortgage managers - $100m golden-parachutes to revel in 6*retirement, obtained mercilessly pursuing 1,000's of unlawful foreclosures thru immoral lawyers Gadens, against hapless indigent home-owners, unwittingly snared in a diabolical mortgage-trap designed by narcissistic sociopaths your local vet should "put-down" inhumanely asap....
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  • doyla66
    doyla66 says #
    This will probably disappear from public discussion in the new parliament. Such is the nature of politics. The former government w
  • doyla66
    doyla66 says #
    This is yours, mine and ours.......thanks to our friendly ASIC and their Bankster Mates. When this reaches the light of day I wond
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ASIC cannot be trusted.  The creators of ASIC were John Howard and Peter Costello, circa 1998.   At precisely the same time as the creators were crowing this would be the "most effective consumer protection system in the world."  Costello more than likely simply believed what Howard was telling him.  Howard's mates were the Banks and President Bush.   Later Joe Hockey was given the portfolio of Minister for Financial Services.  Firsthand, Joe found a few things unpalatable.  One of his own close family members was caught in the Low Doc Mortgage Scandal.  Ten years later he would admit "I would not be trusting non - bank lenders....."  Yes knew the system had been manufactured to fail the people.....but that's politics I guess. At precisely the same time as the creation of ASIC in 1998, the United Kingdom panned the Twin Peaks Model of Regulatory Control as a dumb idea. Politely,...
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  • doyla66
    doyla66 says #
    Australian media have a rich heritage of world class investigative journalism. Just look at the history of the Walkley Awards and
  • doyla66
    doyla66 says #
    (ED: I disagree, We have excellent relationship with media as we speak the truth. Documents do not lie. Speaking to Mainstream
  • doyla66
    doyla66 says #
    Great comment MacMan. (ED: I disagree, We have excellent relationship with media as we speak the truth. Documents do not lie. S
  • doyla66
    doyla66 says #
    We have a few extremely high profile excellent Reporters who have enough guts, balls and brains to see what is going on and has al
  • doyla66
    doyla66 says #
    Denise, Treasurer must have heeded you're revelation to senators of systemic RMBS fraud Aug/2012, buying stopped Aug/2012; further
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The pending Senate inquiry must fully expose ASIC's scandalous record of failure to provide real & effective consumer protection, as required under it's clear mandate, with particular emphasis on the LAF Mortgage scandal concerning a sinister bankster engineered program of tampering -- with the presence of mind -- 10,000's of Loan Application Forms (LAF's) after it's signing in-goodfaith, carried-out without the knowledge or authority of the true applicant and it's contrived "securely destroyed" original LAF document program, to frustrate any future criminal prosecution and to thwart applicant's endeavours to prove up bank fraud and/or rampant predatory lending practices by way of demonstrating the apparent inconsistencies otherwise contained within the bank "scanned" LAF tainted copy juxtaposed to the signed "original" LAF. Our lawmakers must consider some serious consumer reform asap, by replacing ASIC's generously funded, yet unfulfilled, hopelessly conflicted consumer role, with a properly funded, truly independent Consumer Financial Protection Bureau ('CFPB').  ASIC's propaganda machine...
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  • doyla66
    doyla66 says #
    Great post, Andy. Thankyou Agree, Change - How can SO MANY OF US, thousands and thousands, all have the same Loan Application f
  • doyla66
    doyla66 says #
    It's all pretty simple really. Why don't they get it? We ARIP people were set up to fail by the Banks own dodgy service calculat
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Dear members I was starting to get worried that our online submissions into ASIC might have stalled so I emailed the Senate committee and within five minutes I had a reply. The online website has been down for a week for maintenance and will be back online some time next week, also it stated that as all submissions are reviewed by the committee and not every submission might get posted. I hope this eases any worries our members might of had about stalled submissions. I only wish Warren Day at ASIC would reply just as quick, I'm still waiting a response to a email dated 4/8/13. Thanks Neil T....
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  • doyla66
    doyla66 says #
    I agree, Maria. The more submissions the better for our support for John Williams initiative, the ASIC inquiry. We also want to s
  • doyla66
    doyla66 says #
    Yes we need a truck load of submissions not a bucket load, so chop chop ladies and gents make us all proud. Remember we re doing t
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laughing stock cartoons, laughing stock cartoon, laughing stock picture, laughing stock pictures, laughing stock image, laughing stock images, laughing stock illustration, laughing stock illustrations
  Claims Australia's reputation in ruins:-- Jenny Rogers | August 20, 2013.. "ASIC's handling of the LM "saga" was "particularly galling" and the regulator was "caught napping.. Its subsequent inaction has contributed to the massive losses investors now face.. From our perspective ... the collapse of LMIM is a body-blow to Australia's image and to its reputation as a well-regulated financial services jurisdiction.. In short, they(overseas investors) trusted Australia.. but have been let down." THE collapse of Gold Coast-based LM Investment Management has left Australia an international laughing stock, according to a body acting for overseas parties who invested in its funds. The Advisers Committee for Investors said Australia's "hard man" regulatory image had been hammered by the LMIM collapse, which had highlighted "multiple" failings in the regulatory system.ACI took aim at the corporate regulator, the funds' administrators, banks and LM founder Peter Drake for failing investors "on several levels".It said in a statement:...
