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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 Needs to be urgently demolished and rebuilt. Obscene Culture endemic

Posted by on in Corrupt Regulators
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The only reason ASIC can claim it clawed back $23 million is due to lobbyists like myself and others.  I spoke to Greg Tanzer, Darren McShane (dDir of Enfocrement and Errol Hoopman (ASIC Barrister) about Westpoint 15 July 2001 in Commissioner Tanzer's  Brisbane Offices.  I flew to see him on my meager budget.  ASIC has a BIG budget of $400 million plus a year and the Treasurer generously threw another $100 million at the ASIC PROBLEM end of last year.  Splashes of extra Mega Cash has not improved ASIC's performance.  They should try my budget.  

BFCSA has achieved what a $1 billion regulatory system could not achieve.  All on song: AOFM, ASIC, APRA, RBA and Federal Treasury told porky pies to Parliament: "We see no systemic issues in banking."  Five wise monkeys...see our cartoon corner.

We will set up an ASIC METER so you the public can vote IF you think ASIC's doing a good job!  ASIC Commissioners all met in July and November 2000 to nut out the Westpoint problem in March 2000.  I was the whistleblower so I should now.  I did what I always do, researched the problem thoroughly and took it to the "appropriate" regulators at the highest level for over a decade.  I also complained about 12 others that I wrote about in 2001 as "The Dirty Dozen."  Exposure of the Promissory Notes and Mezzanine Lending activities - each involving Bankers, LIQs, favourite Lawyers, developers and their lawyers, spruikers, the broker channel (unwittingly) and the Spruikers of the Wealth Creation Industry.  The idea for the industries involved was to create the biggest property bubble this country had scene.  Behind closed doors ASIC said yes, they were deeply concerned but did NOTHING.  Westpoint and others crashed spectacularly in 2003 and further implosions were suffered by retirees and SPRUIKED borrowers in 2003 - 2005.  Jeff Lucy said he was "The Enforcer."  What A SIC joke said consumer banners across all states.  A bigger LAF was yet to come.  The same troublesome gangs operated with impunity some with multiple collapse to their name and with ASIC spin doctors only telling the good things ASIC does - pure spin and ASIC boasted about the "little guys" they pinged stealing $60,000.

Stephen Mayne and I drew up a list of their historical records.  I had read every annual report back five years and in 2003 we released the truth:  an average of 18 - 40 prosecutions a 330 ASIC investigators!  All the charges related to small events.  "Someone stole $200,000."  Whoopey Doo.  Stephen kept that list going each year and it became worse each year.  ASIC had effectively decriminalized that which Parliament deemed as criminal activity.  ASIC had clearly been captured.  The BIG Name Banksters continued to roam the range with immunity cards.  Mums and Dads who had worked hard fopr forty years and had a neat little home and a bit of spare cash.  These decent Australians - the majority of us - were being targeted as "ARIP's which was a banker term coined by Macquarie for Asset Rich Income Poor.  Mackers now bleat "we do not do that anymore."  However that means they had the opportunity to wine and dine the PM and wined and dined ASIC keeping every regulator "in their place." 

Mackers flagged all of this to the Broker Channel and beyond.  All Banks were involved and as these bankers pushed the property market up, free of any thought of regulatory crack down, they flogged FAULTY FINANCIAL PRODUCTS by the bucket load to all of the unsuspecting and trusting Mums and Dads.  No wonder they rose the status of Millionaires Factory.  Instead, all banks using this same system of "wealth creation" and broker channelling should have been labelled "Thieves Paradise."  The scam was so intense, so money driven, the chief's cared not one dot for the 95% people they saw as prime prey for their own wealthy retirement "rolling in dough."

We also noticed several of the key players on the commission, the consumer boards etc were part of the same "gene pool" - the friendlies.  The trusted and privileged few who played by the bank rules" as if a quite game of Monopoly, were offered salaries of $500,000 plus and if like Mcxxxxx and Joxxxxx and 14 others, they received a three year posting attached to ASIC in other countries half to one million x 3 years tax free was the "happy card."

One spruiker was heard in a coffee shop, complete with leather jacketed lawyer from Lygon Street and god chains dripping from manly chests: "we need $100 grand for up the top but I will fix that this afternoon, do not worry about that.....the bank etc...."   

