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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: Westpac never played by the rules. Worstpac's Worst Case of Corporate Crime

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We are not alone in our criticism of Westpac Executives:  De regulation of Banks a la Banks policing themselves has wreaked havoc on hundreds of thousands of decent Australians.   When will it all end?  DeReg  intentionally left bank customers at the mercy of predatory lending by Major Banks including Westpac.   Time for every citizen who cares about this nation to lobby the Prime Minister to bring back Regulation of Banks and put the offenders in jail, whilst placing future bank execs on a very tight leash!  

Have you been stung by a bank?  Call us.

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Westpac Letters Exposed Australia's Worst Case of Corporate Crime

By  (about the author) From Opednews:

November 24, 2008 at 11:17:52

The Westpac Letters revealed the worst case of corporate crime in Australian financial history. These letters were written in 1987 to Warwick Kent, Chief General Manager, Corporate & International, Westpac, Sydney by Paddy Jones, senior partner of Allen Allen & Hemsley. Paddy Jones had been given internal bank documents to determine if there was any problem. His advice was that they represented "devastating" evidence of fraud and perversion of justice. Australia's most prominent lawyers advised Westpac senior executives how they might evade legitimate claims for compensation on parity losses, excessive point taking through secret commissions, fraudulent hedges, and deal switching by withholding evidence and stonewalling claimants. In his testimony before the infamous Martin Inquiry, Mr. Francis Galbally of Galbally and OBryan a top criminal law firm in Australia stated,

"...there is a prima facie case that senior executives of Westpac and the advisors had been guilty of aiding and abetting the initial deception or being an accessory after the fact for being party to a conspiracy. I say prima facie."

Tom Valentine, Professor of Finance and Director for Applied Finance, University of Technology, Sydney, told the Martin inquiry

I do not believe our legal system has the proper capacity to deal with this particular question. Quite apart from the cost it is fairly obvious from listening to the Judges and lawyers involved in these cases that they have a minimal understanding of the issues involved. As such I cannot believe that the court is the right place for these issues to be solved.

Judge Terry Cole, whose father was a Commonwealth Bank of Australia (CBA) manager, having previously condemned two borrowers, said at a third hearing against a CBA borrower,

"I have not the slightest idea what managing a foreign currency loan is...really just a matter of looking at the exchange is it not?"

Of course Judge Cole would not recuse himself for conflict of interest or incompetence. A Royal Commission would not allow conflict of interest or incompetence.

Evan Jones, Professor of Political Economics at the University of Sydney has examined theDwyer v CBA history and says of the bank's counselor, Sackar QC, that he "was diversionary, abusive and manipulative." Of the performance of Acting Judge Staff he says, "In general, Staff's judgement is reprehensible in its sloppiness and impropriety. It puts at risk the reputation of the Australian judicial system as a vehicle for justice." Of the Appellate Judges, Sheller, Clarke and Handley, Professor Jones notes that,

"The Appeal judges to a man exposed themselves during the hearing as novices on currencies.

[ ... ]

 The Appeal judges were so flummoxed by the withholding tax issue that they recommended referral back to the Commercial Division of the NSW Supreme Court."

After losing their cases, some borrowers discovered that their own Counsel or even the presiding judge, as a Barrister, had accepted briefs and retainers from the bank that was the defendant in their litigation. Such a conflict of interest should have led to the Counsel or Judge removing themselves from the case. This failure to disclose demonstrates the contempt some judges have for the law and the contempt the banks have for the legal system and yet they receive preferential treatment from the courts.

The Australian Competition & Consumer Commission (ACCC) has responded that they are more concerned with addressing "matters with a broader impact on consumers" as though the cost of a $3.5 Billion to $5 Billion fraud in Australia isn't enough to warrant a Royal Commission. The ACCC saw fit to investigate and successfully prosecute Chats House Investments Pty Ltd on behalf of 26 investors who each lost $20,000 plus margin calls in foreign currency transactions. Barely more than half a million dollars, the Chats decision is peanuts compared to the losses to 3500 to 5000 Australians averaging millions of dollars each. But ACCC wasn't challenging a bank. The issues are much the same. Branson J said in his decision,

"I find that (Chats) deliberately and unconscientiously took advantage of its superior position of understanding and knowledge in circumstances in which its clients were in a position of special disadvantage and without the ability to make judgements in their own best interests."

