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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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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.

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BFCSA: Wells Fargo Former Execs to Repay $75m in Bonuses but Bypass Criminal Charges Apply

Posted by on in ROYAL COMMISSION URGENT
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If CEO’s are not considered to be criminals who is one rung higher protecting bank

CEO’s?  Crime pays for some global Banker magnets.  Makes Al Capone and gangster

Mates look like Mary Poppins.

 

 Wells Fargo Former Execs to Repay $75m in Bonuses but Bypass Criminal Charges Apply

11 April 2017

http://www.certifiedforensicloanauditors.com/articles/04.17/WellsFargo.html

 

Former CEO John Stumpf (a major crook in the subprime scandal) was previously fined $41m out of the $200m he made overseeing a complex fraud scheme that stole the identities of over 2,000,000 Wells Fargo customers –– and will now have to repay another $28m, but will not face criminal charges.

Whistleblowers who reported Wells Fargo's crimes under Stumpf's were fired and had their names added to an industry–wide blacklist that kept them from working for any of Wells Fargo's competitors.

Carrie Tolstedt (the former head of Wells Fargo's community banks) will lose just under half of the $125M bonus she received after “retiring” when her role in the criminal enterprise was revealed.

Wells Fargo received a $27M tax credit for this payment. Crime pays for the big banks.

The board says it has now found evidence that the bank's top execs were committing fraud as far back as 2002 (previously, the fraud was believed to have begun in 2011).

For over a decade, the big banks have been rigging currencies, counterfeiting securities and participating in other illegal acts and no one has gone to jail– not even for a day.

Wells Fargo senior executives are returning $180 million total in pay. The board reported that it is among the largest corporate clawbacks ever and yet it is a fraction of the money made.

This is nothing but a public relations punishment that serves no other purpose but to placate the public.

Wells Fargo operates a centralized management structure and unethical sales strategies are enmeshed in the culture at Wells Fargo.

Until people start going to jail this behavior will not stop because it is profitable.

 

Wells Fargo admits that sales misconduct occurred since at least 2002 and yet no state or federal law enforcement has taken action to prosecute this criminal conduct.

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