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BFCSA: ASIC are Exhausted! 7 prosecutions per year! Westpac Bank Low Doc TOXIC Loan Scandal ignored

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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 the Bank to fudge the figures for the pensioner.  Nice one guys!  We have labelled you as Bankster in the past.  

Our community minded Pensioner trusts everyone and lodges a complaint with ASIC.  They send out the usual Sticky Wicket letter: either go to COSL and complain about the Broker or get a lawyer.  COSL are useless as they are restricted under ASIC rules to only look at complaints post 1 July 2010.  That's another lie and diabolical issues so we shall sidestep that for another moment in time.

No-one informed the punters of the Service Calculator and, why is that?

Instead she decides to go to FOS.  FOS tell her to complain about the Broker - so therefore IOW  "we shall flick you over to COSL so you can complain about the Broker."  COSL say our member Broker quite rightly denies he did anything wrong....well yes we expect that because the obvious IN YOUR FACE FUDGED INCOME FIGURE of $85,000, (when she was on a pension), was exaggerated by the Westpac Bank , engineered by the Westpac Bank and FOS, COSL and ASIC know this to be true.  

But only BFCSA member assist explain what this lady has to do:  demand FOS investigate the Westpac Bank..............................simple. They are the culprits and the architects of this insidious crime.  All the Major Banks in Australia set out to steal homes from Pensioners and low income families.

Of course they did and, precisely why OCTOBER will be D Day for ASIC as to why Consumer Protection needs to be taken out of the hands of ASIC, FOS, COSL hands.

Whoever wins Government, this scam should be top of the political agenda.  100,000 families - mortgage borrowers are just starting to wake up!  The same goes for all the retiree victims of MANAGED INVESTMENT SCAMS.  You have all been milked and bilked whilst ASIC enjoyed obscene  pay packets whilst ignoring gigantic "conflict of interest," issues.

Congrats to the Major Parties you have both managed to keep the Australian Sub Prime Mortgage Crisis under wraps.  Our own GFC is on its way...............................

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  • doyla66
    doyla66 Monday, 19 August 2013

    I dont expect anyone to comprehend my below experiences, that's the point.. "no one is suppose to understand"

    My ASIC flick-off says "go to COSL" re FOS not reporting(rule13.1) to ASIC, INGBank's serious-misconduct @FOS hardship Dispute..go figure? This relates to ING (thru Pioneer) commencing court action after a FOS case file was opened & maintaining action throughout entire FOS Dispute period in clear breach of FOS rule 13.1, which is designed to prevent "undue duress" upon the Complainant while parties negotiate an appropriate resolution etc..

    You see ING's related entity and the actual Respondent @FOS called "Pioneer", had since moved over from FOS to COSL in Nov, 2011 weeks after the FOS Dispute file was closed on 4 Nov, 2011-- (as an aside) closed only after ING Direct forged and uttered a purported completed "Resolution Agreement" after fraudulently manipulating a draft (faxed) doc ING was given by FOS as a courtesy under its FOS rules and covered under privileged as per FOS Rule (16.6)... this separate issue is now before the State Police...that is, ING DIRECT (its officer) conveying a doc, purporting to be a true copy of a completed resolution which ING hold relevant "original"...all fake... (I hold "incomplete" original to corroborate)

    So, ... COSL said you must go to FOS because you must now complain against INGDirect and consistent with what Pioneer is saying to us at COSL today.... WoW!!! ...What is going on? .... ii is all SHAMBOLIC and ASIC, FOS & COSL must be removed and replaced with a proper..... "Consumer Financial Protection Bureau"

    The US DoJ's grand juries served Wachovia Bank 6,700 subpoenas over 3yrs seeking info to assist build its case against that Bank$ter, and, but. ....ASIc are only interested in hiding the truth and real solid evidence presented to it by Consumers to deny Consumer NATURAL JUSTICE....

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  • doyla66
    doyla66 Monday, 19 August 2013

    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 Thomsons Lawyers in Melbourne would be about the same. I think there is a link between Gadens and Thomsons but am not entirely sure. Adam Seagull was involved and I believe he represents Gadens. So if $2000 per hour fees were charged for our case then the amount charged by the lawyers would be more than the value of the home when sold. Country property values are nothing like city prices.

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  • Louie2U
    Louie2U Sunday, 31 August 2014

    Exhausted on 7 per year? Maybe, it's because they spend their time writing up brochures or 'how to guides' rather than doing real work that means taking on a real life challenge!
    I well remember my phone calls to ASIC (all diarised and documented by myself as I do not trust them). They could not get me off the phone fast enough. That is their flick pass. "I'm sorry, we cannot help you", "please ring . . . . .". "Yes, you have fallen through the crack. We know about it but there is nothing we can do to help you"!
    FOS (previously BFSO when I went to them twice) were a complete waste of time and effort. They are also hopelessly conflicted by the banks. I mean - - - how on earth are they every supposed to do an honourable job with their hands tied behind their back?
    These regulators and so-called authorities possess so very little will to deal with any of the problems that rightly come their way. What a useless bloody system we have. It is not one that the people of Australia deserve that is for sure. We deserve far, far better.

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