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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: Yes Theresa, Gadens are bullies in the corporate world of Full Docs and Low Docs

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YES Gadens are bullies and if we had a Royal Commission into our Banks, as is desperately needed (if we are to control bad banking behaviour as happened in every other democratic country) Gadens would be called in to answer 12 months of questioning as to whether they were the masterminds of the Low Doc Scam.  Its a question that every consumer of a mortgage loan in Australia, Full Docs, Low Docs or No Docs has a right to ask.  

In our experience, Gadens hand-prints are everywhere.  The Law Societies in each State and indeed The Law Council of Australia should be investigating Gadens for their roll in arranging the lion's share of toxic mortgages in Australia.  The Judiciary in each State, speak amongst themselves and they see trends that are as unpalatable as we have uncovered.  Not that ASIC sees anything wrong.  

ASIC permit one person to be on the Board of one of the ASIC licensed EDRs and allow this person to instruct the Brokers directly in matters of law via the Bank Industry generated Broker Model, via emails.   We have copies.  The Judges have certainly questioned the integrity and the over representation of these cases and claims in not only preparing thousands upon thousands of contracts but then pursuing the victims of Toxic Mortgages in a series of painful re-possession of homes cases.  We would seriously questions whether there are inherent conflicts of interest in Gadens profiting from this questionable mortgage market by drafting up contracts for the banks and then posting the documents with instructions to the borrowers.  Isn't that serving two masters we ask?

FOS have to put up with Gaden's nonsense as well.  COSL do nothing for consumers anyway so they are a waste of space according to our records. They simply agree with Gadens at every turn.  Now why is that?

Gadens clearly wanted to ensure that no-one was actively encouraged to seek independent legal advice prior to signing.  When the victims ask for copies of the Loan Application Form and the attached service calculator and worksheets, Gadens refuse to hand over.  They are simply bullies!

Why haven't Gadens, like us,  reported the mortgage scams to the regulator?  Gadens have more access to documentation than we do.  I leave the readers to figure that one out.

Gadens KNOW there are no Loan Applications given out to the clients, and KNOW they have been altered and incomes exaggerated after the loans have been signed and without the knowledge or authority of the applicant.   They know WHITE OUT is being used by insiders of the banking system and they KNOW the Brokers cop the blame by stupid and dumb ASIC.   brokers have no idea the figures and whiteout occurs after the Broker faxes in the document TO THE BANKERS.   Gadens earn a small fortune from this "banking business" which is far from pure in integrity.    The document is then so hopelessly compromised that even a simpleton would say: "oh that's proof of bank racketeering."  


Read Faisal Islam's book re the UK experience called: "The Default Line"  In the UK its the same scam but TIPPEX used.

Of course it is a scam and why there needs to be a Royal Commission into our wretched banking system.  Why did the Banks have to doctor these documents to higher amounts?  Greed of "maximising loans" to all match above 80% LVR even against the client's wishes?  How did they do this fancy figure work - did the Brokers have an epiphany and dream this up?  Did the Brokers know their bank service calculators were different to the final LAF copy?  No of course not.  brokers have been caught in the same cycle with cheaper loans.  As one Broker said: "I had to believe that the product was pure or I could not sell it.  Now my family are caught with similar problems.  Its a nightmare.  Then all the commissions we are then sent a bill for $30,000 to pay them all back.....its called clawback, so I worked for all that time for nothing and now we have a huge debt."

If all our members are wrong then we will publicly apologise but the proof is all around us and indelibly so, There is no doubt a YELLOW RIBBON should be tied around each bank as a crime scene.  Documents do not lie, only people and regulators lie.

The Banks were the Engineers of this scam.  Yet the Major Banks deal with Gadens and its Gadens that made money from sending out the contracts with yellow stickers saying: "sign here."  It does not say: "This is a mortgage sub prime scam and you risk losing your home....thats the 30 years loan will implode in 5 - 6 years.  It does not say: "you LAF has been fudged by the use of a Bank Engineered Service Calculator."  It does not say: "The Mortgage Contract small print that we (most likely) designed is designed to be confusing as to honeymoon trickery etc and interest rates can then be altered to double what you signed up for irrespective of the RBA current figures and will rise to say 18% and higher." Gadens do not say: "Demand the bank's copy of the Loan Application Form BEFORE YOU SIGN this contract!"

This is what ought to have happened.  ASIC could have demanded Banks and their easy wicket lawyers write strong WARNINGS SUCH AS THE ABOVE ON ALL Letters of offer/approval IN 2001.  They did none of this.  ASIC KNEW what the Banksters were doing and left consumers without protection yet bleated to the world we have excellent consumer policies.  Joe Hockey knows this, as he was Minister at that time.

Gadens then make money from the court work and REPO's.  Were the Bank Executives the engineers or did these ideas come from their lawyers?  The lawyers certainly went over everything to protect the banks, not the clients.

