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BFCSA: ASIC - Peter KELL bans ex Bank Manager David St Pierre: Westpac "co-operate!"

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ASIC bans former Westpac bank home finance manager in relation to false loan applications

Wednesday 12 March 2014

ASIC has permanently banned Mr David St Pierre, a former Westpac Bank Home Finance Manager from engaging in credit activities and providing financial services.

Mr St Pierre, of Mt Nathan, Queensland, was a Home Finance Manager for Westpac Bank between September 2000 and April 2011.

An ASIC investigation found that between July 2008 and June 2010, Mr St Pierre:

·         submitted loan applications to Westpac for approval when he knew that they contained false information and that they were supported by false documents

·         failed to prepare an authority that accurately identified the payee of a cheque with the result that a customer cheque for $215,000 was paid into the personal trading account of a non-office holder of Capital Growth International Club Pty Ltd (CGIC), and

·         enabled and encouraged customers to borrow funds from Westpac and earned a financial advantage in the form of cash bonuses on the loans, in addition to his base salary, despite knowing that they were elderly, a pensioner, a carer or suffering from a disability, and would not be able to repay the loan if the scheme failed.

ASIC has determined that Mr St Pierre is not a fit and proper person to engage in credit activities and is not of good fame or character, making him an unsuitable person to provide financial services.

ASIC Commissioner Peter Kell said Mr St Pierre’s misconduct was very serious.

'ASIC will ban people from the finance industry who act dishonestly and place personal interests ahead of those they service. Mr St Pierre's actions exposed vulnerable members of the community to severe financial loss and hardship', Mr Kell said.

Mr St Pierre has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.



Mr St Pierre was a Home Finance Manager at Westpac Banking Corporation between September 2000 and April 2011.

During his employment at Westpac, Mr St Pierre had involvement in providing loans to All About Property Developments Pty Ltd (AAPD), the real estate arm of CGIC, as part of a property development scheme operated by CGIC and AAPD.

Mr St Pierre submitted loan applications for approval to Westpac when he knew they contained false information and were supported by false documents.

The 12 customers to whom the loan applications related were elderly or vulnerable and with limited financial means, yet in spite of this Mr St Pierre encouraged them to borrow against their homes, some of which were unencumbered, to invest in the scheme which promised returns of 15–25% per annum to investors. The customers received monthly interest payments from the scheme after they invested in it, however the interest payments stopped shortly before a liquidator was appointed to CGIC and AAPD on 28 February 2011, which left the customers without sufficient income with which to repay their loans to Westpac.

ASIC has been working with Westpac to ensure that affected customers are appropriately compensated. ASIC acknowledges Westpac's cooperation in relation to this matter.

ASIC's investigations, including consideration of final compensation arrangements, are ongoing.

Ed:  This happened at least 3-5 years ago and ASIC knew well before 2011.  What date did you report your complaint re St Pierre to ASIC?  Was St Pierre using the Westpac Service Calculator?  Yes I'll bet he was encouraged by BDM's to do so - to improve serviceability.  So its only a ban as he is not the real culprit and ASIC know that.  

So what punishment can Westpac expect from ASIC for teaching David to use the Service Calculator  ???????

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  • doyla66
    doyla66 Wednesday, 12 March 2014


    BUT........the real criminal here is Westpac! I suspect ASIC are trying very hard to look good, look at us, look at our work, we have banned yet another person.
    If I can see that, surely the good senators and the government can see it....... Why was Westpac approving the loans with out verifying information.
    It's the same for all big 4 Banks.
    There needs to be a special fraud squad bought in to work on this and sort the mess out.......
    They just don't care and give out millions of dollars without verifying customer information and checking affordability.
    As DB has said " It can fixed with one phone call to the customer "
    But the banks choose not to do this because they would then have no business.
    It's all wrong and Australian families are crippled by this disgraceful SCAM.
    The banks must answer for the service calculator..... It's a SCAM

  • doyla66
    doyla66 Wednesday, 12 March 2014

    Does Kell want a medal. What about investigating all the fraudulent loans we wrote to him about.
    What about the credit assessors altering figures without borrower knowing. THE BANKS MR KELL, THE BANKS!
    Kell is aiding and abetting fraud........YES HE IS!

