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Cassimatis vs ASIC nonsense

Posted by on in Corrupt Regulators
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Cassimatis may have another story to tell - think outside the square. Do you really trust ASIC?????

Why aren't ASIC prosecuting CBA, for approving the loans????  Did the bank officers pump up income on LAFs even higher???? We think so.   So we are now seeking the truth.    Why is ASIC taking the adviser to court?  What about the Bank secret weapon - the engineered Service Calculator?  Which BDM's taught brokers to target "older persons?  ARIP's?  ASIC could have prosecuted all banks involved in 2008........why now?

You want the truth?  Follow this saga carefully...........

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  • doyla66
    doyla66 Monday, 24 September 2012

    SENRAC BOQ - North Ward Bank Managers are being taken to court by ASIC on 7th Dec,2012- for breach of contract: The 2004 Banking Code of Conduct formed part of BoQ’s home loan contracts and the 1993 Banking Code of Conduct formed part of Macquarie’s margin loan contracts. ASIC alleges that as both BoQ and Macquarie failed to comply with the Banking Code of Conduct, they breached their loan contracts with these two investors; unconscionable conduct: ASIC alleges that BoQ and Macquarie were aware of enough facts about the investors to know they were in a position of disadvantage, and in that situation BoQ and Macquarie's conduct was unconscionable; and liability as linked credit providers of Storm under s73 of the Trade Practices Act 1974: ASIC alleges that BoQ and Macquarie were ‘linked credit providers’ of Storm and therefore are jointly liable with Storm for loss and damage suffered by the two investors.

    Are they the escape goats and sacrifical lambs that ASIC hope to impress the public with and pretend that they are protecting the consumer against the banks?

  • doyla66
    doyla66 Monday, 24 September 2012

    Thanks for the insight. Can understand now.

  • doyla66
    doyla66 Monday, 24 September 2012

    Did ASIC do inventory of bankster 'used' white-out bottles or criminal audit of 1000's of full-doc LAF fraud committed by 'real' bank officers/managers? Amazing stuff indeed!

  • doyla66
    doyla66 Monday, 24 September 2012

    That is right ASIC - expose them only for MIS and not for LAF fraud. If you did that then AOFM would have to check unregulated RBMS the government bought with taxpayers money and we can't do that can we now!!

  • doyla66
    doyla66 Monday, 24 September 2012

    ASIC are "big" on the contractual issues (Contract Law). Is this the extent of their capabilities or an ASIC policy? I have another extensively evidenced case of fraud investment on my desk where ASIC, denied the criminal aspects of the case. Thus they were able to say they wouldn't assist with the case as it was not in the national interest or similar. I ran the case past a legal professional who held a very different view, as do I. At court this case could well break new ground legally owing to its "perfect crime" elements. ASIC still haven't closed all the gaps to prevent this occurring again.
    Proving breach of contract can be a necessary preliminary in order to break through the wall of indemnifications set up by the Financial Services Provider. If ASIC stop at that point there may only be financial penalties instead of those associated with criminal conduct which, if applied, would act as a greater deterrent to similar crimes in Australia. Surely this is one of the intentional duties of judgement? In the Storm case ASIC have been caught lacking in whatever it takes to pursue ALL those responsible to the full extent of their powers and in a timely manner.
    The alternative is that the Banking lobbyists "got at" ASIC and the Govt to ensure the case was limited to the least damage possible to the Banks concerned.
    Who is going to call Cassimatis to tell his side of the story? Would he and his wife be whistle blowing on the Banks and have they already been warned to stay out of it so that the Storm case can be hosed down to the minimum cost to the government and the Banks? What we're seeing in the Storm case could be a quasi legal parody in which justice is being seen to be done without real just outcomes. I wonder what Sean McArdle would think of that possibility?
    Counsel for the Storm clients need to dig deeper if they are to reveal the full facts beyond the "Yes Minister" script.
    And the justice minister should consider the wisdom of setting up less expensive alternative to Court where large numbers of financial misconduct cases that fall well outside the jurisdiction of FOS can be determined. Clearly ASIC is not up to the task.

  • doyla66
    doyla66 Tuesday, 16 July 2013

    Thank God you understand what we are up against it trying to get justice jaycee

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