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Dear members As long as we have senior lawyers calling the shots at ASIC, FOS and COSL we will not get any satisfaction with our claims unless the government gets involved, but as past history has shown the government likes to let the regulators self govern thus absolving the government from responsibility. The cosiness between the regulators legal administrators and the financial king pins, high profile law firms is a major concern, a Gadens partner advising ASIC is a prime example. To my simple mind, if you present to ASIC, FOS or COSL a copy of your LAF where it is blatantly obvious the facts have been altered the said authorities instead of sending a friendly letter requesting anything the lenders might have available should without prior warning confront the bank or lender. The regulators should send in forensic accountants who know what to look for and any person not willing...
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  • doyla66
    doyla66 says #
    You're right, Neil. The whole system stinks. And complainants are up against ASIC/FOS/COS who look a lot like they're working for
  • doyla66
    doyla66 says #
    Yes Neil, an innovative ASIC 'honed' investigatory technique; give alleged criminal "heads-up" then pop over for lunch, gotta love
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The Australian Securities and Investment Commission ("ASIC") has been on such overload THEY ARE EXHAUSTED!   Today ASIC boasted:  "Since 2009, ASIC has prosecuted 29 insider trading matters."   Does this suggest we bow down and hail them all as Bogan Heroes? That’s around 7 prosecutions per year:  The tragic 330 ASIC investigators must be utterly exhausted.  Now if you are not reeling from Michael West's comments/article re Toxic Low Doc Lending and ASIC response for 14 years: "do not cry to us....go and get a lawyer....and we know you cannot afford one but the banks have $2,000 per hour lawyers like Gadens and Kemp Strang......try spluttering over this gem:- Lovely lady on a disability pension wanted to do a few renovations on a home she had owned for some years.  Nice Broker came around and suggested she borrow $80k plus $60k to "afford to service the loan...."  Brokers uses Westpac's own SERVICE CALCULATOR to enable...
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  • Louie2U
    Louie2U says #
    Exhausted on 7 per year? Maybe, it's because they spend their time writing up brochures or 'how to guides' rather than doing real
  • doyla66
    doyla66 says #
    Yes, our ASIC letter informed us we should go to FOS or get a lawyer. Interesting that Gadens fees are $2000 per hour. I guess T
  • doyla66
    doyla66 says #
    My ASIC flick-off says "go to COSL" re FOS not reporting(rule13.1) to ASIC, INGBank's serious-misconduct @FOS hardship Dispute..go
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More fuel for the ASIC fire:    Michael West @his best as eminent SMH BUSINESS COLUMNIST..  It was not a pleasant week for the corporate regulator. As if the revelations of the 16-month delay to investigate the cover-up in Commonwealth Bank's financial services division were not harrowing enough. Then there came news that more than 100 low-doc loan victims who had filed formal complaints of fraud last July had been advised to ''get a lawyer''. Their supporting evidence was ignored.   When it comes to insolvency though, the Australian Securities and Investments Commission responds with the brutal efficiency of Seal Team 6, the special operations force that took out Osama bin Laden.   The disturbing evidence of two-speed regulation comes care of an accounting and disclosure expert from the University of NSW, Jeff Knapp. Documents obtained by Knapp under freedom of information laws show no less than nine senior ASIC people, including...
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  • doyla66
    doyla66 says #
    yaaawn as ASIC deputy Kell spins.. "WE WILL ACT" when expectations are not met & banks fail to provide clear info to consumers.. b
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Dear members One of the things I cannot comprehend is why Asic downgrades the crime of fraud as a dispute considering the number of legal professionals employed by ASIC. Why should financial providers who practice fraud in the true sense of the word have any complaints downgraded to the lesser complaint of a dispute thus implying no criminality? I do not know whose juristiction it comes under but for the law of the land there should be a national definition of fraud which should apply to all courts from the supreme high court to the lowest and all federal and state bodies and regulators should abide by it. I chanced upon a legal magazine article dated May 9, 2011 concerning a young lawyer who forged a medical certificate to cover a sickie and got caught out, she was given a fine and a reprimand but His Honour Judge Michael Macnamara of...
