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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: Criminal CARTEL charges laid against ANZ, Citigroup and Deutsche Bank

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Criminal cartel charges laid against ANZ,

Citigroup and Deutsche Bank

5 June 2018

Citigroup Global Markets Australia Pty Limited (Citigroup), Deutsche Bank Aktiengesellschaft (Deutsche Bank) and Australia and New Zealand Banking Group Ltd (ANZ) have been charged with criminal cartel offences following an investigation by the ACCC.

Criminal charges have also been laid against several senior executives: John McLean, Itay Tuchman and Stephen Roberts of Citigroup; Michael Ormaechea and Michael Richardson formerly of Deutsche Bank; and Rick Moscati of ANZ.  

The charges involve alleged cartel arrangements relating to trading in ANZ shares held by Deutsche Bank and Citigroup. ANZ and each of the individuals are alleged to have been knowingly concerned in some or all of the alleged conduct.

The cartel conduct is alleged to have taken place following an ANZ institutional share placement in August 2015.

“These serious charges are the result of an ACCC investigation that has been running for more than two years,” ACCC Chairman Rod Sims said.

“Charges have now been laid by the Commonwealth Director of Public Prosecutions and the matter will be determined by the Court.”

The matter is listed before the Downing Centre Local Court in Sydney on 3 July 2018.

The Competition and Consumer Act requires any trial of such offences to proceed by way of indictment in the Federal Court of Australia or a State or Territory Supreme Court.

As this is a criminal matter currently before the Court, the ACCC will not be providing further comment at this time.

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