Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook

facebook3           facebook2 


What BFCSA Does...

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.


Articles View Hits

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: ASIC the experts at Poor Performance - hence white collar crime in Major Banks flourishes in Australia

Posted by on in Dumb ASIC
  • Font size: Larger Smaller
  • Hits: 2215
  • 1 Comment
  • Print

Posted by Houses and Holes in at 1:58pm on October 11, 2013


From ASIC chief Greg MedcraftThere are three points to make. ...................


made the point that the Federal Police had investigated Securency then passed the issue to ASIC, where it disappeared


From the ABC program:

The AFP handed its evidence to the Australian Securities and Investments Commission (ASIC). In a statement, ASIC said it had reviewed the material and decided not to take the matter further. The RBA sold its 50 per cent share in Securency earlier this year.

The program also made clear that ASIC never interviewed the prime witness in the parallel case at Note Printing Australia even though doing so would make eminent sense. This is made all the more peculiar by ASIC’s own defense: that it read “10,000 documents” before dismissing the case. To put it mildly, it needs to get out more.

The second point is that Australia’s white collar laws are simply too soft. In the comparable laws in the US and UK – the Foreign Corrupt Practices Act and Bribery Act – make clear that corrupt practices are criminal offenses that will be prosecuted at home.

In his speech today, Medcraft didn’t even mention the case of the RBA subsidiaries.  Given these, how are we to take Medcraft’s ASIC on trust – that it has the will to police anti-corruption behaviour – when instead of arguing for a fix to the problems it hides behind them?  read more$file/Setting-the-record-straight--ASIC-bribery-and-enforcement-action.pdf

Setting the record straight: ASIC, bribery and enforcement action
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission
AmCham Business Leaders Lunch
11 October 2013


Today I wanted to speak about ASIC’s handling of foreign bribery cases – something that has received a lot of media lately. In particular, I want to discuss our involvement in these cases.  Before I do that, I thought I’d briefly overview how ASIC works.......................

Last modified on
Rate this blog entry:


  • doyla66
    doyla66 Saturday, 07 June 2014

    Government values and actions out of step with society on white collar crime

    ASIC cannot – and will not – do anything to jeopardise the success of criminal actions.
    Huh? Does this mean ASIC will let the criminals continue with their criminal actions if this is keeping their companies viable?
    Or does it mean ASIC won't get in the way of criminal prosecutions?
    Either way, ASIC and a succession of Australian Governments have been way too soft on white collar crime!
    It's no wonder that Price Waterhouse research discovered that 57% of Australian companies have white collar crime in their businesses! And the criminals are most likely to be men.
    When it comes to the Banks white collar crime is part of their so called success. And no one has been brave enough in government to take them on and drive them to court, conviction and jail for criminal offenses. Civil cases are too soft on these guys.
    When is the Australian government going to get tough on white collar financial crime and really mean it? Because that's what the population want now. Surely they should be reflecting the values of the Australian people in this important area: trusting others with our hard earned money and the future of our family homes.

Leave your comment

Guest Thursday, 03 December 2020