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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: ASIC IS THE FRAUD: "as always we cannot see any evidence we are all blind as bats and a little corrupt or stupid or both."

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ASIC IS A FRAUD and there is no doubt in anyone's mind.  In the Inquiry there were seven ASIC LUMINARIES including its Chief Muddling Medcraft.  Its not all Greg's fault as the public PERCEPTION OF ASIC's lack of capabilities, lack of understanding of its own laws, lack of proper investigations into consumer complaints have been going on since 1998.  Same form letters saying "bugger off, get a lawyer."  Commissioner admits this is unacceptable, but they continue in the same pattern of doing nothing.  Nice easy bludge job is ASIC.  No results, and when on the stand in front of the senators Medcraft was eager to tell everyone the blame lies with Brokers and its a cultural problem and its up to the Industry to fix and not our problem.  This is the essence of reading his monologue in Hansard......Not once did he mention: LENDERS AT FAULT, BANKS TO BLAME, SERVICE CALCULATOR is a fraud, engineered by the Bankers, consumers targeted (ARIPs in particular) - forged signatures on LAFs a common occurrence - three peoples handwriting on EVERY LAF - the third character being the internal staff at the Banks.  Medcraft, via Tanzer as much as admitted they are training the Australian Federal Police - glory be!!!

But AFP after one year of training not up to speed yet, but no need for a separate SERIOUS FRAUD OFFICE!!!!  Why?  Its a Broker cultural problem!  Give us all strength!  The only person to mention ITS THE LENDERS AND WHY was me.  How sad and corrupt is that?  Medcraft then blamed Policies for watering down FIFO but refused to confirm "we do not comment on.....yadi yadi yada.....  Senators were visibly irritated by Medcraft and his 6 cronies twaddle.  

Yes ASIC are responsible for FRAUD and criminal conduct...well that has two meanings.  To me that means ASIC are directly responsible for the carnage. Over and again the patient (losing patience at key points) Senators demanded ASIC explain their NON PERFORMANCE endemic for over 15 years.  They all ducked the questions as trained as monkeys over the past decade in ASIC jargon......."we know nothing."  

Senators repeatedly asked: What about the 418 submissions (now 431) the highest number for an Inquiry, many from BANK FRAUD VICTIMS all blaming BANK APPROVALS.  ASIC could offer no explanation as to why they had allowed the Banks and Lenders to get away with murder for nearly two decades.  Do not mention the "B" or "L" word.  They are not consumer protectors but by their inaction support the biggest BANK HEIST this country has ever seen.  

My own evidence was cut short and my apologies to all those who turned up after travelling hundreds of kms (2000 kms) to attend only to find the schedule had changed and I had already left the building.  We hope the good Senators call me back in there.  Lets hope the good Senators call for an extensive ROYAL COMMISSION into the BANKS and recommend that ASIC be stripped of its duties as the Consumer Protector.   Let us hope they recommend  NEW CONSUMER BUREAU of INVESTIGATION be set up immediately as a matter of urgency with a proper SERIOUS FRAUD UNIT within the structure.  No ASIC gene pool bids need apply for those jobs........they are too inexperienced or worse: prime suspects.

ASIC has been given evidence by an EXPERT ON FORGERY.  ASIC has written the usual "bugger off" letter in response:  READ ON:

ASIC says no to low-doc loan inquiry

THE corporate regulator has refused to investigate a claim of alleged low-doc loan fraud despite one of the nation's top forensic handwriting experts saying there is "no evidence" the documents in question are legitimate.

Businessman Gary White applied for copies of the application forms for a loan he had taken out via mortgage broker Resi and said he believed his signature had been repeatedly forged and his income inflated more than sixfold.

Resi has denied Mr White's allegations and says it takes such allegations "very seriously".

As reported by The Australian this week, Mr White has spent four years seeking regulatory action, and has spent thousands of dollars having the documents forensically examined.

Handwriting expert Steven Strach, of Forensic Document Services, concluded there was "no evidence" signatures on the documents were those of Mr White.

The Australian Securities & Investments Commission says there is "insufficient evidence" to investigate the matter.

ASIC was heavily criticised last week by members of an inquiry into the banking sector over its failure to take action over issues such as alleged widespread loan application fraud before the global financial crisis.

As revealed by The Australian, loan application fraud via "low doc" and "no doc" loans was widespread before the financial crisis.

Because incomes were not verified by lenders, such loans were highly susceptible to mortgage brokers and others in the lending chain inflating incomes and other financial information to have loans approved in order to earn hefty fees.

Banking inquiry member John Williams yesterday repeated his concerns about ASIC's failure to take action to hold to account those allegedly involved.

"That ASIC are not looking into this is no surprise to me as it took ASIC four years to take action against Stuart Ariff, the liquidator who is now in jail," he said.

"In my opinion the only reason ASIC looked into (the Ariff case) was because of media coverage."

Senator Williams has called for a royal commission into improper lending practices during the last property boom.

Regarding the alleged fraud involving Mr White, Dr Strach -- a former document examiner with the London Metropolitan Police Forensic Science Laboratory -- said it was "highly unlikely" that "any of these questioned signatures were written by this person (Mr White)".

Dr Strach yesterday said he was "surprised' ASIC had claimed there was insufficient evidence to take action as the language he had used was "very strong, normally as strong as we would go".

Dr Strach said such strong expert statements of alleged handwriting fraud were "almost always successful" before the courts.

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Comments

  • doyla66
    doyla66 Saturday, 22 March 2014

    Duped

    ASIC, FOS and COSL must be put on notice to rectify this fraudulent scam before there are more conned borrowers effected and if falsified information is on borrowers laf's, then decisions must go in their favour. The time will come it's only a matter of when and I believe some of the good senators have got a handle on this deception.

  • doyla66
    doyla66 Saturday, 22 March 2014

    It is obvious ASIC are lame ducks in the worlds of fraud. In 2004 we owned a petrol station. At that time you could get a replacement fuel for the old Super petrol which was used in older cars. Unbeknown to us our fuel supplier distributor was just providing ULP unleaded fuel into our storage tanks. It was supposed to be the replacement fuel.

    I had an irate customer come back after purchasing this fuel and threaten to wrap his chainsaw around my ears because it had blown up (his words). He intimated or rather stated our fuel was no good.

    That incidence led us to have the fuel tested which showed the fuel to be ULP. Several other incidents occurred including Ski boat engines spluttering and overheating during the period we were unaware.

    I phoned ASIC in regards to the fraud. ASIC were very enthusiastic initially and sounded like they meant business. ASIC indicated "If this was happening to your petrol station, How many more were being subjected to the same deal?" Nothing ever happened and I mean nothing at all.

    This fraud by the fuel distributor could have had dire consequences for us if the customers had been injured or the engines were extensively damaged, for we would have been held responsible and no doubt sued. The supplier distributor continued on his merry way with no repercussions. Although this is a small incident and complaint, I would have thought it was worth investigating. No so!!!!

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