Consumer Victims have relied upon ASIC to assist.  Yes it was shamed by the media into collecting a paltry $23 million this past 12 months.  BUT ASIC gobbles up  a shameful $400,000 plus per year and shares that pot of gold with no-one.  ASIC has taken a staggering $5.6 billion (revenue from fees and charges) and protected the banks and hangers on at all costs.  The only money ASIC spent on real consumerism during the past 14 years has been on "brochures and Paul Clitheroe Seminars."

When Terry and Marlene (pensioner couple won their right to appeal in WA supreme court early this year) I sent a formal begging letter to Chairman Greg Medcraft and begged him for the $225,000 bond money that Bank of New York Trust and Pepper Home Loans insisted on via the court.  The couple had discovered via their friends and lawyer helper, four grounds for appeal and the Judge agreed.

All "Greggie" had to do was open the ASIC vaults and hand out 0.5% of their bloated budget on a matter of PUBLIC INTEREST.  Medcraft refused.  FOS refused to open the case that Alison Maynard never competently investigated (ex head of the FICs in a FIX program and now head of the Insurance Ombudsman - same gene pool).   All of these regulators had the power to investigate the banks - none did.  All had the power to save this case from going to court.....all failed.  The shark and sharp Banksters moved in and took over Terry and Marlene Moore's home.

They were thrown out in to the streets two months ago.  FOS has recently been told to inflate the claims and throw out cases under the Terms of Reference of limits of $500,000 investigative criteria.  Bankers were not constrained in any way from promoting JUMBO LOANS OF $3 million to the broker channel using LOW DOCS.  No limits on bankers there.  tHE PALTRY $500,000 AND $280,000 limit on claims is an ASIC 


Paltry limits of $500,000 investigation of claims by FOS and COSL - the insurance and banking and credit Ombudsmen.

Paltry limits of $280,000 on claims KNOWING the average loan peddled by Banker participants in this scam is double that figure.

No limits on Banks and Non Bank Lenders on known FAULTY FINANCIAL PRODUCTS

The long suffering 95% public view the bank building monstrosities as Fawlty Towers indeed.  Hacker would be laffing and chaffing at the bit!

FOS and COSL ordered to CLOSE FILES as asap.......banks are eager to steal homes, no investigations by Federal Police.

Told Parliament in July they had not received any LAFs of the sort we describe - big LIE.  They know they have 100 but Warren Day wanted me to send them all in again (February) WHY was that Warren?  

The $2000 an hour lawyers of the banks settle down: you are next.  Do not even think about writing me a polite letter my answer will be: have received your letter, have noted its contents and now Bugger Off."  Your client's best mates sent my Members bugger off letters its now TIT for TAT and game on.  I never go anywhere without documents attached and its Game On.  Enough people have suffered LOST HOMES and you now need to be brought to book.  Bring on the Royal Commission Urgently.  

We have no regulatory system to protect consumers and consumers need to be told of that condition.  WE have a finance market awash with faulty products, otherwise why are those documents flooding in to my in-box and why have banks hidden these documents for so long?  To protect brokers?  NO not at all....they set the brokers up to take the why hide the documents that are part of the clients' files?  

The reason is............much more to come and stay tuned.  The amount ASIC assisted consumers with in clawing back funds is a pittance, was media reactive instead of proactive and only to protect their battered image.  The amounts over 4 years are a pittance when weighed up with the LOSSES.  ASIC spin doctors are ex Government spinners.  $1.5 Billion was lost in 2000.  ASIC lied to Parliament via the Treasury and said the magical $350 million.  Westpoint blew that figure away in 2005 after ASIC was warned in March 2000.

Despite my Monty Pythonesque style of writing, this is serious business.   These are allegations of deep rooted criminal activity and the products a result of long term entrenched corruption of the political and regulatory  system.

BFCSA'a site is not a gossip site.  It tells the truth and we have a right to speak truth to Parliament.  That is the basic tenet of our democracy.

This email address is being protected from spambots. You need JavaScript enabled to view it.  

PS there were 2716 hits to our site last night.  People are understanding the key issues are no different to America or Spain or UK or Greece or Europe or Iceland.  Of course: THIS IS is our FULL DOC AND LOW DOC MORTGAGE SUB PRIME CRISIS.  I did not invent this scam.  I just happened to find it and continue research to assist consumers to fight back.  The Fight Back is a bit of mere collectivism that's all.  Banks have pricked the property bubble as they had all the levers.  The refinancing of the buffer loans via LOCs have ceased ......predictions of fall-out from untainted economists please?