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  • doyla66
    doyla66 says #
    No accountability is the problem with FOS. Just who do they answer to for their error in judgement. Mr.Nobody. He is a pretty coo
  • doyla66
    doyla66 says #
    On Twitter: #ASIC discussion ongoing Search for #ASIC or #asic and join the thread started by @AnnieJo075 Others involved too Be
  • doyla66
    doyla66 says #
    Who gives ASIC , FOS and COSL the right to change the definition of fraud. In no way can these crimes be classified as disputes, t
  • doyla66
    doyla66 says #
    Great post Neil - you've answered a lot of my questions. Thanks for the research. This is important to know. From experience, as
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FBI: Elk Grove Woman Sentenced to Prison for $5.5 Million Mortgage Fraud Scheme POSTED BY ALEX FERRERAS ON AUGUST 16, 2013 IN SCAMS   (Source: FBI) – Hoda Samuel, 62, of Elk Grove, California, was sentenced today to 10 years in prison for a mortgage fraud scheme that caused more than $5.5 million in losses, U.S. Attorney Benjamin B. Wagner announced. “Taking fraudsters out of the residential real estate industry and sending them to prison has been one of this office’s top priorities,” U.S. Attorney Wagner said. “Today’s sentence is another success in our fight against the mortgage fraud schemes perpetrated by Hoda Samuel and her co-defendants that wreaked havoc in this region.” “Greed-based crimes such as these can undermine the stability of our financial institutions and the economy, resulting in devastating consequences for homeowners, businesses, and communities in which the properties are located,” said Special Agent in Charge Monica M. Miller of the Sacramento Division of...
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  • doyla66
    doyla66 says #
    Bloody hell Samules and my despicable broker are looking in the mirror!
  • doyla66
    doyla66 says #
    "Greed-based crimes such as these can undermine the stability of our financial institutions." Pardon me for my ignorance,but how d
  • doyla66
    doyla66 says #
    Neat sordid scheme. But they will now pay the price. What about all the innocent home purchasers are they to be compensated.?? S
  • doyla66
    doyla66 says #
    This sounds more like a spruiker broker type scam. Interesting that they set it up so when the lender phoned to verify ... someon
  • doyla66
    doyla66 says #
    Good for NOTHING ASIC shirks its obligations -v- FBI, "who continues to be committed to identifying & investigating mortgage fraud
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Posted by on in POLITICS & PARLIAMENT
Dear members The one thing wrong as a politician in opposition is that anything you put on record comes back to haunt you when your in power. Joe Hockey wrote an article for Punch dated November 4, 2010.  As I'm not computer savvy the link is as follows and anyone who has the skill feel free to repost the link on our website. http://www.thepunch.com.au/articles/hey-wayne-are-you-still-laughing-about-bank-reform/ He stated we need bank reform and yes he did not begrudge banks making a profit but its a two way street and as we rely on each other the consumer is entitled to a fair deal as well. This article was addressed to Wayne Swan over his inaction against CBA for setting interest rates as they deemed fit and not the RBA's guidelines but is just as relevent today considering CBA's record profit announcement yesterday. Seeing Joe's mother in law is also a victim like us...
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  • doyla66
    doyla66 says #
    I emailed Joe Hockey in 2011 re Banking issue I was having with the Nab. Explained the fraudulent activity I had become entangled
  • doyla66
    doyla66 says #
    Thanks, Neil. Nice to have some good news. I hope the media are going to ask him to flesh this out as a policy on Banking and Fin
  • doyla66
    doyla66 says #
    Well said Joe ......"What we need is better and more functional regulation. We need a branch-and-root review of the financial syst
  • doyla66
    doyla66 says #
    Neil, 'by hock or by crock', its not good politics turning-up @mums-in-laws 'empty-handed' coming from ASIC's farmers market, 'Sen
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Dog Cartoon 2705: I know it's unconventional, but there's only so much homework one dog can eat.
Bank$sters Paradise, lending without oversight ("cradle to grave" fraud). William K. Black Assoc.Professor-At-law and white-collar criminologist says.."fraud's defining element is deceit. The fraudster gets the victim to trust him and then betrays that trust. This is why 'control fraud' -- in which the person controlling a seemingly legitimate entity uses it as a 'weapon' to defraud -- by our elite financial institutions is such a powerful acid to erode trust. Trust is vital to an effective economy." Hopelessly conflicted ASIC 'bankophile' chairman Greg Medcraft -- a journeyman banker seen as eunuch to His real masters voice-- "the bank$ters' cartel", leads a watch-doggie without BALLS nor COURAGE to bark criminal sanctions against soiled CEO's knowingly covering-up BFCSA's 'hard evidence' demonstrating endemic abusive mortgage lending intended by design to cause detrimental quality of life thru homeliness, destitution, family breakdowns and manifest ill-health leading to premature death.. ALL on Medcraft's SLEEP or skilfully applied exercised "under-sight". Consumers deserve, in fact, demand...