That's exactly what happened to several thousand Australians when the banks talked them into foreign currency loans, assured them that they were safe investments, and proceeded to pillage their accounts. In a small minority of court cases, that's what honest judges decided. The majority of Foreign Currency Loan borrowers lost and lost big, but government has been unresponsive in its duty to Australians. To make themselves look as though they were responding to their constituents, the Parliament set up the Martin Inquiry with a narrow reference to make sure that the truth was suppressed ...and a Royal Commission avoided. Steve Martin, its chairman, did his hatchet job and retired shortly thereafter to a career as an academic at the University of Wollongong and a highly paid consultant.

The crime has not gone away. It remains a blot on Australia's banking institutions, courts, Parliament, and government agencies.

Australia needs an effective Royal Commission to avert a constitutional crisis; but a compliant mainstream media has stopped covering such news because it is threatened by a pullout of its advertisers. Still worse, the ownership of the media has been been infiltrated by corporate privilege and perspective.

Corporate crime has gone unregulated and unpunished. This week, Westpac merged with St. Georges, a smaller bank, to become the largest bank in Australia. Parliament led by Labor once again has not made a fuss about the criminal past of Westpac and let the merger pass without further examination of the corporate mindset that was caught stealing twenty years ago and has never been called to account for their crime.

Labor under Hawke and Keating had followed upon the recommendations to deregulate banks proposed by John Howard in the previous Liberal government. With deregulation came a marked shift in corporate responsibility and conscience. As in many other nations, the deregulation led to massive concentration of money and property. Banking malpractice is a systemic problem for small business. Commonwealth Bank of Australia and Westpac were by no means the only banks involved in malpractice and theft on a grand scale. National Australia Bank (NAB) was also busily defrauding its customers using various methods to strip their assets, forcing them into default and appointing a liquidator who would sell to insiders far under the market price.

Obviously this was a global tactic to accomplish the globalist strategy of increased control. Deregulation in Australia and America proceeded in about the same pattern and at about the same time. The result can be seen in the suffering of people disenfranchised from their fair share of the economic pie.

See the previous two articles in this series:

Wednesday, October 22, 2008


Fraudulent Banking in Australia Offers a Peek at Global Bank Fraud

Fraudulent banking has been unmasked in Australia over the past 20 years and the lessons to be learned can be applied in America and Europe if not globally. A courageous senator and many whistleblowers in Australia have ripped aside the illusion of banks as pillars of the community. They show the collusion between banks, government agencies, media, and the courts to maintain a financial mafia that steals from the people daily.

 

Thursday, October 23, 2008


Australian Injustice, Court Jesters, and Constitutional Crisis

Australian banks fraudulently marketed unhedged Foreign Currency Loans to over 3500-5000 small businessmen and farmers, a massive fraud and banking malpractice breaching the Trade Practices Act. Not only did the borrowers lose because of the falling exchange rates, the banks switched accounts at will, stripped assets, took exorbitant commissions regardless of the huge losses, and applied a withholding tax which they pocketed.

 

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  • doyla66
    doyla66 Saturday, 01 March 2014

    "Australia needs an effective Royal Commission to avert a constitutional crisis; but a compliant mainstream media has stopped covering such news because it is threatened by a pullout of its advertisers. Still worse, the ownership of the media has been been infiltrated by corporate privilege and perspective...." and this was said around Nov 2008...

    Here we are in 2014 and nothing has changed! This is criminal!!

  • doyla66
    doyla66 Sunday, 02 March 2014

    We know it, Government certainly know it and Mainstream Media dance around it but will they ever expose it?

