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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: Storm Financial: advice from Bankers "stank." Borrowers mortgaged up to eyeballs in debt. Banker engineered PONZI's hurting the property market.

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Are you in the front line of negatively geared loans - mortgaged up to the eyeballs?  email me urgently............  Just remember: Mr Charles Ponzi's greatest white collar crimes were perpetrated on 50,000 victims including the Boston Police Force, whilst he was a BANKER in the late 1920'S.   This email address is being protected from spambots. You need JavaScript enabled to view it. <


National Date December 14, 2008

James Kirby

Home owners may be in the firing line, but right now investors who followed "borrow up to the eyeballs" advisers are in the deepest strife.

THE rotten thing about this downturn is that the market is tracking a lot worse than the economy. That means investors — those who actively tried to take part in the boom — are in the front line.

Sure, economists are forecasting 300,000 home owners may be facing "negative equity" (that is, their mortgages will be bigger than the value of their homes) next year. But that's speculation. In the land of the here and now it is active investors, especially those who engaged with bad financial advisers, that have been flattened.

Just ask the 13,000 clients of one of the nation's biggest financial planning groups, Storm Financial, which faces a $4 billion crisis this weekend after the big banks pulled the rug from under the company.

Storm is shaping up to be the case study for everything that is wrong with the investment market in 2008. Storm made its name as one of the "high energy" financial planning groups that coaxed investors into using their home equity to finance their investments, and then boosted those investments through borrowing.

While the "mums and dads" at Storm were borrowing up to the eyeballs, the managers were doing their bit to make them feel more relaxed — it's estimated that Storm paid the bill for overseas holidays for at least 1000 clients over the past two years, mostly to Sun City in South Africa.

In other words, the "sales culture" at Storm Financial stunk to high heaven but at least it was legal.

Overseas the victims of "high energy" financial advice multiply by the day, though nothing is likely to match the spectacular confession this week from US "investment legend" and former Nasdaq chairman Bernard Madoff that his entire investment operation was a Ponzi scheme. 

A Ponzi scheme is where there are no actual investment returns, with early investors paid out of the deposits of future investors, until the scheme eventually collapses.

Storm will not be the last financial advisory outfit to be engulfed in this crisis. Financial advisers at every level from the white shoe brigade in Queensland (wouldn't you know it … the head office of Storm is in Townsville) to tailored spivs at our leading banks have been "gearing up" their clients for years.............

To misquote a famous thief — Hermann Goering — when I hear the words shareholder legal action I reach for my revolver.........

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