  • doyla66
    doyla66 Wednesday, 12 March 2014

    Judging by the performance of ASIC to date it will be business as usual with another get out of jail free pass for Westpac and another ban for the bagman caught in the middle. It's now just all so predictable it's not even newsworthy for taking out a mortgage these days is akin to buying stolen goods off the back of a truck and well ASIC know it. Their complete disdain for victims is despicable! However, what else does one expect knowing ASIC are as guilty as hell for all they did, all they did NOT do and what they are responsible for. Just another instance of regulators who chose to aid and abet criminal intent rather than do their rightful job of exposing them and now clueless re how to protect their own precious bacon from being sizzled other than to soldier on and even further perpetuate the big scam. Would not like to have on my consciousence what they all have on theirs knowing what will happen when the s### really hits the fan!

  • doyla66
    doyla66 Wednesday, 12 March 2014


    Yep that's right, another broker cops it in the neck again after being taught what to do by the BDM.( THE BANKS ) To all you brokers tell your story anonymously if you wish to BFCSA , you may be able to save your neck when this fraud is exposed. The banks will blame you and you know it so start talking now and put these low life corporations on notice.

  • doyla66
    doyla66 Wednesday, 12 March 2014

    Ok so he's been banned from practising for malpractise of financial affairs. There are thousands more out there so go for it Asic round them all up and ban the lot of them for life.
    I hope these people will get the punishment they deserve and that must be long jail sentences so they will never re offend.

  • doyla66
    doyla66 Wednesday, 12 March 2014

    They mention compensation for the victims. There is only one kind of compensation and that is to put the victim back in their former financil position. Anything less than that is not acceptable.
    Don't forget us Greg and Kell, we fall into the same catagory and we want to be set free from the stressfull life which you have caused.
    You have now admitted what we have been telling you for a long time so now rectify it.
    You wrecked our life so now fix it.

  • doyla66
    doyla66 Wednesday, 12 March 2014

    So the way I have read this media piece is that
    Mr St Pierre worked for Westpac Bank when these frauds were committed,i:e he was a lender for the bank,( Finance Manager is just another fancy name for a lender)therefore the bank would have put him on a pedestal for writing so many lucrative deals,paid him bonuses,and encouraged him to keep doing it.(So ASIC have just blown their argument of the broker did it, with this statement ) Do they honestly think we came over on the last cabbage boat!!.
    Feel sorry for the guy,his reputation is ruined,because the hierarchy of the banks want,as many loans on their books as they can get and it doesn't matter who they are for as long as they have security,that's where they make all the lovely profits.

  • doyla66
    doyla66 Wednesday, 12 March 2014

    yes and RAMS and Westpac underwrite their own mortgage risk policies too! How very convenient. Charge the borrower, capitalize it onto the loan (more debt) only to pay themselves back the fee... and when the inevitable happens.. "stolen home" no one is there to dare question the banks in house fraudulent actions. In house credit assessors approve loans, allow imprudent lending no questions asked to obviously asset rich income poor people.... Yes lovely bonuses all round for the banksters!

    This is crap ASIC.. These financially crippled people should be put back to their original position prior to be preyed upon by Westpac. Many are elderly with homes paid off prior to Westpac devious and criminal actions.

    ASIC (FOS) thinks awarding people a couple of hundred, (yes only a couple hundred) dollars for stress caused by all of this corruption is OK??? What an insult!.. and the banks, well they just laughing.... etc.

  • doyla66
    doyla66 Wednesday, 12 March 2014

    This is a "show" banning. The issue was raised at the Senate Inquiry and in the media. St Pierre gets a public rubbishing and then SuperASIC, years later, fly in to save us from this person, announcing in it the middle of this Senate Inquiry. D'oh. It's all media showmanship. What else have they been doing?

  • doyla66
    doyla66 Wednesday, 12 March 2014

    Yes scapegoats at every level for when and if any trouble hits and any danger of big secrets being revealed might loom on the horizon. Then ASIC produce one of those get out of jail free cards programmed into the secret game formula by skippy for exclusive use of members of the Cartel and ASIC the bodyguards who protect them. It's all so disgusting I hope they trip out of their thongs when out goose stepping on Bondi beach just a hop skip and jump from their favourite Swissotel at their next clandestine meeting!

  • doyla66
    doyla66 Wednesday, 12 March 2014

    One down and thousands more to go. one after the other just like falling dominoes.

  • doyla66
    doyla66 Wednesday, 12 March 2014

    Looking at this horse in the mouth reveals.........