Theresa did not intend to be a landlord.  She became enmeshed in a loathsome bank marketed strategy to have people use their own homes as "security" for the banks to then lend her funds to buy a small property, using a mortgage over both.  Her home was at risk the moment she put pen to paper and she had no idea.  The agent explained this would be low risk and easy to do - and try it for a year or two and see.  She could afford it because the bank would lend her a bit more to "afford" to pay payments and later on the lovely lovely caring banks would lend her a TOP UP LOAN or additional "buffer monies.    Refinancing stopped as the property market levelled out and she became trapped in an insidious DEBT TRAP, as thousands of other people did during the past decade and a half.

Read the following MY STORY:  Its raw and full of what the battler did not know.........................stupid yes maybe, but does she deserve to be thrown out in the street with neither home, and do the Banks deserve to PROFIT from this "way of making big bucks from predatory and deceitful lending?"  Banks made money from 80 year olds teaching them to be landlords.  Why would anyone do that to another human being?

Its the old Greed is Good battle.  Now our banks boast they are the most profitable in the world!  With only 22 million people?  How did they do that?

What's their secret?  Theresa and 1200 BFCSA members know..........................................

THERESA's Story as she battles Gadens:

I have recently lost my job due to job cut. I've advised ANZ of my hardship and requested to add my 3 months arrears to the loan or extend the loan which was in the contract. Gadens then  evicted my tenants without any court orders. Which set my hardship back further. ( I have no tenants since March 2013 ) They did not  correspond with the bank. I've made complaints  to FOS. FOS have sent a letter to the court to stop all court proceeding while they negotiate with ANZ , but  Gadens have ignored them too. They would bully and threaten me that I will loose my house if I don't pay ANZ and their legal fees! Their legal fees were more then my 3 months arrears !. 

In the end ANZ sent me an apology letter. Saying Gadens have misconduct and misrepresenting them and all legal fees are now waived. 

Gadens has caused me a lot of stress and lost of rental income. They are a bunch of bullies. They tried to intimidated me by sending lots of copied documents of the same thing. They used their lawyer's jargons to scared me. They sent lots bills to make me lose sleep. They sent me court dates that the court don't even know about when I called to confirm. 

Stress is a killer.  Sometimes I would only eat 2 minute noodles. Because I still have to pay rates, and other bills for the house which Gadens evicted my tenants.

Now that my battle is 80% over. I can look back and say ....Gadens and ANZ were parasites! There was no communication between their staff and themselves. On their booklet if they acted within  48 hrs of my request then it would not turn into this circus for any of us. And on the contract there was no clause saying they can remove my tenants ( gadens lied). 

My message to you is to read your contracts. To stand your ground. Don't be intimidated by Gadens or the bank. Put a complaint to FOS.

I am very thankful to have a very special person that stood by me, believed in me and went to battle with me. 

I wish you all the best. Vest up my friends. 



We suggest that everyone who has had to deal with Gadens including those who have lost their homes, complain to the Law Council of Australia.  They are familiar with Mortgage Scams from the 1990's.

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  • doyla66
    doyla66 Saturday, 24 August 2013

    Gadens NEVER move without instructions -express/tacit- same as Theresa Gadens threw my pregnant tenant out without Court Order so its ING client could then (thru its agent) unlawfully change my locks 3xtimes... and so the game continues with new tenants, I am in legal possession.. and Gadens are not in charge nor their creepy clients ING DIRECT---

  • doyla66
    doyla66 Sunday, 25 August 2013


    Gadens are low life and during the Royal Commission they will be exposed with their deceit, distain and corrupt methods. Up to their eyeballs with corruption and the law profession will throw their practice in the garbage bin where it belongs.

  • doyla66
    doyla66 Sunday, 25 August 2013

    I think that most of us have had a lot of stress dealing with Gadens as they are everywhere and act for many banks.
    Great idea from Denise...send in your complaints to the Law Council of Australia.
    They are ruthless and do not show any compassion to anyone, so the more complaints submitted, the more exposure and pressure will be applied to their corrupt, intimidating and bullying behaviour.

  • doyla66
    doyla66 Monday, 26 August 2013

    I have previously dealt with the Law Council and found them to be very protective of their members as the banks, fos etc are. Never the less it may be worth complaining about Thomsons Lawyers and Adam Segal in respect to their conduct. Sneaky, ruthless boys in bed with Nab.

  • doyla66
    doyla66 Sunday, 15 September 2013

    I'm so looking forward to seeing Gadens hung out to dry by some good lawyer in a public arena.
    Their "advice" to Banks has been inappropriate, callous and cruel, mindless and irresponsible.
    Is this how Australia wants to see itself? Of course not!
    Australia is still upside down and back to front: the Banksters, their evil lawyers Gadens and lax regulators plus dirty bloodsucking liquidators make all the money leaving honest trusting human beings to starve.
    These people are heartless scum - don't I know it! And because Gadens get away with it, their techniques have been copied by other lawyers and so the cancer spreads throughout the legal lowlife, destroying lives and livelihoods without hesitation.
    The Australian government failures in this area have damaged "the economy". If nothing else motivates them, maybe this fact will?
    I'm waiting to see if we can manage to elect enough good people at one time to get a Government with the backbone, ethics, decency, sense of purpose, attention to law and order and, above all, the respect for human life to stand up the low life who have led this country around by the nose for too long.

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