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  • doyla66
    doyla66 says #
    Well said, Simon and Change. I totally agree. Thankyou for the post, Andy. Love the cartoon - so ASIC How appalling - people war
  • doyla66
    doyla66 says #
    Thanks Lisa -- that one is titled "Too Much Homework".. wait till you see "Conflicted Doggie" in therapy sessions...
  • doyla66
    doyla66 says #
    Looking forward to it
  • doyla66
    doyla66 says #
    Agree Simon.. AND we want our money back.. all those fees, charges, interest paid.. these Lenders must not profit from fraud at ou
  • doyla66
    doyla66 says #
    It seems to me this is a shoo in for dishonest bankers and brokers all you have to do is find someone decent who does not have a c
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Comment by teddyr Tuesday, 13 August 2013 · Reposted                           My Submission in and a Letter to Senator Williams "Well I hope everyone has done their bit, dont make it someone elses problem get your submission in. I can tell you right now that the Senators dont care if your spelling is not up to scratch or you are not grammatically correct they want the content BALLS AND ALL. So no more excuses get moving, not ill do it tomorrow or will my submission really count. Yes every submission will count and tomorrow may be too late so "DO IT NOW". I have put my submission in and a Letter to Senator Williams personally. I figure if we have come this far and waited this long for the chance for some justice I am making every post a winner and I never want my children or our future generations to go through the...
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  • doyla66
    doyla66 says #
    Yes we are all tired, stressed, overwhelmed but the the Banks and ASIC don't care!In fact that's what they are relying on!!! PLEAS
  • doyla66
    doyla66 says #
    Hello members.It is good to see a number of submissions are increasing. I am Japanese and even I could put submission no 15 trying
  • doyla66
    doyla66 says #
    only 70 in so far......Cmon members we are all here for the same reason to save our homes & each others & we need each other, so p
  • doyla66
    doyla66 says #
    Hi all, I have been watching with interest all the Senate Submissions. As you all know Nab evicted us from our home on the 30th Ma
  • doyla66
    doyla66 says #
    Come on people our future hangs almost wholey on what we do here, there was 57 submissions in when I last looked today it would be
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Hi George, remember me?  I attended your 2004 Parramatta Seminars where 200 people gathered to hear your words of "wisdom."  How you had learned your craft from Henry.  Remember Henry Kaye and National Investment Institute?   You were going to lead people into believing that you could turn water into wine and a few pamphlets into rivers of gold.  Remember all the people you signed up to your Today Not Tomorrow Institute (TNTI).   You even sent them material like: "How to Create New Multiple Streams of Income And Ensure a Lifetime of Financial Abundance!  There were a few versions and all with money back guarantee And remember your mate extraordinaire, Pat Sciarrone who told everyone his life had changed?  ASIC had a look at this and yes George, they found nothing wrong...."if people are silly enough...." the old ASIC throw away line exposing their own internal cultural problem as complaints rolled in.  Then you rang me...
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  • mj99
    mj99 says #
    OMG This guy sounds like an absolute crook. Company called Knowledge Source. Just tried to sell me a course with Massland Group.
  • doyla66
    doyla66 says #
    Last I heard, GEORGE MIHOS was working with Michael Atwell at For Sale For Lease. This was in 2012. Not sure if he's still there
  • doyla66
    doyla66 says #
    Hi Denise, George Mihos seems to now be involved in peddling worthless U.S real estate where his M.O is too make money from naive
  • Artie
    Artie says #
    Hi Denise, Same scams - different name. From TNTI to Actandgrowrich.com.au Mr Mihos or Giorgios Michos as he now calls himself
  • Denise
    Denise says #
    Thanks for tip Jomadison, Just blogged re gorgeous george. denise @ bfcsa.com.au
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I just put a blog up on our website when I checked my email, after reading it I was so pissed off I had to let everyone know and thanks to the internet we can inform the world of why our politicians and regulators are useless, with the exception of the good Senators. We get a bit jaded with our pollies in general for their lack of action and compassion to our cause but being cursed for being trusting souls I gave The Hon. Michael Ronaldson a chance. He is the Shadow Minister Veterans Affairs and had a meeting with our local federal M.P. and vets at our local bowling club. After the meeting I spoke to him and his P.A. and they both assured me if I wrote they would respond, well they have and its the typical fob off letter. I went into great detail outlining how myself and...
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  • doyla66
    doyla66 says #
    thanks Neil. and agree with you Duped.
  • doyla66
    doyla66 says #
    Just about typical Neil, most pollies are only interested in getting into power and getting in on the gravy train. I bet if you sa
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