    ANZ Administrator Global Retail Credit Policy Team
    ANZ Automated credit assessment
    Generally, all mortgage credit applications are subject to automated credit scoring models. The objective of automated credit scoring models is to achieve business efficiency and minimise risk by providing faster assessment processes and more consistent and accurate credit.
    Credit scoring uses a statistically based approach to assign points to various characteristics, which empirical evidence, shows are predictive of borrowers defaulting, to arrive at a credit score. Different credit scoring methods may be applied to different products, types of applicants or size of loans applied for.
    At origination, the application credit score for each credit application is compared against “cut off” scores which, in conjunction with the application of credit policy rules determine if the application is acceptable. A portion of applications are referred out for manual credit assessment undertaken by bank officers with the appropriate level of credit approval discretion.
    Once a credit has been originated, a behavioural score is then derived from statistical methods using many of the customer’s internal historical account conduct such as arrears or excesses, payment history etc. to predict their probability of default.

    A breach of ANZ Retail Credit Policy & Requirements:
    ▪May void the Mortgage Insurance Cover or cause a claim to be adjusted for LMI loans
    ▪May result in a customer being overcommitted and potentially breaching responsible lending obligations
    ▪May result in security being of an unacceptable standard or unenforceable

    It is also a fundamental requirement that all credit/lending be administered strictly in compliance with retail policies/requirements and the ANZ’s internal control systems.
    Failure to observe these principles may result in an unnecessarily high level of problem credits. All products are subject to specific requirements and policies which are separate to credit requirements and procedures. Except where product requirements and policy are more restrictive than credit requirements, the latter holds overriding precedence.
    ANZ accepts officers may make genuine errors of judgement. Officers do not meet the standards of professionalism expected by ANZ if, in making decisions or taking action, they ignore known facts, which breach the fundamental principles of lending or disregard ANZ’s policies, requirements and procedures.
    Similarly, failure to make a decision or take action, or delay in doing so, which results in a loss to the ANZ is not acceptable.

    Falsified customer data input into the "stupid" programed automated undewriting system = falsly approved loans ANZ

    Two or three fingers of scotch...................

  • doyla66
    doyla66 Wednesday, 12 March 2014

    May I ask what this is all about Mr. Michael Kingfisher Smith? I note well that failure to make a decision, or take action, or delay in doing so which results in a loss to the ANZ is not acceptable. Well let me assure you Mr. Smith I agree wholeheartedly and echo your own words in stating the loss caused me by ANZ for breaching responsible lending obligations is just not acceptable either. Still waiting for your response to my letters Mr. Smith so the issue can be properly dealt with and can only assume you are having the devil of a time in trying to locate what has gone missing and a lot of other people are still waiting on their LAF's copies also so here's a clue re where they just might be hiding and might have completely slipped your memory

    Google star hasn't let cat out of the bags
    Business Date April 30, 2012

    COULD ANZ boss Mike Smith be the only chief executive of a listed company captured by Google's cameras? Although the face has been blurred, ANZ has confirmed the picture (right) is indeed of its CEO, who is seen supervising the loading or unloading of mysterious pink, or perhaps red, packages from the boot of a Jaguar.

    Smith was busy preparing to release the bank's first-half results, due on Wednesday, and bank spokesman Stephen Ries wouldn't say what was inside the mystery bags and couldn't shed any light on when the pic was taken - although it appears to be reasonably early in the morning.

    The few facts that are known are these: while Smith is well-known to be a lover of luxury automobiles - he drives a silver Aston Martin convertible - it's not his Jag. Rather, it's a diesel model that belongs to the bank. The bloke doing all the heavy lifting is Smith's driver. But none of that sheds any light on the contents of Smith's satchels.

    Could they contain wads of Hong Kong banknotes left over from Smith's stint as head of HSBC in the Chinese territory? Charity Christmas hampers for orphaned kiddies? Shredded documents? Party pies left over from a staff function? CBD would love to know.

  • doyla66
    doyla66 Wednesday, 12 March 2014

    So how do ASIC see the bank engineers of this fraud as fit and proper persons??? They're ruining lives across the country!! ASIC- CHECK YOUR JOB DESCRIPTIONS- YOU CANT BE SERIOUS-2014 and people have been made homeless because of this??!!!??!

  • doyla66
    doyla66 Thursday, 13 March 2014

    Declan Carnes - infamous Bank Manager of BOQ and storm financial case is back in court today with another. This victim is not storm financial related - but has same LAF issues. The victim is also an elderly paraplegic.

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