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  • doyla66
    doyla66 Wednesday, 05 June 2013

    Cover ups, corruption, lies
    Lies upon lies upon lies...I remember writing to them and told to go to FOS..a bugger of letter.
    Now FOS has been told to issue bugger off letters.


  • doyla66
    doyla66 Wednesday, 05 June 2013

    Another powerful post from Denise. She sure has a library of information exposing the crimes and shameful low performance of Australian government regulators who, for reasons known only to themselves, continue producing token results instead of performing at at least 75% success rate tackling issues the public expect and the government wants.

  • doyla66
    doyla66 Wednesday, 05 June 2013

    Just because others couldn't see the problems with ASIC and the other regulators and the pattern of lending, the six links in the chain and the collective epidemic of willful blindness and "disobedience" by the majority of Australian lenders doesn't mean Denise or BFCSA members are wrong. Tell them to grow up and then to come back and look at the information on this site and the evidence in a quiet moment and with an open mind. It is a special skill to be able to work at the level of details. It is equally a special skill to be able to join the dots and see the big picture emerging. Don't knock what you don't understand. That is ignorance and it doesn't pay to broadcast it lol.
    As for BFCSA being a "gossip site" - would that it were such a bright and light social event. Day and night BFCSA members, their friends and many others around the world come to the BFCSA site for reassurance, for support, for information and research material for their EDR submissions, school and Uni assignments and to connect up with others in a similar situation. None of that sounds like a "gossip site". The situation that we have found ourselves in is way more serious than that and for many this site is a lifeline to get through one more day of the most stressful experience of our lives. Could I suggest the naysayers have more respect for the victims of this Loan Fraud and for Denise's work over 2 decades of government and regulatory ignorance and neglect. It takes courage and tenacity to take on a Bank while under what is potentially life threatening stress for adults our age. Added to this we are negotiating with lenders in an environment where much of the "unbiased" EDR system is weighted against us and designed to keep borrowers out of the "free" complaints handling process. This is not nice, kind or fair. Every form of support is needed as our members don't have degrees in finance, economics or law.
    As for the humour - if we couldn't laugh occasionally or express ourselves with black humour and a touch of Gonzo journalism we wouldn't be Australians.
    Denise "keeps the asphidistra flying" voluntarily for the benefit of borrowers in need of help. She deserves a medal rather than flak from the sidelines. No doubt there will be plenty more flak to come.
    Of course ASIC will bitch about what Denise and others are doing in the interests of all Australians. We're aiming to make Australia a safer place for decent people to live and invest. We value honesty and integrity. And we're making ASIC look like Dodos - which isn't particularly difficult. All their own work. ASIC said it and did it - BFCSA simply reported and revealed it. Frankly ASIC deserve everything we write about them - we're "talking" from experience.
    Stay tuned for the next installment and thankyou to our many thousands of friends and supporters from around the World :)

  • doyla66
    doyla66 Wednesday, 05 June 2013

    The Way Forward: Bankster Inc---Royal Commission, "not a minute to waste"

    Well spelled out Lisa: the word "gossip" appears to be one of spin-doc's favourit of 34~flavours to obfuscate revelations George Pell's espouses "gossip" within the Church 'at the time' ..and where our they now ROYAL COMMISSION that's where -- Canon Law reputation damaged ad infinitum ---Banksters next.

    *BFCSA members may consider a "BFCSA Initiative", and thru media sponsorship, not unlike "architectural competitions" seek to best identify a 'eligible list' of esteemed candidates ---just itching to leave a monumental legacy to the PEOPLE?

    Jurisprudence [edit]

    In November 2003, at the University of Exeter, Kirby(ret.) delivered The Hamlyn Lectures[10] [11] on the subject of judicial activism. Rejecting the doctrine of strict constructionism, Kirby declared that:

    "Clearly it would be wrong for a judge to set out in pursuit of a personal policy agenda and hang the law. Yet it would also be wrong, and futile, for a judge to pretend that the solutions to all of the complex problems of the law today, unresolved by incontestably clear and applicable texts, can be answered by the application of nothing more than purely verbal reasoning and strict logic to words written by judges in earlier times about the problems they then faced... contrary to myth, judges do more than simply apply law. ---They have a role in making it and always have"

    Kirby retired from the High Court on 2 February 2009, shortly before reaching the constitutionally mandatory retirement age of 70,[6] and was succeeded by Virginia Bell.[7

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