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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: Banker faces up to 10 years in Prison - that's what we want to hear in Australia

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British banker pleads guilty to Libor rigging

Senior banker faces up to 10 years in prison as Serious Fraud Office secures first UK guilty plea in Libor rate-fixing scandal

7 October 2014

Senior banker faces up to 10 years in prison as Serious Fraud Office secures first UK guilty plea in Libor rate-fixing scandal.

A senior employee from a leading UK bank has pleaded guilty to a Libor-fixing conspiracy charge brought by the Serious Fraud Office.  The man, who cannot be named for legal reasons, faces up to 10 years in jail. On Friday he became the first banker to plead guilty to criminal manipulation of Libor in Britain. Reporting restrictions were partially lifted on Tuesday.

Trillions of dollars of loans and credit derivatives are priced with reference to benchmark interest rates, published every day in London and known as Libor, or the London interbank offered rate.  Suggestions that this rate – which purports to represent the price banks would be prepared to lend to one another – had been manipulated by some of the world’s biggest lenders was a major blow to the reputation of London as a leading financial centre.

Since at least 2012 regulators and prosecutors in Europe, North America and Asia have been investigating separate allegations of Libor manipulation plots. Billions of dollars of fines have been imposed on a string of banks implicated in the scandal.  The SFO has been investigating alleged Libor rigging since 2012 and has been given additional funds to pursue this complex inquiry by the chancellor, George Osborne.

So far, SFO charges have been brought in relation to several cases of alleged Libor fixing. Among those to be charged was Tom Hayes a former trader at UBS and Citigroup, followed by two men formerly at the interbank money brokerage RP Martin. Hayes has pleaded not guilty and his trial is expected to start in January. The two ex-RP Martin brokers have pleaded not guilty.  Three former staff at Icap, another interbank brokerage, have also been charged. In the US, two former employees of the Dutch bank Rabobank have pleaded guilty to involvement in Libor rigging.


HSBC Directors Quit In Protest At Jail Threat

Directors quit over new regulations threatening tougher sanctions against managers of failed banks, Sky News learns.

By Mark Kleinman, City Editor

Two directors of HSBC's UK arm are poised to quit in protest at new Bank of England rules that pave the way for lengthy jail sentences to be imposed on senior managers of failed lenders.

Sky News can exclusively reveal that Alan Thomson, a member of the audit and risk committees of HSBC Bank plc, has tendered his resignation and will leave the board at the end of October.John Trueman, the deputy chairman of the legal entity that manages the UK high street and commercial bank, is also understood to be on the verge of resigning, despite having only taken on that role in December last year.  Sources close to the situation said that the likely departures of both men were a direct consequence of Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) proposals to strengthen accountability for senior bankers.

A public filing about Mr Thomson's exit will be made by the end of the month, with a separate one about Mr Trueman following if his resignation becomes official.  The likely exits of the two HSBC directors over the proposed regulatory reforms has caused deep disquiet both there and among senior executives elsewhere in the sector, according to insiders.  They are the first bankers to have decided to relinquish their roles because of the impending regime.

"This is just the tip of the iceberg," said a lawyer close to another major UK bank............


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Guest Friday, 23 October 2020