    Banking FRAUD the reason we all come to this site, to see if one day a Mainstream Media outlet will finally put on the table the truth they have known for many years but have been too scared to expose. Our Government certainly wont let it out, not this current one as their illustrious longest serving Prime Minister was the one to lay the foundation for the deregulating of our Banks.
    Our now opposition wont expose the truth about what is happening because they are the ones who implemented the entire deregulation of the Banking industry when they held power then went on to sell the toxic Banking product the RMBS. To cap off the two major political parties having a big vested interest in this fiasco not bubbling to the surface because of the POLITICAL DONATIONS they receive from the Banks they also have the blood on their hands of the many many decent Aussies who have already been thrown into the streets. Our Mainstream Media of course receive massive and I mean massive amounts of dollars from Banking Industry advertising on either their TV, Radio or Print Media outlets so they are more than reluctant to cut their noses off to spite their faces by exposing the real truth. The appetite for monetary gain of the only sources of getting a message of the criminal behaviour of or Banking and Finance Industries to the masses far outweighs any affinity for the truth. We see only a few quality Reporters who have a strong enough conviction to the truth stand tall among many other so called shock jocks and reporters who are more worried about their pay day than breaking a story that really matters. I personally have approached many TV, Radio and Newspaper Journalists to break open the Banks with what evidence is already available (and their is much of it) but I fear they don't want to lose their bread and butter advertising dollar so this all stays in the closet. When this deadly Bankster plot finally gets exposed and it will it has in every other western world country, the journalists will be all over it as they will know the gig is up but in the mean time the greatest heist of the people in Australia's history remains behind closed doors. I just want to congratulate the many people that have stuck to their guns and are still pursuing their own truth, you all have outstanding resolve to carry the burden of a nation on your backs unaided except for the one champion of the people in Denise Brailey. Lesser people would have crumbled and faltered but we must be the chosen ones the ones with enough spirit, resolve and plain balls to stand above the rest and say we will not be stood on and will never give in. Lets just hope that our Senators can go the distance with us, Senator Williams has been an outstanding representative of his voters and that is what Australian Politics is most in need of. The representation of the people has been missing in our political world for an extended period and this man (Senator Williams) is giving the rest of our politicians a lesson in POLITICAL REPRESENTATION. For the betterment of this country lets stop worrying about our next pay packet and start getting back to honesty, integrity and a genuine care for leaving this country and the world in a better shape than it is today for our children's futures. All our Politicians need to look past governing for the next election and work on making Australia the great country it can be, BUT THAT WILL TAKE MAKING THINGS ABOUT HONESTY , LETS START WITH THE BANKS.

  • doyla66
    doyla66 Sunday, 02 March 2014

    Absolutely spot on Robert. You hit the nail right on. The need to come away from selfishness and greed is a must in order to amend the financial, physical, and mental damage and return to better times. I just hope it won't be too long before some media outlet picks up and leads the way to exposing the truth around this shocking injustice brought upon the innocent and unsuspecting public.
    We the victims should have our fraudulent loans extinguished right away. We should not have to wait until someone in Government is willing to sort out the mess. This could take years and we just want to get on with our lives.
    It is so unfair to keep us imprisoned in this way as if we were the guilty ones. Bring on our deserved freedom....

  • doyla66
    doyla66 Monday, 03 March 2014

    In fairness no compensation will ever recover the lost years

    Here we are all fighting just to get back to a position that does not leave us in life long debt created by someone's criminal need to further their already overinflated retirement payouts.

    We all know as victims that just getting to status quo would be a great result but most of us will still be indebted to the banks for years to come even after a "favorable result".

    How is that fair? The banks perpetrate a crime, steal our mone,y leave us in life long debt and the regulators (even if we do win our case) will not even enforce the banks pay back the stolen loot.

    The money is only the first step in the process of rehabilitating the affected, the lost years of fighting this disgusting sting has drained many people to the point of broken marriages and separation and withdrawal from family, due to the massive stress placed upon the usual one dominant member fighting for the cause.

    As I am totally aware, your every waking moment is consumed by floods of emotions ranging from anger to despair, just waiting for that one breakthrough moment when all of this will just go away.

    We constantly hear from the media about the bullying issues in society, well that is us, we victims of this bankster greed driven heist which has been thrust upon us and all for what, we were trying to set up our future?

    There will never be a winner out of all of this as none of us will ever get the lost years back. Hopefully the banking masterminds that built these toxic products will get the sentences they deserve and whilst in jail can reflect on the stolen years they have thrust upon us victims.

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